Given the recent bombshells about the shady dealings of President Joe Biden’s youngest son, Hunter, several legal experts are now calling for the president to release his and his wife’s corporate tax returns.
In an email to the New York Post, law professor Jonathan Turley of George Washington University argued that though there’s “no evidence of wrongdoing” on the presidential couple’s part, the scandal surrounding the president’s youngest son, Hunter, “has reached the point where the White House needs to err on the side of transparency.”
“The president’s past denials of any knowledge or involvement with his son’s business dealings now stands contradicted not only by witnesses and e-mails but also by Hunter Biden himself. Full disclosure and transparency would seem, at a minimum, warranted given the growing controversy,” he wrote.
A growing controversy that even the demonstrably biased establishment press has finally been forced to report upon:
— Conservative News (@BIZPACReview) March 31, 2022
University of Minnesota law professor Richard Painter, a former member of then-President George W. Bush’s administration, seemed to concur.
He told the Post that without access to the pair’s corporate returns, “you don’t know where the money’s coming from.”
“This is exactly why it’s better to disclose — then every card is face-up on the table. Otherwise, people have no idea what’s in there … and that undermines public confidence in the government,” he said.
Former Utah U.S. Attorney Brett Tolman took it even further, arguing that the federal probe into Hunter should be expanded to include both the elder Bidens.
“In a white-collar investigation, the focus is on ‘sourcing’ funds. This should be the heart of what they are doing right now. Biden would not have any way to stop a grand-jury subpoena,” he told the Post.
While it’s typical for presidential candidates and presidents to release their personal income tax returns, rarely are they asked to also release their corporate tax returns.
In the Bidens’ case, their returns would concern CelticCapri Corp. and Giacoppa Corp., two S corporations that the pair have funneled and continue to funnel much of their personal income through.
Here is the Biden’s primary sources of income this year. The Giacoppa Corp is an S-corporation through which he routes the proceeds of this book. The community college is for the First Lady pic.twitter.com/uv8v9YeG1C
— Sam Stein (@samstein) May 17, 2021
In 2017 and 2018, for instance, they routed $13 million in earnings through these two corporations, as reported in 2019 by The Wall Street Journal.
The “beauty” of S corporations on the political level is that they allow candidates to hide the true source of their money. Suppose hypothetically that you earn $100,000 from producing pornography and then funnel it through a corporation.
When reported on your personal income tax form, the ostensible “source” of the money would be the corporation itself. Only someone with access to the corporation’s own tax returns would know the true source — pornography.
Therein lies the problem: Nobody knows the real source of the Bidens’ massive income.
The establishment press have run “fact-checks” claiming the source is “speaking fees and book deals,” but given the dubious nature of the media’s so-called “fact-checks,” many remain distrustful and skeptical.
Some even have their own theories about the money’s true source:
Big Guy, LLC
— KAP 🇺🇸 (@kap_chan) April 6, 2022
Gifts from his son via China? 🤔
— Keith Finnegan (@KFinnegan) April 6, 2022
Gifts to the ‘big guy’ from his kids.😠
— President Xi Biden (@PublicaVivat) April 6, 2022
I know not one person that owns a book written by a Biden, or about a Biden. Don’t even need to read the article to know that answer
— Civil Dissident (@OOOimUrAngel) April 6, 2022
I sold 10 million books. How? You only printed 100 thousand.
— William Harrington (@billyharry1) April 6, 2022
I remember when Barack Obama said that he earned millions of dollars from his book sales. I thought, “That’s a good excuse for potentially covering up any other way that he might have financially aggrandized himself while in political office.”
— Blake Stanton (@blakestanton) April 6, 2022
— Steve F (@Ghutsch) April 6, 2022
Another “beauty” of S corporations is that they allow you to pay less income taxes by dividing your earnings into a “salary” and “distributions.” The key is that with the “salary,” you must pay ordinary income tax in addition to a self-employment tax. With the “distribution,” you need only pay ordinary income tax.
Using this scheme, the Bidens declared only $800,000 of the $13 million as “salary.” This allowed them to save $500,000 in SE taxes, as uncovered and reported late last year. The report triggered widespread anger and calls for an IRS audit:
— Conservative News (@BIZPACReview) September 24, 2021
Part of the anger stemmed from the president’s habit of slamming other wealthy people for not paying their so-called “fair share” of taxes.
Yet apparently, he was (and still is) doing the exact same thing:
Biden and his wife dodged hundreds of thousands of dollars in taxes by filing as an S-corp. https://t.co/6wlSPEyfoN
— Joel Pollak (@joelpollak) September 9, 2021
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