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Reported assets of $3.2 million after $16 million windfall

Joe Biden's financial disclosures showing he reaped a $16 million windfall when he concluded his second term as vice president while declaring assets of between $1.5 million and $3.2 million raises an obvious question.

Where did all the money go?

Just the News reported Biden's tax returns show he and his wife Jill earned $11 million in 2017, mostly on book and speaking fees, $4.6 million in 2018 and $985,0009 last year.

But when he filed a federal financial disclosure form earlier this year to run for president, Just the News pointed out, the Bidens listed assets only of between $1.5 million and $3.2 million.

Paul Miller of the tax firm Miller & Co. LLP, told JTN that if he were auditing Biden, there would be "questions."

Miller estimated the Bidens should have listed about $9 million in assets in their most recent disclosure forms.

"I am unable to document what he did with the difference of approximately $6 million. What else are we missing?" he asked. There is some vagueness in the federal disclosure forms. JTN noted.

Source: https://www.wnd.com/2020/10/joe-bidens-millions-go/

 

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I'm your huckleberry....
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He lives pretty good for a humble civil servant, huh?
A better question might have been "where did all the money COME FROM?" and not so much where it's gone.... (Hunter's answer would be 'hookers and blow'.)
 

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Come on man!!
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Where did the money go? Somebody has to pay Hunter's child support...
 

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Up stairs mattress, bank accounts under fake non profits, foreign bank accounts, he can't remember where it's at.
 

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Just think how he will be if he wins.

“Yeah, I signed a $4 trillion tax increase. Where did it go?....oh look an ice cream cone.”
 

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Just remember that Capone went to jail for spending more then he earned and payed taxes on.

Not for the racketeering and mob activities he was remembered for .
 

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I am not a CPA. Please don't ask me to explain what a S-Coporporation is. My very limited understanding is that personal income can be moved to corporate income, and then taxed at a much lower rate.

This may help to explain his use of this IRS "loophole". The term Hypocrite seems to be appropriate.

https://s-corp.org/2019/07/joe-bidens-s-corp/
It is the opposite. An S corporation election treats the corporation as a passthrough organization for income tax purposes. It converts corporate earnings to personal income. S corps don't have federal taxation at the corporate level. Each shareholder reports his/her proportional share of the corporate earnings on their personal income taxes. Then corporate dividends can effectively received tax free.

Advantage is that it avoids double taxation. I.e. Once at the corporate level, then again as dividends are paid to shareholders.

Disadvantages are that top marginal personal rates far exceed current corporate tax rates. Also, there are many more restrictions on who can own an S corp.

That is why many business owners appear to be high income earners. They have to pay personal taxes on the earnings of their S Corp or LLC business whether they take profits home or not.

Not that it matters, but I am a CPA (I don't practice public accounting, however).
 

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Con men often steal the life savings of seniors with the onset of dementia.
 
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Yep... Off-shore accounts, and money-laundering schemes up the wazoo...

Heck, his wealth STARTED with money laundering... o_O

.
 
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Con men often steal the life savings of seniors with the onset of dementia.
Hunter was just going to steal Joe's kickcut back? :dunno:
 
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