House Oversight Committee Chairman James Comer was interviewed by Fox News Sunday and discussed the technique allegedly used by the Biden family to “disguise” its transactions.
Comer appeared on Maria Bartiromo’s “Sunday Morning Futures” and broke down how the Biden family appeared to classify payments as loans to avoid paying taxes. (RELATED: Hunter Biden’s Apparent Financial Benefactor Took On $250,000 Debt Owed To Chinese Business Partner, Oversight Finds)
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“We can connect the dots. Because as you showed on the screen with this series of transactions, that’s called money laundering. And this was a very organized criminal enterprise by the Biden family. This wasn’t just some drug addict, you know, doing concoctions and making wild transactions,” Comer told Bartiromo.
“And the reason they did these complicated transactions was to disguise the source of the revenue and to deceive the IRS from paying taxes. So what you’re gonna see in the coming weeks is a lot of loans. Anytime the Bidens have money, they’re gonna claim it was a loan because you don’t have to report loans on your taxes,” Comer continued.
“If you’re the IRS and you’re just looking at someone’s taxes, you would never know that Joe Biden got two checks for loan repayments, $200,000 and $40,000. You wouldn’t know about all the money that we’re going to show that James Biden took in and Hunter Biden took in from loans. Loans is a way — it’s an integral part of money laundering where you deceive from the IRS about the revenue you’re taking in. In other words, you’re a tax cheat.”
🚨 BREAKING 🚨
We’ve followed the money and identified how Joe Biden received $40,000 in laundered 🇨🇳 China money.
@RepJamesComer lays out the money trail. 👇 pic.twitter.com/lH69OUOHid— Oversight Committee (@GOPoversight) November 1, 2023
The Oversight Committee released bank records Nov. 1 showing how Joe Biden received a $40,000 payment in September 2017 from his family members soon after they took money from Chinese business associates.
The series of transactions began with a $5 million deposit from a Chinese firm into Hudson West III, a business entity Hunter Biden and a Chinese business partner launched with James Biden in August 2017. (RELATED: Biden Bribery Allegations Came From Credible FBI Source Used In Other Investigations, Former Prosecutor Confirms)
The final transaction, a $40,000 check from Sara Biden to Joe Biden, was classified as a “loan repayment” by Joe Biden’s sister-in-law, an image of the check shows.
James Biden also classified a $200,000 check he wrote to Joe Biden in March 2018 as a “loan repayment,” the Oversight Committee revealed in late October.
Joe Biden’s brother sent him the $200,000 check on the same day he received a $200,000 loan from distressed healthcare firm Americore, according to the Oversight Committee. James Biden signaled to Americore his last name could “open doors” and promised a significant investment from the Middle East, bankruptcy court documents show.
The White House has defended the payments to Joe Biden by accusing Comer of possessing bank records showing James Biden was repaying a loan from his brother.
“The House Republicans know this. They have in their possession financial records showing Joe Biden gave his brother the money, then his brother paid the loan back,” White House spokesman Ian Sams said on X Saturday.
Comer said in a letter Oct. 26 the bank records in his possession do not show evidence of a large loan from Joe Biden to his brother.