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In reply to the discussion: Is there a plan B if HRC slips [View all]NYC_SKP
(68,644 posts)53. OMG, this is a classic Tax Dodge!!!
Among the revelations turned up following the latest round of financial disclosures by Bill and Hillary Clinton is that the former president started a limited liability "pass-through" company titled WJC, LLC.
The company has no listed financial assets and no employees, the Associated Press reported, and Hillary Clinton's campaign was not legally required to report its existence in campaign finance reports. Its purpose, according to the AP story, was to channel payments for consulting work to the former president.
In some cases, consultants and lawyersincluding former presidential candidates John Edwards and Newt Gingrichhave used pass-through entities to avoid payroll taxes. They do that by classifying their earnings as profit distributions instead of wages. It's not clear if Bill Clinton used that strategy or a similar one through his LLC, but the former president's press secretary said Tuesday that there was nothing unusual about the company.
"President Clinton set up a commonly used mechanism to manage his personal business affairs," Angel Urena, said in an e-mailed statement. "All of the income has been reported and is accounted for. Anyone trying to paint this as anything more than that is playing politics."
http://www.bloomberg.com/politics/articles/2015-05-26/what-we-know-about-wjc-llc-bill-clinton-s-consulting-company
The company has no listed financial assets and no employees, the Associated Press reported, and Hillary Clinton's campaign was not legally required to report its existence in campaign finance reports. Its purpose, according to the AP story, was to channel payments for consulting work to the former president.
In some cases, consultants and lawyersincluding former presidential candidates John Edwards and Newt Gingrichhave used pass-through entities to avoid payroll taxes. They do that by classifying their earnings as profit distributions instead of wages. It's not clear if Bill Clinton used that strategy or a similar one through his LLC, but the former president's press secretary said Tuesday that there was nothing unusual about the company.
"President Clinton set up a commonly used mechanism to manage his personal business affairs," Angel Urena, said in an e-mailed statement. "All of the income has been reported and is accounted for. Anyone trying to paint this as anything more than that is playing politics."
http://www.bloomberg.com/politics/articles/2015-05-26/what-we-know-about-wjc-llc-bill-clinton-s-consulting-company
State Department officials approved Bill Clinton's consulting work for longtime friend Steve Bing's Shangri-La Industries and another with Wasserman Investments, GP, a firm run by entertainment executive and Democratic party donor Casey Wasserman. The ethics officials turned down Bill Clinton's proposed work with a firm run by entertainment magnate and Democratic donor Haim Saban because of Saban's active role in Mideast political affairs.
WJC, LLC was also cited by Band in a June 2011 memo sent to State Department ethics officials asking for clearance to allow Bill Clinton to advise Band's international consulting company, Teneo Strategy LLC. Band's request said Teneo would use "consulting services provided by President Clinton through WJC, LLC." State Department officials approved the three-year contract between the two companies.
None of the proposals detailed how much Bill Clinton would be paid.
http://hosted.ap.org/dynamic/stories/U/US_DEM_2016_CLINTON_COMPANY?SITE=OKTUL&SECTION=HOME&TEMPLATE=DEFAULT
WJC, LLC was also cited by Band in a June 2011 memo sent to State Department ethics officials asking for clearance to allow Bill Clinton to advise Band's international consulting company, Teneo Strategy LLC. Band's request said Teneo would use "consulting services provided by President Clinton through WJC, LLC." State Department officials approved the three-year contract between the two companies.
None of the proposals detailed how much Bill Clinton would be paid.
http://hosted.ap.org/dynamic/stories/U/US_DEM_2016_CLINTON_COMPANY?SITE=OKTUL&SECTION=HOME&TEMPLATE=DEFAULT
No worries. Romney did it, too.
Pass-through, or shell, companies became an issue in the 2012 presidential campaign when Republican candidate Mitt Romney disclosed a private equity entity worth $1.9 million despite failing to report the company on his previous federal disclosure. Romney aides said the company previously held no assets but then received the $1.9 million "true up" payment - a catch-up payment to make up for private equity fees from defunct investment advisory businesses that had not been previously paid.
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You are changing your reasoning. AP is not a rightwing source, so you pivot....
peacebird
May 2015
#40
Joe Biden is the Plan B in the highly, highly... highly unlikely scenario Hillary falters
DemocratSinceBirth
May 2015
#6
Yes but 1996 was a 3 person race and Hillary does not have the "New face" that Bill had in 96
awake
May 2015
#7
The key point that many forget both times Bill Clinton won the Whitehorse were 3 person races
awake
May 2015
#30
Joe Biden has a great resume, has served our Democratic president with verve and devotion.
DemocratSinceBirth
May 2015
#61
I love how wingnut hit pieces against the Clintons gain so much lavish praise here. eom
MohRokTah
May 2015
#9
Thanks, the amount of time between the announcement and official announcement is frustrating.
FSogol
May 2015
#19
I don't believe most persuadable voters care nearly, nearly, nearly...nearly
DemocratSinceBirth
May 2015
#29
Martin O'Malley officially announces Saturday. He's already leased 7,500 sq ft of office in Balt,
FSogol
May 2015
#38
I care because I do not want a candidate who makes decisions that come back and bit them
awake
May 2015
#63
If this kind of total non-issue is the best the GOP can smear her with, there won't
DanTex
May 2015
#64
Plan A is one's preferred candidate. Plan B is one's second-in-preference candidate.
LanternWaste
May 2015
#69