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New York Times best-selling author Bill O'Reilly joins NewsNation to discuss the state of affordability and the economy under President Donald Trump. "On Balance with Leland Vittert" takes a critical look at some of the day's hottest subjects.
Abdul El-Sayed, Michigan's Democratic Senate nominee, has built his campaign around making the wealthy "pay their fair share" in taxes, but his own financial filings suggest he may be using a well-known compensation structure that accountants say reduces the payroll taxes he owes. El-Sayed paid himself a $64,000 salary through his consulting firm, AME Higher […] The post Michigan Senate nominee Abdul El-Sayed campaigns against tax loopholes — while his own LLC appears to use one appeared first on American Almanac .
Abdul El-Sayed, Michigan's Democratic Senate nominee, has built his campaign around making the wealthy "pay their fair share" in taxes, but his own financial filings suggest he may be using a well-known compensation structure that accountants say reduces the payroll taxes he owes. El-Sayed paid himself a $64,000 salary through his consulting firm, AME Higher LLC, while taking an additional $103,000 as a "member draw," the Washington Free Beacon reported . Three accountants told the outlet that the split between salary and draw is consistent with an S-corporation tax election, a structure that shields the draw portion from Social Security and Medicare payroll taxes. The salary portion gets taxed at the standard 15.3 percent self-employment…Open