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Title: Hillary Clinton Tax Returns: See Full Details
Source: Huffington Post
URL Source: http://www.huffingtonpost.com/2008/ ... clinton-tax-retur_n_95127.html
Published: Apr 4, 2008
Author: Huffington Post
Post Date: 2008-04-04 17:02:26 by nolu_chan
Keywords: None
Views: 201
Comments: 9

Hillary Clinton Tax Returns: See Full Details

The Huffington Post | April 4, 2008 03:25 PM

Sen. Hillary Clinton's campaign has released her 2000-2006 joint tax returns, showing nearly $109.2 million in income over the last seven years.

The key details from Clinton's website:

TAXES PAID: $33,783,507

The Clintons paid $33,783,507 in federal taxes - 31% of their adjusted gross income. According to the most recent data available from the IRS, in 2005 taxpayers earning $10,000,000 or more paid on average 20.8% of their adjusted gross income in taxes.

CHARITABLE CONTRIBUTIONS: $10,256,741

The Clintons donated $10,256,741 to charity - 9.5% of their adjusted gross income. According to the most recent data available from the IRS, in 2005 taxpayers earning $10,000,000 or more contributed 3.1% of their adjusted gross income in cash contributions to charity. Information about the Clinton Family Foundation, including a list of charities to which the Clintons contributed through the Foundation, is available online in the Foundation's publicly available tax returns (www.foundationcenter.org).

AFTER TAX EARNINGS: $57,157,297

CUMULATIVE TOTAL(GROSS) INCOME: $109,175,175

Including, among other items:

* Senator Clinton's Senate Salary: $1,051,606 * President Clinton's Presidential Pension: $1,217,250 * Senator Clinton's Book Income: $10,457,083 * President Clinton's Book Income: $29,580,525 * President Clinton's Speech Income: $51,855,599

"The Clintons have now made public thirty years of tax returns, a record matched by few people in public service," Clinton spokesman Jay Carson said in a statement. "None of Hillary Clinton's presidential opponents have revealed anything close to this amount of personal financial information."

+++

Questions about Clinton's tax returns have dogged her throughout the election season, particularly in March when Sen. Barack Obama released his returns.

Any interesting content in the returns may take some time to uncover, according to MSNBC:

While today could be the day the Clinton campaign releases its post-White House tax returns, it may takes days before the media does its scrub. While many an insider may be most interested in Bill Clinton's income and various business deals, the bigger impact may simply be the amount of money the former first couple has made over the last seven years. Will those working class voters Clinton is appealing to be turned off by their wealth?

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Begin Trace Mode for Comment # 4.

#1. To: All (#0)

AFTER TAX EARNINGS: $57,157,297

CUMULATIVE TOTAL(GROSS) INCOME: $109,175,175

Including, among other items:

* Senator Clinton's Senate Salary: $1,051,606
* President Clinton's Presidential Pension: $1,217,250
* Senator Clinton's Book Income: $10,457,083
* President Clinton's Book Income: $29,580,525
* President Clinton's Speech Income: $51,855,599

The stated gross income is $109,175,175.

The specifically listed income adds up to $94,162,063.

That appears to leave $15,013,112 in "mystery" income.

nolu_chan  posted on  2008-04-04   17:23:08 ET  Reply   Untrace   Trace   Private Reply  

That appears to leave $15,013,112 in "mystery" income.

Any guesses?

robin  posted on  2008-04-04   18:07:47 ET  Reply   Untrace   Trace   Private Reply  

#6. To: robin (#4)

[nc] That appears to leave $15,013,112 in "mystery" income.

[robin] Any guesses?

YUCAIPA and few similar involvements

=============

weblogs.newsday.com/news/...axes_yucaipa_infousa.html

NEWSDAY.COM

Clinton taxes: Yucaipa, InfoUSA, Quellos

A few notes from a first review of the Clinton taxes:

1. There is more than $12.4 million in partnership income from Yucaipa Cos., the investment vehicle of Clinton billionaire buddy Ron Burkle. In 2007, there's another $2.75 million in partnership income that likely also comes from Yucaipa. But we don't have an actual return, and the Clinton information sheet doesn't say specifically that it's Yucaipa.

2. At least $800,000 in income from InfoUSA, owned by somewhat controversial Clinton friend Vin Gupta.

3. The Clintons' charitable giving (largely to their foundation) is impressive at $10 million. But the biggest chunk, $3 million, came last year, as she ran for president. They gave $2.5 million in 2004, $1.75 in 2005.

4. Also worthy of note: The returns list various investments in an entities with the name Quellos -- s/a Quellos Alpha Engine LP. Politico suggests this may connect to a somewhat notorious tax shelter promoter.

Posted by John Riley on April 4, 2008 6:08 PM | Permalink

==========

online.wsj.com/public/art...SB120097424021905843.html

Bill Clinton May Get Payout of $20 Million
By JOHN R. EMSHWILLER
Wall Street Journal
January 22, 2008; Page A1

Former President Clinton stands to reap around $20 million -- and will sever a politically sensitive partnership tie to Dubai -- by ending his high-profile business relationship with the investment firm of billionaire friend Ron Burkle.

Mr. Clinton is negotiating to end his relationship with Mr. Burkle's Yucaipa Cos. as part of a broader effort to protect the presidential campaign of his wife, Sen. Hillary Clinton, from potential conflicts of interest. Details of Mr. Clinton's involvement in Yucaipa and his efforts to unwind it come from documents and interviews with people familiar with the matter.

[snip]

==========

www.drudge.com/news/106221/clinton-income-109-million

The annual disclosures do not require Sen. Clinton to fully report her husband's income, which obscures the picture of how much the former president has made in his business dealings with longtime friends and fundraisers.

For example, an examination of the records reveals her husband is a partner in an investment fund, Yucaipa Global Partnership, registered in the Cayman Islands, and was paid "guaranteed payments to partner." Sen. Clinton's forms do not list the exact amount of her husband's payments, only that they totaled more than $1,000 over four years.

"No average person has interest and funds in the Cayman Islands. This is all the above-average, non-tax-paying, super rich," said Jack Blum, an attorney and leading expert on offshore tax havens.

Jay Carson, a spokesperson for Sen. Clinton's presidential campaign, said the Yucaipa global fund was organized in the Cayman Islands to attract foreign investors. "Each investor or partner in the fund pays the taxes they owe in their home country. For U.S. citizens like Bill Clinton, that means he pays U.S. taxes on his income from this fund, which he does," said Carson.

The exact amount he has made from his involvement in the fund remains undisclosed.

==========

www.huffingtonpost.com/20...-a-case-stud_n_85854.html

The Clintons: A Case Study In Money And Politics
February 9, 2008 10:31 PM
Thomas B. Edsall
The Huffington Post

. . .

Other of the Clinton's income sources are far more difficult to ascertain -- for instance, the flow of cash from billionaire investor Ron Burkle and his Yucaipa companies.

In each of Senator Clinton's past four disclosure statements - 2003-2006 -- there is a line item that reveals only that Bill Clinton received "guaranteed payments to partner" of "over $1,000" from Burkle's Yucaipa.

The disclosure forms do not explain what the guarantee is, and they leave to the imagination how much over $1,000 the annual amounts are. President Clinton, according to news accounts, has helped Burkle in his business dealings.

In her financial disclosure statements, Hillary Clinton lists two seemingly modest investments in Burkle companies, under the category of "Non-Publicly Traded Assets and Unearned Income Sources." One investment in Yucaipa Global Holding is described as worth less than $1,000, while producing interest income of $200 to $1,000 annually. The other, in the Yucaipa Global Partnership Fund, is also listed as being worth less than $1,000, while producing interest payments of $1,000 to $2,500 a year.

Except for honoraria, which must be described in detail, federal disclosure requirements are much more stringent for the elected official than for his or her spouse. The forms declare: "For your spouse, report the source (name and address) and the type of earned income which aggregate $1,000 or more during the reporting period. No amount needs to be specified for your spouse."

Bill Clinton's financial ties to the Yucaipa Companies were first made public on April 11, 2002, when the firm issued a press release announcing that Clinton "will provide counsel to Yucaipa and its investment funds including the Yucaipa American Fund (YAF) and the Yucaipa Corporate Initiative Fund (YCIF). Mr. Clinton will participate in events related to the funds and provide advice in the development of potential investments....Ron Burkle, managing partner of The Yucaipa Companies, said, 'We are proud that President Clinton will serve as a Senior Advisor to our firm.'"

In April 2008, the New York Times reported that

"After leaving the White House in 2001, former President Bill Clinton was inundated with business and job offers, from investment-bank partnerships to seats on corporate boards. He turned them all down, with one exception: He agreed to be an adviser to a family of funds run by the Yucaipa Companies, a California private equity firm controlled by one of his best friends, the billionaire Ronald W. Burkle."

"The Senator reports all disclosable financial information," Howard Wolfson, Hillary Clinton's communications director, responded in an emailed reply to a series of questions from The Huffington Post.

Matt McKenna, Bill Clinton's press secretary, wrote: "My understanding is Howard answered your Qs. Hope you got everything you needed. Please direct follow-ups on this issue to him."

The former president is said to be currently negotiating an end to his financial relationship with Burkle, in order to avoid conflicts of interest if his wife should become president. The settlement will result in the payment of a substantial sum - the Wall Street Journal reported on January 22 that the figure will be in the $20 million range - but aides to both Bill and Hillary Clinton are unwilling to shed any light on this matter.

Wolfson, referring to the WSJ story, said, "Contrary to published reports, neither the level of President Clinton's compensation for his advisory role, nor the value of his partnership share in the Yucaipa global fund upon his exit, has been determined."

In December, Douglas J. Band, a spokesman for Bill Clinton, told The Huffington Post that the former president "anticipates continuing his business relationships as long as they permit him to devote time to his highest priorities - the work of his foundation and supporting his wife's candidacy. He of course is taking steps now to ensure that should she receive the nomination, there will be an appropriate transition for those relationships."

There are a number of reasons the Yucaipa ties could prove embarrassing to the Clintons.

Bloomberg News on December 17 reported that three of the Yucaipa funds are registered in the Cayman Islands. Senator Clinton, in 2004, declared that she intended to close tax loopholes for "people who create a mailbox, or a drop, or send one person to sit on the beach in some island paradise and claim that it is their offshore headquarters."

Along similar lines, the WSJ's January 22 story pointed out that Clinton has an interest in Yucaipa Global Partnership Fund, making him a partner with the Dubai Investment Group, "an entity connected to the ruler of Dubai, Sheikh Mohammed bin Rashid al-Maktoum." Senator Clinton, according to the WSJ, had separately raised questions about investment funds controlled by foreign governments, because the funds "could be used by foreign governments as 'instruments of foreign policy."

On a much broader scale, Bill Clinton's involvement with the Yucaipa funds raises a basic ethical question for Hillary Clinton, both in connection with her presidential bid and in connection with her service in the U.S. Senate: The purpose in hiring Bill Clinton is to use the connections he had made as President to gain access and to make lucrative deals -- a commonplace but controversial practice regarding former officeholders, a practice with little or no public support - and the money made from these activities in the Clintons' case becomes part of Bill and Hillary's jointly held assets, according to Senator Clinton's communications director.

In other words, money from Yucaipa and the interests it deals with - running the gamut from public employee pension funds to supermarket chains to the Dubai Investment Group - is directly benefiting Hillary Clinton, an incumbent politician charged with voting on issues crucially important to the profits of Yucaipa, its clients, partners and investors.

==========

nolu_chan  posted on  2008-04-04 19:19:25 ET  Reply   Untrace   Trace   Private Reply  

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