This tax day, Biden is expected to release his full corporate tax returns

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President Joe Biden released his tax returns last Friday, and the White House claims “With this release, the President has shared a total of 24 years of tax filings with the American public, once again demonstrating his commitment to being transparent with the American people about the Commander-in-Chief’s finances.” Biden has previously bragged about his “transparency” in the publication of his tax returns.

Except that the most revealing parts of his tax returns are not public.

Joe and his wife Jill Biden have released their jointly filed individual tax returns, but not the corporate tax returns containing details of the S corporations that have been the source of most of their recent income and that they created. A little after Joe Biden has stepped down as vice president, as reported by The Federalist.

After leaving office, the incomes of Biden and his wife increased massivelyfrom a total of $396,552 in 2016 to $16,603,421 in adjusted gross income between 2017 and 2019. Approximately $13 million of this amount passed through their S corporations.

Jonathan Turley, law professor at George Washington University Told The New York Post that although there is “no evidence of wrongdoing”, questions about the president’s son Hunter Biden’s overseas trade deals have “reached the point where the White House has to err on the side of transparency” and publish company returns.

Where does the $13 million come from?

« The Biden campaign explained in a press release [in 2019] that the money of these entities [the S-corporations] came from lectures and book payments related to Joe’s memoir, Promise Me, Dad, and Jill’s memoir, Where the Light Enters“, according to at Forbes.

USA today maintains that $15.6 million of the Bidens’ income from 2017 to 2019 “came from speaking fees and book deals,” quoting CNN, which draws on “financial documents released by Biden’s campaign.” But these documents do not reveal it.

The Bidens’ 2017 tax return shows that $10 million of the revenue was via S-corporations. The Bidens’ 2018 tax return shows $3 million in the income of S-corporations. The tax returns contain no details of how the S-corporations made money.

Reserve in advance ?

In The Federalist, Bob Anderson explained that the Bidens’ book sales were too small to be the likely source of all the income, but that Biden’s contract publisher of books, Flatiron Books, may have paid a whopping advance. Flatiron did not return requests from The Federalist to confirm a report that Flatiron gave the Bidens an $8 million advance in 2017.

“Political memories have a habit of never recovering the massive advances that are granted”, according to to a book reviewer.

The publisher would naturally want the president to be the one to reveal the details of the advance.

The White House said tax returns released last week demonstrate President Biden’s “commitment to being transparent with the American people about the commander-in-chief’s finances.”

The White House is expected to track tax returns from the Bidens’ S-corporations, dating back to when they were founded in 2017.


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