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Ted Cruz Calls Out Biden to Reveal Dark Money Source

Senator Ted Cruz is calling on Joe Biden to reveal the source of a single $10 million donation that Biden and his wife received after his departure from the Vice Presidency in 2017. Biden’s past monetary transactions have come under scrutiny in the public eye due to the recent uncovering of an alleged bribe he was said to have taken from Ukrainian businessman Mykola Zlochevsky. Cruz and other Republicans have called out FBI officials for allegedly “stonewalling” any investigation attempts into the President’s finances and believe the White House is not being truthful or transparent in their handling of the controversy. 

DAILY MAIL: Ted Cruz demands Joe Biden reveal the ‘mystery source’ of his $10M income in 2017 as Republicans press Burisma ‘bribery’ allegations

By Keith Griffith; June 18, 2023

Ted Cruz has called on Joe Biden to release information on the ‘mystery source’ of $10million he made in 2017, the year his term as vice president ended.

After his term in the Obama White House ended, Biden and his wife Jill signed a lucrative multi-book deal valued at $8million, and launched a speaking tour that brought in more than $4million over several years.

However, income from the book deal and speeches was routed through two entities, known as S corporations, shielding the money from certain taxes and concealing the ultimate source on tax returns the Bidens have publicly released.

Now Cruz, a Texas Republican, is pointing to that lack of transparency in connection with an FBI memo that Republicans claim shows Biden was involved in a $5 million bribery scheme when he was vice president.

‘You’re looking at a tax return that has $10 million in cash that came from a mystery source,’ Cruz said on Friday during his podcast, Verdict with Ted Cruz.

Biden’s two S corporations, CelticCapri Corp and GiaCoppa Corp, reported income of $9,490,857 and $557,882 respectively in 2017, Biden’s first year as a private citizen after decades in federal elected office as a senator and the vice president.

That money, which Biden says is from book deals and speeches, was then remitted to Biden and his wife primarily as ‘distributions’ rather than salary, according to CNBC

When money is funneled through an S corporation in this way, the recipient doesn’t owe Social Security or Medicare taxes on it, and the source of the money is obscured.

Cruz claimed the ‘timing’ of the income infusion was suspicious in light of unverified allegations of a $5 million ‘arrangement’ of an exchange of money for policy decisions between then-Vice President Biden and a foreign national.

The claim is based on an FBI document viewed by members of Congress, which describes an interview with an informant.

The informant claimed that the CEO of Ukranian gas company Burisma paid $5 million each to Joe Biden and his son Hunter to head off an investigation by the Ukrainian prosecutor general at the time, Viktor Shokin, in 2015 or 2016.

Cruz remarked: ‘The whistleblower says when he was vice president, a senior executive at Burisma offered him $5 million cash personally in order to make a corrupt deal and make official decisions for Burisma. 

‘The year he leaves the vice presidency in 2017, he reported over $10 million of income in two corporations that he and his wife set up, and we know nothing, zero whatsoever about the source of that income.’

He speculated: ‘What if half of that $10 million is the $5 million payment for Burisma for the bribe?’ 

Cruz called on House Republicans to subpoena the tax returns of CelticCapri Corp and GiaCoppa Corp.

However, that would likely prove futile, as the tax returns of S corporations typically reveal only aggregate income and expenses, and not the specific source of funds. 

Biden is hardly the only politician to take advantage of the tax-avoidance and privacy benefits of S corporations.

The tactic is known in tax circles as the ‘Gingrich-Edwards loophole’ after Republican Newt Gingrich and Democrat John Edwards, both former presidential candidates who used it. 

Joe and Jill Biden’s joint tax returns show that the couple made more than $15 million in the two years after they left the Obama White House.

Biden and his wife signed a multibook deal with Flatiron Books valued at $8 million, according to Publishers Weekly. 

Biden’s first book, an account of his son Beau’s death from cancer, briefly topped bestseller lists in 2017. Jill Biden also published a memoir in 2019.

Biden earned more than $4.29 million in speaking fees, according to public disclosures. 

Joe Biden’s basic speaking fee was reportedly $100,000 a speech, but his disclosures showed that while some appearances were priced as low as the $40,000 range, others ranged as high as $190,000 for a lecture at Drew University in New Jersey. 

Jill Biden made at least $700,000 in her own speaking engagements, the disclosures shows. 

Joe Biden also earned $540,000 as a professor and namesake of the University of Pennsylvania’s Penn Biden Center for Diplomacy and Global Engagement. 

Photo: wikimedia

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