Republican lawmakers are demanding transparency from President Joe Biden regarding his 2017 tax returns in which his entity, “CelticCapri Corp,” listed nearly $10 million without specifying revenue line items, raising concerns about who paid the entity and for what in the wake of Joe Biden’s alleged link to a $5 million Ukrainian “bribery” scheme.
Before the 2020 election, USA Today published a “fact check” article that tried to support the claims that the Bidens earned “$15.6 million … from speaking fees and book deals” from 2017 to 2019, and that “more than $10 million of that total income was profits from Biden’s memoir ‘Promise Me, Dad’ and $3 million in profits from Jill Biden’s book.”
But a closer look at Joe Biden’s 2017 tax returns raises eyebrows. “Follow the source link provided to that $10 million number, though, and you’ll end up at Joe Biden’s campaign website with financial disclosure links to only their individual returns — no S-corporation tax returns,” the Federalist critiqued USA Today. “So, in reality, readers were left with a smokescreen.”
The so-called “smokescreen” raised alarm for Republican lawmakers, causing them to demand transparency about the nearly $10 million sum from the passthrough entity.
Sen. Ron Johnson (R-WI), a co-author of the 2020 Senate report on the Bidens, told Breitbart News Joe Biden should openly disclose the source of the revenue. “Biden should disclose and every member of the press ought to hound him until he does,” he said.
Rep. Nancy Mace (R-SC) told Breitbart News Joe Biden should produce unredacted bank records to provide transparency.
“The President seems to find selling out our country funny. We don’t,” she said. “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.”
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Rep. Eli Crane (R-AZ), a successful businessman in his own right, told Breitbart News Joe Biden should come clean about the money in lieu of the alleged pay-for-pay scheme.
“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,” he said.
“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,” Crane added. “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.”
It is apparently “common” for personal tax returns to not list line item income of S Corporations entities, according to Jerry Allison, a CPA of Allison Financial Services who practiced accounting for over 30 years. However, the lack of detail should raise concern for House investigators, he noted, as allegations against Joe Biden arose last week about receiving a foreign bribe while he was vice president.
Upon reviewing Biden’s personal tax return, which includes an entity controlled by first lady Jill Biden, Allison explained the entity’s revenue is likely much higher due to expense deductions.
“The point I am making here is that the $9.5M income and the $557K income on Schedule E are after expenses have been subtracted, so the original income is much more than these numbers,” he told Breitbart News.
“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,” he added. “The S Corporation returns might reveal other entities from which the income may have originated.”