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Tax Expert: Remember Clintons' $3 T-Shirts
April 07, 2008 3:16 PM
When Hillary Clinton's presidential campaign released her family's tax records late Friday afternoon, many outside experts saw the couple's high tax bracket -- 31% -- and concluded the senator and her ex-president husband must have skipped out on many tax write-offs favored by the very wealthy.
Not so, says a forensic accountant familiar with the Clinton's past filings.
"Their history as tax filers shows that if they can claim something they take it," said Steve Bankler, a San Antonio accountant who has studied the returns of the past three presidents.
A case in point, Bankler noted: the Clintons wrote off more than $77,000 in expenses for their home offices in New York and Washington, DC. The couple reported more than $250,000 "cleaning and maintenance" expenses for their homes and applied a small percentage of those costs as expenses for their home offices. The Clintons did this in 2003 and 2004, Bankler found. Taxpayers pick up the cost of the former president's Harlem office, which reportedly costs $354,000 a year.
Bankler recalls the Clintons took deductions for a $2 thermal undershirt and $3 t-shirts donated to charity in the late 1980s.
Of the ex-president, Bankler said, "If he's paying for it, he'd be deducting it." By that logic, Bankler suggested that Clinton may have paid little if any travel, meals and entertainment related to his many far-flung speaking engagements, which would have been tax deductible.
Jay Carson, a Clinton campaign spokesman, said that in many cases those costs are covered by the ex-president's client. But, said Carson, if and when Clinton himself pays, "he does not seek reimbursement or a deduction."
April 7, 2008 | Permalink | User Comments (19)
Hillary Clinton paid her taxes and donated lots of money to charity. I wonder if the writer of this story did the same?
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Hillary Clinton stands up for all voters!
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Posted by: WestCoastMessenger | Apr 7, 2008 3:29:10 PM
You media folks, give us a break.
Posted by: GS | Apr 7, 2008 4:06:16 PM
How is this a story? Nothing illegal. I do not know of anyone who doesn't take advantage of any legal tax breaks they can get. Redo the tax code if you do not like it but do not find fault for people using them if they are legal.
Posted by: Mike | Apr 7, 2008 4:22:06 PM
Clinton strikes again. Trouble is, she's no worse than Obama who has mastered the art of lying with a straight face.
An empty suit or a bag of hot air. Which will it be democrats?
Posted by: Surelock Homes | Apr 7, 2008 5:08:16 PM
WOW, an expose on the Clintons taking the same kind of deductions we all take. What's next, a report on their toilet paper use?
Posted by: JR | Apr 7, 2008 5:08:20 PM
HILLARY CLINTON IS NOT A MIDDLE CLASS OR WORKING CLASS PERSON, AS SHE HAS TRIED TO PERSUADE OR DECIEVE YOU ALL INTO BELIEVING !!
HILLARY: "I WILL TAX USA CITIZENS WHO MAKE MORE THAN 250,000 DOLLARS PER YEAR"
SH SHOULD START BY TAXING HER DAMN SELF !!
DO YOU YOU HONESTLY THINK A PERSON MAKING 250,000 DOLLARS PER YEAR IS "RICH" ANYONE MAKING 2-3 MILLION A YEAR AND UPWARDS, SHOULD BE TAXED AT A HIGHER RATE"
NOTE: BUT 250,000, HAVING A WIFE AND 2 KIDS, WHO IN ALL LIKLIHOOD WOULD BE ATTENDING PRIVATE SCHOOL AND A MORTGAGE NOTE, IN A NEIGHBORHOOD OF HOMES THAT COST 650,000 PLUS AND INSURANCES AND LIVING COST, DOES NOT ADD UP AS RICH TO ME ?
THESE 250,000 PER YEAR PEOPLE ARE JUST AS MUCH IN DEBT, JUST LIVING DAY TO DAY AS WE ARE....
BUT THOSE THAT MAKE IN THE 2-3- MILLION OR MORE A YEAR, THATS "RICH
A MILLION DOES'NT QUALIFY AS RICH EITHER, BECUSE ON EMILLION IS TAXED HIGHLY
IN ESSENCE HILLARY IS A LIAR, SHE'LL NEVER TAX HERSELF AT A HIGHER RATE, WHEN THE RICH ARE ALREADY TAXED HIGHER
Posted by: o. | Apr 7, 2008 8:01:27 PM
Wasn't it the Clinton Administration that capped CEO's income at $1m and the supposed unintended effect was that many CEO's transfered their income into restricted shares and stock options?
No matter how the deomocrats try there is always a forensic accountant working for the republicans pointing the finger.
To misquote Michael moore, Where did GWB
get his 'grub stake' from?
Sunny
Posted by: sunny puck | Apr 7, 2008 10:53:51 PM
Hillary and Bill gave to charity:
THE CLINTON FOUNDATION
Some are givers. The Clintons have always been takers. You can count the ways.
Posted by: Coal miner's daughter | Apr 8, 2008 2:09:55 AM
Major headline. Clinton takes lawful deductions. Oh, my, how horrid. What planet are you on?
Posted by: LawyerTom1 | Apr 8, 2008 2:41:15 AM
I would suggest every American find tax breaks and tax loopholes to save money so someones else can foot the bill. A tax break for them just means that you should look in your pockets to figure out how much is your coverage to pay for that break they got.
Posted by: Pat | Apr 8, 2008 4:11:33 PM
Anyone that makes X amount of dollars always donate money. Why not its a write off and free media. Now if the rich would donate double the amount they donate over the tax break. Then I would say now there's truely a good person doing a good thing. This staged B.S. of PR making someone look good because they are donating money so they don't have to pay as much in taxes. Its a joke
Posted by: m | Apr 9, 2008 1:53:32 PM
I don't trust the Clinton's anymore than I do the Bush's, but I'd get all the deductions I could get as well. No biggie.
I disagree with poster "o." Making $250K a year may not be rich to you but I know a lot of people in this country (myself included) that would FEEL rich if they made that much. And it's all personal preference: Just because you make $250K/year does demand you live in a $500K+ home. Wasteful.
Posted by: cobman | Apr 11, 2008 11:19:27 AM
hey o....
either is obama. you seem upset the clintons make money. it's their right. jealousy doesn't change that fact.
Posted by: mel | Apr 11, 2008 11:45:13 AM
I'm not surprised that the Clintons are being raked over the coals again...even though they paid high taxes on their earnings and donated 10 million. The media is yet again showing that it is biased.
Posted by: SM in NDakota | Apr 11, 2008 2:27:57 PM
The deductions were legal, enough said. I work in an accounting office and we try very hard to get our clients every bit of return possible, does that make us greedy? Deductions are there for a reason and if the Clintons want to take full advantage of that, good for them.
I don't get the people who are angry with the Clintons over what they deduct, but support a President who has his dirty hands in the oil & gas industry! Clinton is not taking money out of your pocket to get that return, how about aiming your resentment at Bush and his oil buddies who profit everytime you shell out at the gas station.
As for the above statement throwing the pity party for families making $250,000, yeah they may have high mortgages, car notes, and pay for private schools but those are life choices. Go to public school, if your local options are not "safe", move. Buy a cheaper house and stop using the current hunk of brick you have to prove the point that you are a "have" surrounded by "have nots". Drive a car that is more cost efficient; by simply buying a non-luxury car you would be lowering your note, most likely gaining in gas milage, and lowering your insurance. Oh and guess what, cars that get high gas milage may even qualify you for a fuel efficiency tax credit. But I forget who I am talking to, you would not take that tax credit, that would make you just like the Clintons.
Posted by: Kee | Apr 11, 2008 5:22:04 PM
Today I ate out with my wife and daughter.
First time is a long time.
On the wall in back of the cashier was a $3 bill. It had Hillories picture on it.
Earlier in the day I was in the bank getting some cash. I ask for $3 bills. The cashier did not have any. She did have some $2 bills.
Posted by: toneyal | Apr 30, 2008 5:00:25 PM
DON'T SAY YOU WANT TO CLOSE THE TAX LOOPHOLES AND THEN TAKE THEM YOURSELF! Yeah Hillary feels our financial frustrations...she only grossed over 100 million dollars in the last seven years.
Posted by: Brittany | May 3, 2008 7:41:44 PM
Clinton supporters commenting above seem to be missing the point of the article.
The point isn't that the Clintons are doing something illegal, but that they are greedy enough to be making millions of dollars, and yet still have the nerve to minimize the tax they pay to the extent of using low-value clothing donations.
While some above have said everyone should get all the deductions they can, most Americans cannot afford to do so, being unable to hire accountants to find all the deductions.
Instead of going after every single deduction, the Clintons could show leadership by example and leave that money to better serve those in need and reduce the national debt. They are clearly well off and require none of these government handouts and incentives.
Posted by: Michael | May 15, 2008 11:23:53 AM
Did anyone bother to read the article on the McCain's and they way they file their income tax return to shelter Cindy's wealth from showing up on John's tax record. The Clinton have done nothing wrong, don't you Republicans want people to make lots of money and file their taxes honestly?
Posted by: meow | Aug 28, 2008 1:21:28 PM
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