House Oversight Committee Chair James Comer (R-KY) vowed on Thursday to subpoena records linked to President Joe Biden’s corporation, “CelticCapri Corp,” which received nearly $10 million in 2017 without specifying revenue line items.
Questions remain about how then-Vice President Joe Biden’s corporation received the $10 million in 2017, a year that corresponds with elaborate webs of wire transactions and Joe Biden’s departure from the White House. The year 2017 also encompasses the timeframe an FBI informant alleged Burisma Holdings bribed Joe Biden with $5 million.
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“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.
Before the 2020 election, USA Today published a so-called “fact check” article that attempted to support the claims that the Bidens earned “$15.6 million … from speaking fees and book deals” from 2017 to 2019 and that “more than $10 million of that total income was profits from Biden’s memoir ‘Promise Me, Dad’ and $3 million in profits from Jill Biden’s book.”
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.
It is apparently common for personal tax returns to not list line item income of S Corporations entities, according to Jerry Allison, a Certified Public Accountant (CPA) of Allison Financial Services who practiced accounting for more than 30 years. The lack of detail, however, should raise concern for House investigators, he noted.
“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.”
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“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.
Republicans have long accused Joe Biden and his family of running “a very organized crime ring,” and a majority of voters, 51 percent, believe Joe Biden committed a crime with Hunter Biden. Thirty-six percent say he did not.
Originally Posted on: https://www.breitbart.com/politics/2023/09/22/james-comer-to-subpoena-joe-bidens-mystery-corporation-that-collected-10m-in-2017/
[By: Wendell Husebø