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How much tax does Hunter Biden pay? Here's his net worth amid reports of $3.5M transfer from Moscow mayor’s wife

Many Trump supporters targetted his Democratic rival Joe Biden's son after the explosive report about his tax evasion

United States President Donald Trump recently came under the scanner for tax evasion. The 74-year-old paid only $750 in federal income taxes in 2016, the year he won the presidential election, The New York Times reported on Sunday, September 27, 2020. In his first year of presidency, he paid only $750 as tax. “He had paid no income taxes at all in 10 of the previous 15 years – largely because he reported losing much more money than he made,” the newspaper said in an investigative article headlined “Long-concealed records show Trump’s chronic losses and years of tax avoidance”.

Citing the president's tax return data for over two decades, the report concluded that he did not pay taxes for 11 of those years. With a net worth estimated to be in billions, Forbes reported this year that it has dropped “an estimated $600 million since last September to $2.5 billion and that puts him at #339 spot on The Forbes 400”. Soon, POTUS was slammed on social media for paying much less tax than people who claimed they were struggling to make ends meet.

However, many Trump supporters targetted his Democratic rival Joe Biden's son after the explosive report. Recently, a New York Post article said that Hunter, 50, allegedly sent “thousands of dollars” to people who may have been involved in Eastern European prostitution and sex trafficking rings citing claims from a GOP report released on Wednesday, September 23, 2020, by Senate Republicans.

The report also mentioned "extensive public reporting concerning Hunter Biden’s alleged involvement with prostitution services" and stated "records on file with the Committees do not directly confirm or refute these individual reports". Shedding light on a "financial relationship" with Elena Baturina, widow of Moscow mayor who was ousted over corruption allegations, the New York Post highlighted what the report read: "However, they do confirm that Hunter Biden sent thousands of dollars to individuals who have either: 1) been involved in transactions consistent with possible human trafficking; 2) an association with the adult entertainment industry; or 3) potential association with prostitution."

Soon, social media was brimming with a barrage of tweets. Charlie Kirk wrote: "Can you imagine if the New York Times found $3.5 million in Trump’s tax returns from the wife of the Mayor of Moscow and that that money went to pay prostitutes connected to a human trafficking ring They would lose their minds! So why are they ignoring Hunter Biden?" One tweet read, "How much taxes did Hunter Biden pay on the $3.5 million he received from the Moscow mayor’s wife?" lar mansion. The Obamas bought a mansion for almost $12 million after leaving office. President Trump donates his entire Salary. Do you see a difference?"

Amid the controversial questions brimming in the minds of many social media users, here's a look at his finances.

What is Hunter Biden's net worth?

Biden accepted his board position with Burisma Holdings in April 2014, one month after Russia invaded the Ukrainian peninsula of Crimea. However, his exact net worth is not known. If a report by Bloomberg News is to be believed, the company said that Hunter Biden would advise on “transparency, corporate governance and responsibility, international expansion and other priorities” and court records suggest he was earning at least $50,000 a month for his service.

The same report quotes a statement issued by Burisma in 2017 saying that “all legal proceedings and pending criminal allegations” against it and Zlochevsky were closed and that it paid an extra 180 million hryvnias ($7 million) in taxes. The report further says, “There’s also no known evidence that any of the investigations ever involved Hunter Biden. Ukraine’s former prosecutor general, Yuriy Lutsenko, told Bloomberg News in May that there was no evidence of wrongdoing by the Bidens.” While Forbes hasn't reported his net worth, Celebrity Net Worth estimates the co-founder of Rosemont Seneca Partners earned anything between $850,000 to $3 million. However, we cannot confirm it as the exact amount.

Bidens and the tax problem

The Biden family has faced several problems with their taxes over the past few decades. Hunter Biden reportedly had a tax lien filed against him in July for $453,890, only for it to be released just six days later when – according to the DC Office of the Chief Financial Officer – the issue was “resolved”, the Washington Free Beacon reported. As per the outlet, he told the court judge in his paternity case that he was broke and unemployed last year. The report also reads: “The younger Biden owed $238,562.76 in state income taxes from 2017 and $215,328.16 in state income taxes from 2018, according to records from the District of Columbia’s Office of Tax and Revenue. The District of Columbia filed a $453,890 lien against him on July 9.”

No wonder, the Internet has targetted him for tax returns as well. Only time will tell if the truth behind all the allegations from the GOP report released by Senate Republicans will be addressed soon.