(Mary Dowling) The Biden White House defended the $200,000 payment the President received from his brother James as a loan repayment, but it didn’t wash.
On Thursday, Committee Chairman James Comer (R-KY) issued a letter to White House Counsel Edward Siskel calling on President Joe Biden to furnish the loan documents and applicable IRS filings for the loan. He emphasized that regardless of whether the check was a loan repayment, the President still benefitted from his family “cashing in on the Biden name.”
Comer said, “As you may know, the Internal Revenue Code has specific requirements for delineating and reporting “below-market [rate] loans” from gifts. While there are some exceptions, for example, loans of $10,000 or less, the payment in question would not appear exempt from such requirements if it is a loan. Indeed, there appears to have been no interest paid on the “loan” based upon the White House’s own representations. The current lack of documentation leaves reason to doubt claims that this transaction was repayment for a legal loan.”
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