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Everyone might be well advised, even to this day, to heed the advice of Watergate informant Deep Throat. Joe Biden and the Biden campaign have not refuted the revelations from son Hunter’s laptop as reported by the New York Post, or any of the allegations made by Peter Schweizer on a separate track in released emails to him from a former business partner (now serving time in prison) of Hunter and Devon Archer. Therefore, Americans can assume that the former VP’s sudden boom in wealth and profligate real estate spending may indeed be from sources other than his salary or his book deal — specifically from Ukrainian oligarchs, Chinese oligarchs and/or the Chinese Communist Party, and others.
Back on September 11, 2019 (that date … hmm…), Ryan Grim of The Intercept described how Joe and Jill Biden managed to hide the source of their newfound wealth by using Delaware’s non-disclosure provision for S-corporations (emphasis mine):
Biden may be looking to hammer her (Elizabeth Warren) for hypocrisy, but his charge of a lack of transparency is badly undercut by his own financial opacity — not decades ago, but in the last two years. Since leaving the White House, Biden, long proud of his wealth ranking near the bottom of the U.S. Senate, began delivering high-dollar speeches to well-heeled clients and raked in book revenue that elevated him well into the upper class. He earned some $15.6 million in the last two years alone, according to financial disclosures released by his campaign.
It is typical for presidential candidates to voluntarily release their tax returns, with the exception of Donald Trump. Despite those releases, the details of how Biden, whose career has been partially dedicated to enabling financial secrecy in Delaware, made a significant portion of that money remains a mystery.
The Bidens have used their home state’s financial privacy laws to shield his income from public view, by setting up two tax- and transparency-avoidance vehicles known as S corporations. He and his wife Jill Biden called them CelticCapri Corp. and Giacoppa Corp., respectively, and, according to the Wall Street Journal, have reported more than $13 million in profits the previous two years that weren’t subject to specific disclosure or self-employment taxes. As CNBC has described, money Biden made from book deals and speeches flowed into the S corporations and was then remitted to Biden and his wife as “distributions” rather than salary. When money is funneled through an S corporation, the recipient doesn’t owe Social Security or Medicare taxes on it, nor can the source of revenue be traced. (In addition to the distributions, the Bidens drew relatively small salaries from the S Corporations: under half a million dollars, for which they owed self-employment taxes.)
One would hope that the Director of National Intelligence, Radcliffe, or the Department of Justice and the FBI, if they truly wanted to see if the Bidens have been pocketing any income from foreign sources would at least start with CelticCapri Corp. and Giacoppa Corp. and perhaps also see if any funds were wired to any off-shore accounts that the Bidens may have or that are being held for them by other known business associates.
Oh, for those of you Orange Man Bad folks still incensed that Trump only paid $750 in taxes – you, like Rick in Casablanca have been misinformed. Yes, the New York Times, Joe Biden, Kamala Harris and other screeching Democrats in general, got it wrong. As Newsmax and other outlets are now reporting:
Contrary to the false impression in The New York Times story, Donald Trump did not avoid taxes.
He pre-paid them.
In 2016 and 2017, he requested and got an extension to file his returns.
As required, he made an estimated tax payment of $1 million in 2016 and $4.2 million in 2017. Then, it turned out that he did not owe that much in taxes, but, rather than demand the money back, he let the IRS keep it and apply it to any future tax he owed.
So — when he only paid $750 in taxes for the first two years of his presidency it was because he had already overpaid during the two previous years and just reduced his payment by that amount.
Over the longer term, Trump overpaid his taxes by $72 million.
Oh, and just one other thing … anticipate that bump-on-the-log FBI Director Christopher Wray will be fired most likely on or just after Election Day no matter who wins the election. Just my humble prediction. So much evidence ignored … so little follow-up.Published in