Last week, Rep. James Comer (R-KY), the chair of the House Oversight Committee, revealed that Joe Biden had received a $200,000 cash payment from his brother.
Considering all the questions that have arisen over the Biden family business dealings, it was only natural that people wanted to know where this money came from.
According to the White House, this was nothing shady. They claim it was a loan to James Biden that had been paid back.
Show the Trail
According to records, James Biden received a $200,000 loan from his employer in 2018. The same day that he received the loan money, he sent Joe Biden a check for $200,000, with the memo noting "loan repayment."
The problem for Joe Biden is that besides that memo, there is no evidence of any loan between the two parties.
Bush administration White House ethics chief Painter says that without that proof, Biden could have a real problem on his hands.
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.
"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."
They must now dig through James Biden and Joe Biden's banking records to find proof of the initial $200,000 payment. Or will Joe Biden say he handed his brother $200,000 cash? If that is the case, there should still be a matching deposit in James Biden's account unless he paid the money out to bookies on the street.
IRS requires that interest be charged on loans to family members, which would have been about 3% at the time, amounting to about $6,000 per year.
Joe Biden listed more than $17,000 in interest on his 2018 tax return, but he did not itemize that interest.
🚨 BREAKING 🚨
We have found a $200,000 DIRECT payment to Joe Biden.
@RepJamesComer lays out the money trail. 👇 pic.twitter.com/0vq3lqhRHz— Oversight Committee (@GOPoversight) October 20, 2023
The White House continues to push the narrative that this is all theater by Comer, but it would be very easy for them to rule this out as something suspicious by providing the paperwork that this was a loan provided by Joe Biden to his brother.
As of yet, that has not happened.
