Prominent Democrat forgets to pay his taxes

[wetech]

Originally posted by: bctbct
Since OP decided to derail this thread

"Less than one year after the McCains acquired it, a corporation controlled by Cindy McCain bought another condo on a lower floor in the same building for $830,000.

And, in between, the corporation plunked down $700,000 for a 1,900-square-foot, three-bedroom loft condo for their then-22-year-old daughter, Meghan, who was moving back to Phoenix after graduating from New York's Columbia University. The unit is now listed for sale at $730,000.

Cindy McCain, through another family corporation, spent about $4.7 million in 2004 and 2008 on two condos in an exclusive building in Coronado, Calif., an affluent San Diego suburb noted for its high percentage of military retirees.

In an interview with Cindy McCain in the June issue of Vogue magazine, conducted from the newer Coronado condo, she explained that her husband, a Navy veteran, initially wasn't keen on the idea of a pied-à-terre in Coronado.

"When I bought the first one, my husband, who is not a beach person, said, 'Oh this is such a waste of money; the kids will never go,'" she said in Vogue. "Then it got to the point where they used it so much I couldn't get in the place. So I bought another one."


A McCain campaign aide who did not want to be identified discussing the McCain's personal finances, told Politico this summer that ? other than the primary Phoenix residence ? the new condos were "purchased for investment and are available for personal use by the McCain family."


tax scam

If you're inferring that it's a tax scam because the properties are owned by corporations, you're wrong. Anyone who buys real estate for rental income / investing should use this type of setup. Why? Because of liability. If the houses were owned in their name, it puts ALL of their assets, properties, etc. at risk in case of a lawsuit. If Joe Renter falls and breaks his leg on your property, he can sue and go after everything you have. If the property is owned by a corporation, the only things at risk are the assets of the corp. Ideally, each property should be owned as the sole asset of a separate corp.

Originally posted by: bctbct
"When Rangel's not there, the villa is rented out to guest at the Punta Cana Resort. Rangel's lawyer, Lanny Davis, tells the Times his client will probably file amendments to his tax returns: "Mr. Davis said the congressman did not realize he had to declare the money as income, and was unaware of the semiannual payments from the resort because his wife, Alma, handled the family finances and conferred with their accountant, John Viardi, on tax matters." Oh, and since Punta Cana only sent "intermittent statements," that also confused Rangel, his wife, and/or their accountant.

If this is the case, he really has no business being the chair of the W&M Committee. How can he possibly think that money received for renting a property he owns isn't taxable income? His accountant is an idiot as well and should be fired.

 

[jpeyton]

Originally posted by: lupi
At least it wasn't per diem food expnses

Or getting reimbursed for your children traveling on "state business".

 

[Lemon law]

Say its not so Joe, say its not so. But fact is and since the beginning of time, politicians of all parties have a little larceny in their hearts. Lately its been an almost GOP monopoly , but cheer up McCain made his money the old fashioned way, he married it. Never mind that Cindy is a druggie and a felon, love and a half a billion conquers all. Of course McCain had a perfectly good wife already, but poverty is a fatal sin for the GOP.

As for Ranglel's wrangle with the IRS, he took one position and the IRS another. Sometimes you win and sometimes you lose, but its not fraud. Lots of gray areas in the tax laws.

But we really need to adopt the Limbaugh standard, when one democrat is corrupt, all democrats are corrupt, but when more republirats are actually corrupt they are rare exceptions.

 

[EagleKeeper]

Originally posted by: Lemon law
Say its not so Joe, say its not so. But fact is and since the beginning of time, politicians of all parties have a little larceny in their hearts. Lately its been an almost GOP monopoly , but cheer up McCain made his money the old fashioned way, he married it. Never mind that Cindy is a druggie and a felon, love and a half a billion conquers all. Of course McCain had a perfectly good wife already, but poverty is a fatal sin for the GOP.

And Kerry also married into Money

As for Ranglel's wrangle with the IRS, he took one position and the IRS another. Sometimes you win and sometimes you lose, but its not fraud. Lots of gray areas in the tax laws.

Ignorance of the law is not excuse - exspecially when you write the laws. He thought he was above the law

But we really need to adopt the Limbaugh standard, when one democrat is corrupt, all democrats are corrupt, but when more republirats are actually corrupt they are rare exceptions.

How about allowing only one strike for any Congressional Representive. When they get the strike, off any leadership roles no matter what side they are on. Strike 2 - banned from public office. No if/and/buts.

Strikes can be determined by the law or review of the peers. Any attempt at interfering with the pursuit of law will count as a strike.

 

[PELarson]

Why is it that the MAJOR Democratic scandals are 10 feet of property purchased for more than the assessed value, Obama, or $75,000 in un reported income over a 20 year period, Rangel?

 

[PingSpike]

Originally posted by: bctbct
Since OP decided to derail this thread

"Less than one year after the McCains acquired it, a corporation controlled by Cindy McCain bought another condo on a lower floor in the same building for $830,000.

And, in between, the corporation plunked down $700,000 for a 1,900-square-foot, three-bedroom loft condo for their then-22-year-old daughter, Meghan, who was moving back to Phoenix after graduating from New York's Columbia University. The unit is now listed for sale at $730,000.

Cindy McCain, through another family corporation, spent about $4.7 million in 2004 and 2008 on two condos in an exclusive building in Coronado, Calif., an affluent San Diego suburb noted for its high percentage of military retirees.

In an interview with Cindy McCain in the June issue of Vogue magazine, conducted from the newer Coronado condo, she explained that her husband, a Navy veteran, initially wasn't keen on the idea of a pied-à-terre in Coronado.

"When I bought the first one, my husband, who is not a beach person, said, 'Oh this is such a waste of money; the kids will never go,'" she said in Vogue. "Then it got to the point where they used it so much I couldn't get in the place. So I bought another one."


A McCain campaign aide who did not want to be identified discussing the McCain's personal finances, told Politico this summer that ? other than the primary Phoenix residence ? the new condos were "purchased for investment and are available for personal use by the McCain family."


tax scam

Uhhh...well, that article is enlightening. I thought McCain was just senile when he said he didn't know how many houses he owned, but that little blurb makes it a little more understandable IMO.

 

[RightIsWrong]

I think that it needs investigated thoroughly and if any improprieties took place....fry him. At the very least, strip him of his committee chairmanships.

 

[ElFenix]

don't forget he's also getting taxpayers to build a temple to himself in harlem.

 

[Genx87]

Him and Al Franken should get a room.

 

[Robor]

Originally posted by: PELarson
Why is it that the MAJOR Democratic scandals are 10 feet of property purchased for more than the assessed value, Obama, or $75,000 in un reported income over a 20 year period, Rangel?

I'm sure we're gonna see more in response but this post is still worthy. Good one! :laugh: