{"id":1421455,"date":"2022-04-06T08:29:36","date_gmt":"2022-04-06T12:29:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1421455"},"modified":"2022-04-06T08:29:43","modified_gmt":"2022-04-06T12:29:43","slug":"joe-bidens-tax-returns-leave-millions-in-income-unexplained","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/joe-bidens-tax-returns-leave-millions-in-income-unexplained\/","title":{"rendered":"Joe Biden\u2019s Tax Returns Leave Millions in Income Unexplained"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjoe-bidens-tax-returns-leave-millions-in-income-unexplained%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1421455&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>In the week prior to the presidential election, I wrote a piece that asked the question, \u201c<a href=\"https:\/\/thefederalist.com\/2020\/10\/28\/where-is-hunter-bidens-money\/\">Where Is Hunter Biden\u2019s Money?<\/a>\u201d It was an important question then, even more so now. Given the legacy media\u2019s recent validation of Hunter\u2019s laptop that discussed <a href=\"https:\/\/thefdrlst.wpengine.com\/2020\/10\/23\/dont-mention-joe-being-involved-bombshell-texts-show-effort-to-hide-joe-bidens-involvement-in-hunters-business-deals\/\">a slice of equity<\/a> planned for the \u201cBig Guy\u201d in a deal that involved an entity controlled by the Chinese Communist Party (CCP), we should know if any money from it (or other foreign sources) ended up in Joe Biden\u2019s pocket, but we don\u2019t.<\/p>\n<p>Recall that despite then-presidential candidate Biden having bragged that he had released his tax returns with what his team called \u201c<a href=\"https:\/\/www.foxnews.com\/politics\/biden-releases-2019-tax-returns-before-debate-calls-for-trump-to-release-his\">a historic level of transparency<\/a>,\u201d the truth is that he only released his individual returns. Those returns provided no detail regarding the source of most of his income, dollars that flowed to him and his wife Jill by way of S-corporations they <a href=\"https:\/\/joebiden.com\/wp-content\/uploads\/2020\/05\/OGE-Form-278e-signed.pdf\">set up shortly after<\/a> his departure from the office of vice president. Those entities, CelticCapri Corp (his) and Giacoppa Corp (hers), contained more than $13 million of the <a href=\"https:\/\/www.forbes.com\/sites\/michelatindera\/2020\/10\/22\/how-the-bidens-earned-167-million-after-leaving-the-white-house\/?sh=4c2825fa1e42\">$17 million<\/a> the couple had <a href=\"https:\/\/www.taxnotes.com\/presidential-tax-returns\">reported<\/a> in income after Biden left office, most of it in the first year (2017).<\/p>\n<p>The same media that ignored Hunter\u2019s laptop has shown a complete incuriosity about these entities, <a href=\"https:\/\/www.foxbusiness.com\/politics\/joe-biden-tax-returns-2020-election\">accepting<\/a> the premise that Joe and Jill raked in <a href=\"https:\/\/www.cnbc.com\/2019\/07\/09\/joe-biden-releases-tax-returns-during-2020-democratic-primary.html\">$13 million<\/a> from their book deal to generate their huge increase in income. We simply <a href=\"https:\/\/www.politico.com\/story\/2017\/04\/joe-biden-jill-biden-book-deal-236911\">don\u2019t know<\/a> if that\u2019s true, though. What we do know is that their book sales were dismal. \u00a0<\/p>\n<p>Perhaps sensing smoke starting to build just before the election,\u00a0USA Today published a \u201c<a href=\"https:\/\/www.usatoday.com\/story\/news\/factcheck\/2020\/10\/21\/fact-check-biden-amassed-wealth-through-speaking-and-book-profits\/5981003002\/\" target=\"_blank\" rel=\"noreferrer noopener\">fact check\u201d piece<\/a>\u00a0that attempted to support that the Bidens earned \u201c$15.6 million \u2026 from speaking fees and book deals\u201d in the years 2017 through 2019 and that \u201cmore than $10 million of that total income was profits from Biden\u2019s memoir \u2018Promise Me, Dad\u2019 and $3 million in profits from Jill Biden\u2019s book.\u201d <\/p>\n<p>Follow the source link provided to that $10 million number, though, and you\u2019ll end up at Joe Biden\u2019s campaign website with <a href=\"https:\/\/joebiden.com\/financial-disclosure\/\">financial disclosure links<\/a> to only their individual returns \u2014 no S-corporation tax returns. 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 <a href=\"https:\/\/secure.actblue.com\/donate\/legacy-donate-bfp\">Democratic National Committee fundraising site via ActBlue<\/a> rather than the tax documents.)<\/p>\n<p>I <a href=\"https:\/\/thefederalist.com\/2020\/10\/28\/where-is-hunter-bidens-money\/\">noted<\/a> back in 2020 that, \u201cWhile (Joe Biden\u2019s) financial disclosures reasonably support the $2.7 million of net income reported by CelticCapri in 2018,\u00a0a notable $8.7 million gap exists between its $9.5 million net income in 2017 and the $809,709 of disclosed income in that year from book tour and related speaking events. Since his disclosure covers only part of 2017, we lack the insight into other income that may explain it.\u201d\u00a0<\/p>\n<p>To that obvious question, the legacy press simply yawned. But it will become increasingly harder for them to maintain a head-in-the-sand position as more information arises.<\/p>\n<h2>Senators Present Proof of CCP Connections<\/h2>\n<p>Sens. Chuck Grassley, R-Iowa, and Ron Johnson, R-Wisc., recently showed <a href=\"https:\/\/thefederalist.com\/2022\/03\/29\/senators-release-receipts-showing-direct-payments-from-foreign-oligarchs-to-hunter-biden\/\">proof of payments<\/a> from what they said were CCP-controlled firms \u201cthat prove just how connected the Bidens were and how compromised President Biden probably is.\u201d An August 2017 wire receipt showed $100,000 sent from CEFC Infrastructure Investment to Owasco, and a copy of a November 2017 check from CEFC Limited revealed <a href=\"https:\/\/thefederalist.com\/2022\/03\/30\/u-s-senators-reveal-ccp-controlled-company-funneled-millions-to-biden-family-to-represent-spy-chief-of-china\/\">$1 million<\/a> paid to Hudson West III, LLC. Both recipient entities were tied to the president\u2019s son.<\/p>\n<p>Did any of that money, or other overseas income, go to Joe or Jill? We would know if the president provided a copy of their S-Corp. tax returns with all partner K-1\u2019s that flowed through them. But the only detail we have is aggregate numbers <a href=\"https:\/\/www.taxnotes.com\/presidential-tax-returns\">reported<\/a> on the couple\u2019s individual returns.\u00a0\u00a0\u00a0<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><\/figure>\n<\/div>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"665\" height=\"485\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/04\/2018.jpg\" alt=\"\" class=\"wp-image-270211\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/04\/2018.jpg 665w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/04\/2018-300x219-1.jpg 300w\" \/><\/figure>\n<\/div>\n<p>As it stands, we\u2019re left to trust USA Today that Jill grossed $3 million (royalties plus about $700,000 from speaking fees) for a book that <a href=\"https:\/\/www.publishersweekly.com\/pw\/nielsen\/hardcovernonfiction\/20190520.html\">sold only 7,000 copies<\/a> in its first week, and that from\u00a0that book deal she netted more than $1 million in the two years prior to its release, but only <a href=\"https:\/\/s3.amazonaws.com\/pdfs.taxnotes.com\/2020\/J_Biden_2019.pdf\">$175,319<\/a> in the year it was published (2019). It\u2019s possible an <a href=\"https:\/\/www.usatoday.com\/story\/news\/politics\/elections\/2019\/07\/09\/joe-biden-made-15-million-obama-administration\/1686674001\/\">advance<\/a> was paid, but could a publisher have justified that amount?<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"730\" height=\"525\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/04\/2019.jpg\" alt=\"\" class=\"wp-image-270213\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/04\/2019.jpg 730w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/04\/2019-300x216-1.jpg 300w\" \/><\/figure>\n<\/div>\n<h2>The Numbers Don\u2019t Add Up<\/h2>\n<p>We are told that Joe netted $12.2 million (after expenses) in the same deal for a book that sold <a href=\"https:\/\/filmdaily.co\/news\/joe-biden-net-worth\/\">300,000 copies<\/a>. Excluding the $4.2 million earned from touring and speaking, that yields $8 million of income that we are to assume came from book royalties (higher if we know his gross revenues <em>before<\/em> expenses).<\/p>\n<p>For analysis purposes, consider that his book had a retail price of $27 for hardcover and $18 for paperback, and assume a reasonable mix of sales so the average price was $23 (with no discounting). On 300,000 books sold, gross revenues would\u2019ve been just under $7 million. As an author, Joe would\u2019ve likely received about 12 percent of that using a blended royalty rate (<a href=\"https:\/\/literaryagentmarkgottlieb-com.cdn.ampproject.org\/v\/s\/literaryagentmarkgottlieb.com\/blog\/are-royalties-fair-a-publisher-weighs-in?amp_js_v=a6&#038;amp_gsa=1&#038;format=amp&#038;usqp=mq331AQKKAFQArABIIACAw%3D%3D#aoh=16489252680983&#038;referrer=https%3A%2F%2Fwww.google\">15 percent hardcover and 7.5 percent paperback typical from publishers<\/a>), yielding about $800,000 income. Round it up to $1 million if you prefer. Double it. It\u2019s still not close to $8 million.<\/p>\n<p>Sure, he likely got an advance, but would a publisher have advanced that kind of money to an author whose prior work, \u201cPromises to Keep,\u201d <a href=\"https:\/\/www.thedailybeast.com\/christine-quinns-lackluster-book-debut-and-more-political-memoir-flops\">sold only 49,000 copies<\/a>?<\/p>\n<p>So many questions.<\/p>\n<h2>Release the Full Tax Returns<\/h2>\n<p>Rather than ask for proof of sources of income, the media has been stuck in a repeating cycle of <a href=\"https:\/\/nypost.com\/2021\/09\/23\/biden-could-owe-as-much-as-500k-in-irs-taxes-report\/\">reporting<\/a> about whether Joe and Jill underpaid payroll taxes. That\u2019s a valid question, but it may miss the much larger one: Where did all of that money come from after Biden left office?<\/p>\n<p>To that end, tax returns are a valuable investigative source document. Since the days of Al Capone, the rule has been clear: Don\u2019t ever fail to pay taxes on any income, even if shady. It\u2019s the easiest conviction for a prosecutor. So it\u2019s logical that all income would be reported, and for any potentially over the ethical or legal line, an upstream S-Corporation would serve as the perfect mechanism to obscure it from view.<\/p>\n<p>On a matter of this importance, all possibilities must be fairly considered until proof is established one way or the other. The president may have completely valid sources for all of his income, and if so, he should demonstrate it, particularly given the evidence of foreign money flowing through his son and indirect references to himself.<\/p>\n<p>In releasing Biden\u2019s tax return last year, White House Press Secretary Jen Psaki <a href=\"https:\/\/www.cnn.com\/2021\/05\/17\/politics\/biden-tax-returns\/index.html\">commented<\/a> that the \u201crelease (of) the president\u2019s tax returns \u2026 should be expected of all presidents.\u201d Surely she would agree this means the full set of documents.<\/p>\n<p>If this question involved former President Donald Trump and one of his sons, The New York Times and The Washington Post would already be howling for full disclosure, and they would be right to do so. So perhaps they will join now in saying, \u201cMr. President, please clear the air of all doubt \u2014 release your full tax returns.\u201d<\/p>\n<hr class=\"wp-block-separator\" \/>\n<p>\n  Bob Anderson is a partner and CFO of a hotel development company and a former aerospace engineer who worked on the International Space Station and interned in Reagan\u2019s Strategic Defense Initiative Organization (SDIO) at the Pentagon. He is also a licensed commercial pilot.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the week prior to the presidential election, I wrote a piece that asked the question, \u201cWhere Is Hunter Biden\u2019s Money?\u201d It was an important question then, even more so<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1421455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1421455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1421455"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1421455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1421455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1421455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1421455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}