GINGRICH IN LEGAL HOTWATER...AGAIN
Tax Cheat
Numerous news organizations are publishing that Newt Gingrich may have cheated on his taxes in 2010. Here is what Forbes Magazine had to say:“Newt Gingrich avoided tens of thousands of dollars in Medicare payroll taxes in 2010 by using a technique the Internal Revenue Service has consistently and successfully attacked.”
A Wall Street Journal subsidiary called MarketWatch wrote:“Republican presidential candidate Newt Gingrich avoided paying about $69,000 in payroll taxes in 2010 by using a tax strategy that characterized money he collected from one of his companies as profits rather than salary, a tax expert said.It’s been called the “John Edwards loophole” in the past, because the former presidential contender used the same strategy to pay himself from his law practice . . .There are a multitude of cases where the IRS has successfully challenged [this] improper tax strategy,” the tax expert said.
USA Today quotes 3 tax lawyers as stating: “The IRS could challenge it, if they wished. The IRS might make the case his salary should have been substantially larger” and subject to Medicare tax.” The Gingrich campaign declined to allow an interview with Gingrich’s tax preparer.
Forbes concludes:“Of course, now that Gingrich is running for president, it is unlikely the IRS will come after him as he would simply call it an attack by the Obama administration. Personally, I can’t wait to hear Newt find a way to blame this on the media. Or maybe he’ll tell us that he was so busy serving his country that he had to cheat the government in order to save the government.”
It seems that Newt Gingrich’s push to have Romney release his taxes has backfired. More than likely, we won’t have to wait until October to get a “surprise-a-day” from Newt Gingrich.This is part 2 in a continuing series of questionable legal practices by Mr. Gingrich. Remember that improper tax payments were one of the main reasons the Speaker was forced to leave the Speakership in the 90′s.
Numerous news organizations are publishing that Newt Gingrich may have cheated on his taxes in 2010. Here is what Forbes Magazine had to say:“Newt Gingrich avoided tens of thousands of dollars in Medicare payroll taxes in 2010 by using a technique the Internal Revenue Service has consistently and successfully attacked.”
“Republican presidential candidate Newt Gingrich avoided paying about $69,000 in payroll taxes in 2010 by using a tax strategy that characterized money he collected from one of his companies as profits rather than salary, a tax expert said.
It’s been called the “John Edwards loophole” in the past, because the former presidential contender used the same strategy to pay himself from his law practice . . .There are a multitude of cases where the IRS has successfully challenged [this] improper tax strategy,” the tax expert said.
“The IRS could challenge it, if they wished. The IRS might make the case his salary should have been substantially larger” and subject to Medicare tax.” The Gingrich campaign declined to allow an interview with Gingrich’s tax preparer.
“Of course, now that Gingrich is running for president, it is unlikely the IRS will come after him as he would simply call it an attack by the Obama administration. Personally, I can’t wait to hear Newt find a way to blame this on the media. Or maybe he’ll tell us that he was so busy serving his country that he had to cheat the government in order to save the government.”
www.forbes.com/.../gingrich-used-payroll-tax-ploy-often-attacked-b...
2 days ago – Like John Edwards before him, Gingrich ducked Medicare taxes by treating ... of thousands of dollars in Medicare payroll taxes in 2010 by using a technique the ... The site says: “Together, Newt and Callista host and produce .... This is an outrageous — if widely used — loophole that is a clear .... Magazines ...
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legalnews.arnstein.com/wp-content/.../1-22-12_ForbesArticle.pdf
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2 days ago – Newt Gingrich avoided tens of ... concluded, in an email to Forbes, after reviewing Gingrich's 2010 tax ... edgy tax shelters, tax evasion, wacky tax credits, and .... Basically, he, like John Edwards before him, cheated on his taxes. ...MAGAZINES ... This is an outrageous — if widely used — loophole that is ...
2 days ago – Newt Gingrich avoided tens of ... concluded, in an email to Forbes, after reviewing Gingrich's 2010 tax ... edgy tax shelters, tax evasion, wacky tax credits, and .... Basically, he, like John Edwards before him, cheated on his taxes. ...MAGAZINES ... This is an outrageous — if widely used — loophole that is ...
www.americanthinker.com/.../gingrich_evades_medicare_taxes.html
6 hours ago – Newt Gingrich used loopholes -- a type successfully closed when the IRS attacks them -- to avoid paying Medicare taxes. ... concluded, in an email toForbes, after reviewing Gingrich's 2010 tax return. ... Former Democratic Senator and Vice-Presidential candidate John Edwards used the same trick to skip
