After decades of earning a six-figure income, Joe Biden and his wife Jill suddenly declared more than $11 million in 2017, and the source of that income is shrouded in mystery.
The mainstream has typically attributed this spike in income to book deals and speaking engagements. However, it’s currently under new scrutiny in light of the ongoing investigation into a $10 million bribe the Bidens allegedly received from Burisma while he was the U.S. Vice President.
And Sen. Ted Cruz (R-Texas) wants answers.
“You’re looking at a tax return that has $10 million in cash that came from a mystery source,” Cruz explained during his podcast, Verdict with Ted Cruz. “We have utterly no idea where that $10 million came from.”
As we’ve previously reported, Mykola Zlochevsky, the co-founder of Burisma Holdings, allegedly bribed Hunter Biden and then-Vice President Joe Biden $5 million each, and that recordings of the two men accepting the bribes exist.
The year after Biden left the vice presidency is when he disclosed more than $11 million in income that came from two businesses established by him and First Lady Jill Biden. As we know from the House Oversight Committee’s investigations, the Biden family has dozens of corporations through which money from foreign sources was laundered then distributed to multiple members of the Biden family.
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“You know what anyone who gives a damn about integrity in government should say? ‘We need the tax returns of CelticCapri Corp and GiaCoppa Corp,’” Cruz said. “Because, you know, what if half of that $10 million is the $5 million payment for Burisma for the bribe?”
Cruz then looked at the numbers and concluded that there’s no way the mystery income came from book deals.
“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.”
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“Now let’s do some math,” Cruz continued. “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%. For a typical blended royalty, you’d get about 15% for hardcover, about 7.5% for paperback is typical. If Joe were receiving 12% of $7 million, he would have yielded about $800,000. He’s claiming he got $8 million.”
