Republicans Question Murky Origin of $10M on Biden 2017 Tax Return

AP Photo/Manuel Balce Ceneta

As more and more questions arise about President Joe Biden’s possible link to a $5 million bribery plot, scrutiny around a 2017 tax return is also garnering some attention from GOP lawmakers looking into the alleged scheme. And while Joe Biden has claimed total transparency regarding the release of tax returns, new details are coming to light. Those details include income of $10 million to a Biden S-Corporation. As Presidential candidates do, on September 29, a few weeks before the 2020 presidential election, then-candidate Joe Biden released 22 years of tax returns. A USA Today “fact check” showed what happens to many former Presidents and Vice Presidents, an increase in income once they leave office. Biden’s tax returns show a gross income between 2017 — when he left the office of Vice President — and 2019 of $15.6 million, attributed to speaking fees and book deals.

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But Joe Biden’s transparency over his tax returns may not be all it’s cracked up to be. The $15.6 million number is broken down this way: $10 million from sales of Biden’s memoir “Promise Me, Dad,” and $3 million from a book penned by now-First Lady Jill Biden, including royalties and $700,000 in speaking fees. The question of transparency comes into play when we learn that Joe Biden only released individual tax returns. The Individual returns are completely separate from the S-corporations the Bidens set up shortly after Joe Biden left the office of the Vice President. Those numbers tell a whole other story. Of the $17 million of income reported after Biden left office, two S-Corporations, CelticCapri Corps and Giacoppa Corps, contained roughly $13 million as of 2017.

Republican lawmakers want to know more about the Bidens’ S-corps income. Sen. Ron Johnson, who co-authored a 2020 report on the Bidens’ income, stated that Joe Biden needs to disclose the source of the income: “Biden should disclose and every member of the press ought to hound him until he does.” Rep. Nancy Mace (R-SC), said that Biden needs to release bank records if he wants to appear transparent. She referenced a recent incident where reporters asked Biden about the ongoing bribery investigation and he laughed it off. Mace said:

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The President seems to find selling out our country funny. We don’t. If he’s serious about proving our allegations wrong he should release his and his family’s unredacted bank records and show the American people where all this money is coming from. The FBI can’t protect him forever.

The harshest condemnation of Joe Biden’s financial practices came from Rep. Eli Crane (R-AZ), who agreed with Johnson and Mace, and stated that Biden needs to release all his financial information, especially in light of the ongoing bribery investigation. Crane did not hold back:

The fact that there are credible claims signaling that a foreign national bribed the President of the United States with cash in exchange for influence over U.S. policy decisions is appalling. The American people deserve to know who paid the Bidens and what exactly they were paid for.

Crane also referenced recent revelations that an executive at the Ukrainian energy company Burisma, whose board Hunter Biden sat on, and who allegedly paid the Bidens, has audio recordings of conversations with both Joe and Hunter Biden, and also the indictment on Tuesday of former President Donald Trump. He added:

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Now that we know there are recordings of conversations Joe Biden and his degenerate son had with a Burisma executive, it’s becoming more and more obvious how the indictment of President Trump is meant to be a distraction. It would shock no one in this town if Joe Biden received millions of dollars from selling out the country in a bribery scheme and then hid that money in shady shell companies.

Jerry Allison is a CPA at Allison Financial Services, and says that it is quite common for personal tax returns not to list income items from S-Corps. He added:

It is my opinion that both S Corporation returns should be examined to find the actual amount of income and to obtain clues as to where the income may have originated. The S Corporation returns might reveal other entities from which the income may have originated.

The House Oversight Committee has subpoenaed Hunter Biden’s former business partner, Devon Archer, to testify this week. If Joe Biden is unwilling to unravel the tale of the Biden S-Corporations, Devon Archer may be willing to do it for him.

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