House Oversight Committee Chair James Comer (R-KY) on Thursday announced his intention to use subpoenas to obtain records related to President Joe Biden’s company, “CelticCapri Corp,” which in 2017 received almost $10 million without providing a breakdown of its revenue.
Concerns remain about the source of the $10 million that was received by then-Vice President Joe Biden’s corporation in 2017. This timeframe was marked by a number of wire transactions, as well as Joe Biden leaving his post in the White House.
During this same period, an FBI informant made allegations that Burisma Holdings had bribed Joe Biden with $5 million.
“The money they refer to was funneled through the CelticCapri LLC, Joe Biden’s LLC that he supposedly used to receive speaking fees and sell his book,” Comer told Fox News. “His speaking fees and books don’t add up to what the total was he disclosed on taxes.”
“So that’s an LLC account. It wasn’t a shell company — that was a real LLC account with more earnings in there than what we can find. So that is an account we plan to subpoena as we follow the money,” Comer said.
Ahead of the 2020 election, USA Today published a “fact check” article that alleged the Bidens earned upwards of $15.6 million from speaking fees and book deals between 2017-2019. Of this sum, it was suggested that more than $10 million came from Joe Biden’s memoir “Promise Me, Dad” and $3 million in profits from Jill Biden’s own book.
An examination of Joe Biden’s 2017 tax returns has prompted scrutiny from conservative Sen. Ted Cruz (R-TX). Cruz, who is the author of several books, has pointed out that Biden’s book deal and speaking engagements could not reasonably account for the $10 million reported in 2017.
Cruz has called on Biden to reveal the origin of these funds, suggesting there may be a “mystery source” at work.
So, let’s take Joe’s numbers. He’s claiming that Joe netted $12.2 million for a book deal. His book deal sold about 300,000 copies. Now, the $12 million, $4.2 million of that is allegedly from speaking, and I can believe that he probably got pretty good speaking fees, that that’s plausible.
That means he’s claiming $8 million of income came from book royalties.
A closer look at Joe Biden’s 2017 tax returns raises eyebrows. Sen. Ted Cruz (R-TX), who authored a number of books, previously explained how Biden’s book deal and speaking engagements likely do not account for the $10 million in 2017. Cruz demanded Joe Biden divulge the “mystery source”:
So, let’s take Joe’s numbers. He’s claiming that Joe netted $12.2 million for a book deal. His book deal sold about 300,000 copies. Now, the $12 million, $4.2 million of that is allegedly from speaking, and I can believe that he probably got pretty good speaking fees, that that’s plausible. That means he’s claiming $8 million of income came from book royalties.
Now let’s do some math. His book had a retail price of $27 for hardcover, $18 for paperback. If you assume a reasonable mix of sales, the average price was $23. On 300,000 books sold, the gross revenue everyone makes is just under $7 million. What Joe is alleging is they paid him $8 million to generate $7 million. The book publisher lost a million dollars and got no money for printing the book. Typically, an author, if you were just receiving a royalty, would have received about 12%. A typical blended royalty, you’d get about 15 percent. For hardcover, about 7.5 percent for paperback is typical. If Joe was receiving 12 percent of $7 million, he would have yielded about $800,000. He’s claiming he got $8 million.
That math doesn’t add up.
Despite his decades of experience, Jerry Allison, a Certified Public Accountant (CPA) with Allison Financial Services, has raised alarm bells over the seemingly common practice of personal tax returns not providing line item income details for S Corporation entities.
House investigators should take note and be mindful of this potential oversight.
“The President seems to find selling out our country funny. We don’t,” Rep. Nancy Mace (R-SC) told Breitbart News. “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.”
“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,” Rep. Eli Crane (R-AZ) told Breitbart News.
Many conservatives have raised concerns about the Biden family’s activities, with some accusing Joe Biden and his family of running what they call a “very organized crime ring.”
A majority of voters, 51 percent, believe that Joe Biden has committed a crime with Hunter Biden while 36 percent say he did not.