Richard Painter, the ethics lawyer for the White House, maintains that Joe Biden must give documentation of the $200,000 loan to his brother James. Republicans made this demand in response to the disclosure of a personal check, which they claim shows the Biden family’s involvement in influence peddling.
In March 2018, James Biden, the President’s brother, obtained a $200,000 loan from a healthcare organization where he worked, according to convincing evidence presented by the House Oversight Committee. It’s interesting to note that on that day, James wrote his brother Joe a check for the precise sum, referring to it as a “loan repayment.”
This serves as the first concrete evidence of significant payments made directly to the President by members of the Biden family involved in dubious foreign business. The proof was gained by serving James and First Son Hunter Biden’s bank records with a congressional subpoena.
Richard Painter, the former head of ethics at the White House under the Bush administration, has cautioned that the President may suffer serious consequences if he doesn’t provide evidence to support the veracity of the supposed loan. Painter underlined the critical requirement for his staff to swiftly deliver the required receipts in an exclusive interview with DailyMail.com.
Painter stated, “What is absolutely critical here is to find documentation of the original loan from the President to his brother, and the President should produce that.”
“If there was no loan, there are serious questions about whether this was income for tax purposes in 2018. That’s really a huge problem,” he continued. “I’ve seen plenty of families make short term loans. There’s absolutely nothing wrong with that. But there needs to be a loan on the other side,” he added.
The former White House attorney is requesting proof of the loan, but no response has been received from the White House.
Painter expressed alarm over Biden’s government ethics filings’ suspected concealment of loan payments. The Office of Government Ethics (OGE) mandated that Biden file a disclosure in 2019 detailing his earnings, assets, and debts as of the year 2017.
According to OGE regulations, Joe was not required to report the loan in his disclosure filings. Painter contends that Joe, who was running for president at the time, may claim the interest paid on the loan as income. On his tax return for the month of July 2019, Joe declared income that ranged from sizeable sums from speaking engagements since November 2017 to just $950 from a withdrawal from a retirement account.
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Unfortunately, there was no evidence of any interest payments made by his brother James, also known as “Jim.”
“I think that would have to go on the form, if you got interest from your brother. And it certainly would have to go on the tax forms,” Painter said.
“If it was not a loan, then there would be serious problems over why it wasn’t reported on the 2019 candidate disclosure form, as well as for income tax,” he added.
Family loans must adhere to IRS standards and have a minimal interest rate in order to avoid being classified as gifts or income. This minimum rate was roughly 3% at the time, which equated to $6,000 for a $200,000 loan over a year.
According to information provided by his campaign, Joe had taxable interest of $17,559 on his 2018 tax filings. The origin of this curiosity is still unknown, though.
The House Oversight Committee’s James Comer intends to obtain the President’s bank records throughout the impeachment process. The goal is to determine whether Joe has received any money from Jim or Hunter’s international business ventures, which are currently the subject of a federal criminal investigation.
In a recent news release, Comer stated that Jim wrote a check on March 1st, 2018. Notably, this happened on the same day that he signed a credit agreement for $200,000 with a rural hospital company with which he did business.
“We’re still digging into the evidence subpoenaed from bank accounts belonging to Hunter Biden, the son of President Joe Biden, and James and Sara Biden – the brother and sister-in-law of the President,” at the start of the video, Comer said.
“Bank records obtained by the House Committee on Oversight have revealed a $200,000 direct payment from James and Sara Biden to Joe Biden in the form of a personal check,” he continued.
“In 2018, James Biden received $600,000 in loans from Americore — a financially distressed and failing rural hospital operator. According to bankruptcy court documents, James Biden received these loans ‘based upon representations that his last name, ‘Biden,’ could ‘open doors’ and that he could obtain a large investment from the Middle East based on his political connections,’” Comer added.
“On March 1, 2018, Americore wired a $200,000 loan into James and Sara Biden’s personal bank account – not their business bank account. And then on the very same day, James Biden wrote a $200,000 check from this same personal bank account to Joe Biden.”
The Wall Street Journal reports that James Biden paid $350,000 to resolve a legal dispute. He was accused of contributing to Americore’s bankruptcy, according to the lawsuit.
