by WorldTribune Staff, June 13, 2023
During the 2020 primary campaign, Joe Biden attacked his Democrat foes by claiming they were not being forthcoming with their finances.
But Biden’s own transparency when it comes to his finances is being called into question as the investigators at the Marco Polo group have found he failed to disclose millions in revenue he and his wife, Jill Biden, hid in tax-avoiding entities known as S Corporations.
Joe and Jill Biden called the S Corporations CelticCapri Corp. and Giacoppa Corp., respectively. Funds that goes to the entities were remitted to Biden and his wife as “distributions” rather than salary. When it comes to funds funneled through an S Corporation, the recipient doesn’t owe Social Security or Medicare taxes on it and the source of revenue can’t be traced.
“We at @MarcoPolo501c3 have been quietly tracking these 2 S-corps for years,” Marco Polo founder and former Trump White House adviser Garrett Ziegler tweeted, adding that the annual reports obtained by Marco Polo were “purchased from the @DelawareCorps.”
The reports are featured on the Marco Polo website which chronicles the contents of the Hunter Biden laptop.
Breibart’s Wendell Husebo noted: “Joe Biden could be hiding his alleged $5M payment from Bursima in his entity ‘CelticCapri’ & Jill Biden’s entity ‘Giacoppa Corp.’ ” Husebo added that the numbers in the Bidens’ 2017 tax return “don’t provide revenue line items accounting for about $10M. Joe Biden must disclose who paid him & for what.”
During the 2020 election campaign, the Wall Street Journal noted that the use of S Corporations by politicians is known as the Gingrich-Edwards loophole, named for Newt Gingrich and John Edwards, who had used it in the past. Elizabeth Warren, Barack Obama, Hillary Clinton, and Bernie Sanders, the Journal reported, all shied away from the strategy when it came to reporting income from books and speeches.
Writing for TFI Global in April of 2022, Ansh Pandey noted that “Joe and Jill Biden released their jointly filed individual tax returns, but not the corporate tax returns containing details on his S-Corporation, that have been the source of the majority of their current income. Biden formed his S-Corporation shortly after he left his position as the Vice President in 2017.”
Pandy added: “On the one hand, Joe Biden is adamant about taxing the wealthy, but on the other, it appears that his family may have stashed millions under their sleeves. … Western Media and Biden’s closest The New York Times and The Washington Post would be calling for full disclosure if the question concerned former President Donald Trump and one of his sons. However, this situation has prompted them to go into a mode of deafening silence as the matter hangs on to the S-corporation earnings of Biden.”
— Marco Polo (@MarcoPolo501c3) June 13, 2023