Clintons' tax returns: $94K to clean a home office and a motive for extending Bush's tax cuts? [View All]

[ProSense]

World's cleanest home-office

http://images.politico.com/global/clinton2003.bmp

A couple of readers spotted this on the Clintons' 2003 return, in an addendum to the form for "Expenses for business use of your home."

Clintons Dissolve Blind Financial Trust

Millions in Stock Converted to Cash to Avoid Campaign Conflicts

By John Solomon
Washington Post Staff Writer
Friday, June 15, 2007; Page A01

Bill and Hillary Clinton have dissolved the blind trust that has managed their investments since they entered the White House in 1993, converting all stocks to cash to avoid financial conflicts as she runs for president, according to documents to be filed today with federal ethics officials.

The documents reviewed by The Washington Post provide the most complete accounting of how the Clintons accrued the $5 million to $25 million in the trust -- nearly all since leaving the White House -- through investments in foreign companies, oil giants and drugmakers without their input or knowledge and without public disclosure.

<...>

The couple chose instead to dissolve the trust on April 27 and to convert all their stocks to cash to avoid any questions about possible conflicts of interests, the Clintons' legal and financial advisers said. Their portfolio will be limited to cash accounts and U.S. Treasury notes, the advisers said.

In doing so, the Clintons will incur a large capital gains tax bill for 2007 and will reduce their ability to earn new money because savings accounts and certificates of deposit traditionally offer lower rates of return than Wall Street, the advisers said. In all, the Clintons have total assets of $10 million to $50 million with no substantial debts.

more

Wonder if that's why Hillary voted twice to extend Bush tax cuts?



Hillary voted to extend them:

Voted YES on retaining reduced taxes on capital gains & dividends.

Vote to reduce federal spending by $56.1 billion over five years by retaining a reduced tax rate on capital gains and dividends, as well as.

• Decreasing the number of people that will be required to pay the Alternative Minimum Tax (AMT)
  
• Allowing for deductions of state and local general sales taxes through 2007 instead of 2006
  
• Lengthening tax credits for research expenses
  
• Increasing the age limit for eligibility for food stamp recipients from 25 to 35 years
  
• Continuing reduced tax rates of 15% and 5% on capital gains and dividends through 2010
  
• Extending through 2007 the expense allowances for environmental remediation costs (the cost of cleanup of sites where petroleum products have been released or disposed)

Status: Bill passed Bill passed, 66-31

link

Roll Call

Voted YES on extending the tax cuts on capital gains and dividends.

This large piece of legislation (418 pages) includes numerous provisions, generally related to extending the tax cuts initiated by President Bush. This vote was on final passage of the bill. The specific provisions include:

1. Extension Of Expiring Provisions: for business expenses, retirement savings contributions, higher education expenses, new markets tax credit, and deducting state and local sales taxes.
   
2. Provisions Relating To Charitable Donations, and Reforming Charitable Organizations
   
3. Improved Accountability of Donor Advised Funds
   
4. Improvements in Efficiency and Safeguards in IRS Collection

Opponents of the bill recommend voting NAY because: Health care for children (among many other things) should come before tax cuts for the wealthy.

The 2-year cost of the extensions on capital gains tax cuts for the wealthiest Americans is $20 billion. So if we defer the tax break the administration is pushing for the wealthiest people in America, we would have enough money to provide basic health insurance for every uninsured child in America, and we would eliminate 20% of the uninsured Americans with that single act alone.

Proponents of the bill recommend voting YEA because: The largest provision in the bill--about $30 billion of tax relief--amounts to half of the net tax package and is designed to keep 14 million people out of the Alternative Minimum Tax. The AMT is terrible and should be repealed.

College tuition benefits for families who send their kids to college -- by definition, this benefit goes to middle-income families.

The small savers' credit -- for low-income folks that save through an IRA or pension plan.

Many small businesses use the small business expensing benefit to buy equipment on an efficient after-tax basis. It is good for small business. It is good for economic growth. Reference: Tax Relief Act of 2005; Bill S. 2020 ; vote number 2005-347 on Nov 18, 2005
link

Roll Call