Post by nephillymike on Jul 22, 2023 18:21:36 GMT -5
Some of you may remember that I did an in depth analysis of the Trump tax returns when they came out earlier this year.
With all of the talk recently about our president being on the take after ending his VP gig, I wanted to take a quick CPA review of the Biden's tax returns to see if anything looked out of line.
Here's a snapshot of his income reported on his tax returns from his last year as VP ('16) till his last yr before Pres ('20):
$$'s in Thousands
Item 2016 2017 2018 2019 2020
Wages 315 720 1000 517 213
Int & Div 1 8 18 8 6
Sched C Inc 1 1 2 0 0
Pensions/IRA 33 214 183 187 252
S'Corp & Rents 19 10060 3237 229 91
Soc Sec 28 35 42 45 46
Other 0 0 99 0 0
Total Inc. 397 11038 4580 985 607
The high S corp income for 2017 and 2018 are from two S corps that Joe & Jill have:
Joe's is called Celticcapri, Jill's is called Giacoppa.
The profit in these two entities were:
2017 2018
Celticcapri 9,491 2,731
Giacoppa 553 506
Total 10,044 3,237
So combined they made over $13.2M in two years from these S corps. $13.2M of their five year total income of 17.6 M was made from these 2 corps. They made 3 x the amount of money from these two corps in two years than they made from all other sources in the five years. Remember this when I reference an article below.
My first thought was that they had some business that they sold and made a real nice penny on it. Nope. No capital gains from sale of business assets anywhere. Aside from these S corps, their returns are pretty run of the mill for fairly wealthy people. However, the lack of cap gains, interest and dividends is indicative of them not having big time assets and money. They make good money but are not wealthy. (except for that $13.2 M haul) Maybe they hit the lotto? Never saw that go into a S corp!
So after doing this little analysis, I googled Celticcapri to see what I could find. I found this link to two Federalists articles. Seems they kicked the tires a bit.
thefederalist.com/tag/celticcapri-corp/
While definitely a right side source, it was very interesting to see that Hunter also had a nice huge year in 2017 more than doubling the earnings of his previous 19 years !
thefederalist.com/2023/06/19/how-did-biden-really-make-his-millions-its-time-for-a-special-counsel-to-find-out/
Combine this with the rumors of $5-$10 M of bribes, and it definitely deserves a look. Lastly it has been said that a lot of money was distributed among the Biden extended family. Take a look at their returns too and see if they have a few very profitable S corps that popped up around the same time.
It looks real fishy, but maybe there is a reasonable answer. It would take a CPA less than a day to verify the activity. First, show the 1120-S corp tax returns for those two S corps. Remember the income numbers are PROFITS, not revenue. Check the books and verify the source of the largest receipts. Done. No where near the complexity of the Heat Miser's returns.
On another interesting note, the Bidens' had to amend two year's tax returns; 2017 and 2018, each resulting in an increase in taxable income and tax due. in 2017, Biden was still working for the US govt as VP for 3 weeks and, get this........, they never gave him a W-2 for the three weeks he worked as VP in 2017 so no income was recorded. You can't make this shit up! He also double counted a charitable contribution of $3,000 that year. In 2018, he gave $25,000 to a UK charity and initially took the deduction for it on his return, but then realized is wasn't a qualified 503 c charity and therefore was not a valid tax deduction. Needed two amendments in five years. I've had to do five amendments in over 500 returns. Seems a little odd, but whatever.
It would be nice if both sides of the aisle would think it is in our country's best interest to investigate this fully.
God Save the Queen, man!
With all of the talk recently about our president being on the take after ending his VP gig, I wanted to take a quick CPA review of the Biden's tax returns to see if anything looked out of line.
Here's a snapshot of his income reported on his tax returns from his last year as VP ('16) till his last yr before Pres ('20):
$$'s in Thousands
Item 2016 2017 2018 2019 2020
Wages 315 720 1000 517 213
Int & Div 1 8 18 8 6
Sched C Inc 1 1 2 0 0
Pensions/IRA 33 214 183 187 252
S'Corp & Rents 19 10060 3237 229 91
Soc Sec 28 35 42 45 46
Other 0 0 99 0 0
Total Inc. 397 11038 4580 985 607
The high S corp income for 2017 and 2018 are from two S corps that Joe & Jill have:
Joe's is called Celticcapri, Jill's is called Giacoppa.
The profit in these two entities were:
2017 2018
Celticcapri 9,491 2,731
Giacoppa 553 506
Total 10,044 3,237
So combined they made over $13.2M in two years from these S corps. $13.2M of their five year total income of 17.6 M was made from these 2 corps. They made 3 x the amount of money from these two corps in two years than they made from all other sources in the five years. Remember this when I reference an article below.
My first thought was that they had some business that they sold and made a real nice penny on it. Nope. No capital gains from sale of business assets anywhere. Aside from these S corps, their returns are pretty run of the mill for fairly wealthy people. However, the lack of cap gains, interest and dividends is indicative of them not having big time assets and money. They make good money but are not wealthy. (except for that $13.2 M haul) Maybe they hit the lotto? Never saw that go into a S corp!
So after doing this little analysis, I googled Celticcapri to see what I could find. I found this link to two Federalists articles. Seems they kicked the tires a bit.
thefederalist.com/tag/celticcapri-corp/
While definitely a right side source, it was very interesting to see that Hunter also had a nice huge year in 2017 more than doubling the earnings of his previous 19 years !
thefederalist.com/2023/06/19/how-did-biden-really-make-his-millions-its-time-for-a-special-counsel-to-find-out/
Combine this with the rumors of $5-$10 M of bribes, and it definitely deserves a look. Lastly it has been said that a lot of money was distributed among the Biden extended family. Take a look at their returns too and see if they have a few very profitable S corps that popped up around the same time.
It looks real fishy, but maybe there is a reasonable answer. It would take a CPA less than a day to verify the activity. First, show the 1120-S corp tax returns for those two S corps. Remember the income numbers are PROFITS, not revenue. Check the books and verify the source of the largest receipts. Done. No where near the complexity of the Heat Miser's returns.
On another interesting note, the Bidens' had to amend two year's tax returns; 2017 and 2018, each resulting in an increase in taxable income and tax due. in 2017, Biden was still working for the US govt as VP for 3 weeks and, get this........, they never gave him a W-2 for the three weeks he worked as VP in 2017 so no income was recorded. You can't make this shit up! He also double counted a charitable contribution of $3,000 that year. In 2018, he gave $25,000 to a UK charity and initially took the deduction for it on his return, but then realized is wasn't a qualified 503 c charity and therefore was not a valid tax deduction. Needed two amendments in five years. I've had to do five amendments in over 500 returns. Seems a little odd, but whatever.
It would be nice if both sides of the aisle would think it is in our country's best interest to investigate this fully.
God Save the Queen, man!