In the week before the presidential election, I wrote an article that asked the question, “Where is Hunter Biden’s money? It was an important question then, even more so now. Given the recent validation by legacy media of Hunter’s laptop discussing a planned capital tranche for the “Big Guy” in a deal involving an entity controlled by the Chinese Communist Party (CCP), we should whether any money from it (or other foreign sources) ended up in Joe Biden’s pocket, but not us.
Recall that while then-presidential candidate Biden bragged about releasing his tax returns with what his team called “a historic level of transparency,” the truth is that he only released his tax returns. than his individual statements. These statements did not provide any details on the source of most of his income, the dollars paid to him and his wife Jill through S corporations they had created shortly after he left the post. of vice-president. Those entities, CelticCapri Corp (his) and Giacoppa Corp (his), contained more than $13 million of the $17 million the couple reported in income after Biden’s departure, most during the first year (2017).
The same media outlets that ignored Hunter’s laptop showed complete incuriosity about these entities, accepting the premise that Joe and Jill raked in $13 million from their book deal to generate their massive revenue boost. We just don’t know if that’s true, though. What we do know is that their book sales have been dismal.
Perhaps sensing that the smoke was starting to form just before the election, USA Today published a “fact-checking” article that attempted to argue that the Bidens earned “$15.6 million… from speaking fees. and book deals” in the years 2017 to 2019 and that “over $10 million of that total revenue was profits from Biden’s memoir ‘Promise Me, Dad’ and $3 million in profits from Jill Biden’s book .
Follow the source link provided to that $10 million issue, however, and you’ll end up on Joe Biden’s campaign website with financial disclosure links to only their individual returns — no S-tax returns. corporation. So, in reality, readers were left with a smokescreen. (Now the financial disclosure links for 2016, 2017, and 2018 have even been changed to connect to a Democratic National Committee fundraising site through ActBlue rather than tax documents.)
I noted in 2020 that “although[Joe Biden’s]financial disclosures reasonably support CelticCapri’s reported $2.7 million in net income in 2018, a notable discrepancy of $8.7 million exists between his income net of $9.5 million in 2017 and the $809,709 in revenue disclosed in that year from a book tour and related conference events. Since his disclosure only covers part of 2017, we lack information on other revenues that could explain it.
At this obvious question, the mainstream press simply yawned. But it will become increasingly difficult for them to keep their heads in the sand as new information emerges.
Senators present evidence of CCP connections
The senses. Chuck Grassley, R-Iowa, and Ron Johnson, R-Wisc., recently showed proof of payments from what they said were CCP-controlled companies “that prove how connected the Bidens were and how President Biden is probably compromised”. A telegraphic receipt from August 2017 showed that $100,000 had been sent by CEFC Infrastructure Investment to Owasco, and a copy of a November 2017 check from CEFC Limited showed that $1 million had been paid to Hudson West III, LLC. Both beneficiary entities were related to the President’s son.
Did any of that money, or other offshore income, go to Joe or Jill? We would know if the president provided a copy of their S-Corp. tax returns with all K-1 partners who have gone through them. But the only detail we have are the aggregate figures reported on the couple’s individual returns.
As it stands, we have to trust USA Today that Jill made $3 million (royalties plus about $700,000 in speaking fees) for a book that only sold 7,000 copies. in its first week, and that thanks to this book deal, it made more than $1 million in the two years before its release, but only $175,319 in the year of its publication (2019). It is possible that an advance was paid, but could a publisher have justified this amount?
Numbers don’t add up
We’re told Joe made $12.2 million (after expenses) in the same deal for a book that sold 300,000 copies. Excluding the $4.2 million earned from touring and speaking, that gives $8 million in revenue which we must assume came from book royalties (higher if we know his gross revenue before expenses).
For analytical purposes, consider that his book had a retail price of $27 hardback and $18 paperback, and assume a reasonable mix of sales, so the average price was $23 $ (without discount). Out of 300,000 books sold, the gross revenue would have been just under $7 million. As an author, Joe would likely have received about 12% of that amount using a mixed royalty rate (15% hardback and 7.5% paperback typical of publishers), generating about $800,000 in revenue. Round it up to $1 million if you prefer. Double it. It’s still not nearly $8 million.
Sure, he probably got an advance, but would a publisher have advanced that kind of money to an author whose previous book, “Promises to Keep,” only sold 49,000 copies?
So many questions.
Publish complete tax returns
Rather than asking for proof of sources of income, the media was stuck in a repetitive cycle of reporting on whether Joe and Jill had underpaid payroll taxes. It’s a valid question, but it may miss the much more important question: Where did all this money come from after Biden left?
To this end, tax returns are a valuable source document for investigation. Since the days of Al Capone, the rule has been clear: never fail to pay taxes on income, no matter how shady. It’s the easiest conviction for a prosecutor. So it makes sense for all income to be reported, and for anything potentially beyond the ethical or legal line, an upline S-Corporation would serve as the perfect mechanism to obscure it from view.
On a matter of this importance, all possibilities must be considered fairly until the evidence is established one way or the other. The president may have very valid sources for all his income, and if so, he must demonstrate it, especially given the evidence that foreign money is flowing through his son and indirect references to himself.
In releasing Biden’s tax return last year, White House press secretary Jen Psaki said “the release (of) the president’s tax returns…should be expected of all presidents.” Surely she would agree that means the full set of documents.
If this issue involved former President Donald Trump and one of his sons, the New York Times and Washington Post would already be screaming for full disclosure, and they would be right to do so. So maybe they’ll now join in saying, “Mr. President, please remove all doubt – release your full tax returns.
Bob Anderson is a partner and chief financial officer of a hotel development company and a former aerospace engineer who worked on the International Space Station and interned with Reagan’s Strategic Defense Initiative Organization (SDIO) at the Pentagon. He is also a licensed commercial pilot.