Tuesday, July 13, 2004
SHIELDING FOR ME BUT NOT FOR THEE...
The lead editorial in today's Wall Street Journal goes after Senator Edwards' creative use of tax shelters, including forming something called a "subchapter s" corporation. He paid himself a salary of about $300,000 a year but then took another $25 million over four years as dividends. This kept the Senator from paying about $600,000 in Medicare premiums over that time.
The lead editorial in today's Wall Street Journal goes after Senator Edwards' creative use of tax shelters, including forming something called a "subchapter s" corporation. He paid himself a salary of about $300,000 a year but then took another $25 million over four years as dividends. This kept the Senator from paying about $600,000 in Medicare premiums over that time.
As a political matter, the dodge is especially hypocritical because the income limits on which Medicare taxes are paid were lifted by Democrats in 1993 specifically to hit "the rich," as Mr. Edwards likes to call people in his tax bracket. And the supreme irony? Mr. Edwards has claimed that he set up the subchapter S company to protect himself from legal liability. You know it's time for tort reform when even the trial lawyers say they're afraid of getting sued."Two Americas" indeed. |
