Newt Gingrich avoided tens of thousands of dollars in Medicare payroll taxes in 2010 by paying himself a relatively small salary in comparison to the distributions received from his S-corporation, a technique the IRS has consistently and successfully challenged, Forbes reports. S-Corporation shareholders who also provide services for the entity are supposed to pay themselves a reasonable compensation, which is subject to the Medicare tax. Gingrich and his wife, Callista, treated only $444,327 of what they got as compensation to them, reporting a whopping $2.4 million of their earnings from these corporations as profits or dividends. read more
Wall Street Journal: The GOP leaders have somehow managed the remarkable feat of being blamed for opposing a one-year extension of a tax holiday that they are surely going to pass. This is no easy double play. Republicans have also achieved the small miracle of letting [President] Obama position himself as an election-year tax cutter, although he's spent most of his Presidency promoting tax increases and he would hit the economy with one of the largest tax increases ever in 2013. ... At this stage, Republicans would do best to cut their losses and find a way to extend the payroll holiday quickly.
Nuke is cleaner and cheaper, we need more of it.