Sweet: Obama posts income tax returns. LINK
WASHINGTON– Sen. Barack Obama (D-Ill.) and wife Michelle released federal income tax returns for years 2000-2006. LINK
This comes as the Obama campaign is calling on Sen. Hillary Rodham Clinton (D-N.Y.) to release the returns and schedules for herself and former President Bill Clinton. Clinton has pledged to disclose taxes for the years since the Clintons’ left the White House next month. The Clintons’ returns for their White House years and governorship of Arkansas have been made public. At issue are the returns since 2000.
As senate and presidential candidates, Obama and Clinton file extensive annual financial disclosure reports. But they don’t show everything and only offer a broad financial picture.
The Obama’s returns show previously reported income spikes due to Obama’s books and Michelle Obama’s almost tripling of her income at the University of Chicago hospitals. Their returns–and you can read the 103 pages here on the pdf –reveal no new sources of income or extraordinary investment windfalls.
The Clintons are going to be another story; their books and the former president’s extensive business dealngs since he left office have earned them millions of dollars.
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FROM THE OBAMA CAMPAIGN…..
Obama Posts Tax Returns on the Internet, Calls on Clinton to Follow Suit Immediately
Clintons’ investment in Cayman Islands firm shows need for full and prompt disclosure
CHICAGO, ILSenator Barack Obama today posted his tax returns from 2000-2006 on his campaign website, demonstrating his continued commitment to transparency in government and changing business as usual in Washington. The returns are complete, including all schedules, and are now available to anyone to view. The Obama campaign urged Senator Clinton to join Senator Obama in making her returns public.
Full disclosure on Senator Clinton’s part is especially important because she recently loaned $5 million to her campaign, shortly after revelations surfaced that her husband was to receive a $20 million payout from Yucaipa, a supermarket holding company that invests in tax shelters in the Cayman Islands.
Senator Clinton has agreed to release her returns, but will only offer a target date at least three days before the Pennsylvania primary, and has not specified the level of detail.
“Senator Clinton recently claimed that she’s the most transparent figure in public life,’ yet she’s dragging her feet in releasing something as basic as her annual tax returns,” said Obama Communications Director Robert Gibbs. “Senator Clinton can’t claim to be vetted until she allows the public the opportunity to see her financesparticularly with respect to any investment in tax shelters.”
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The Clinton campaign’s vague commitment to release the returns and the Clintons’ known involvement with such investments as Yucaipa raise a number of questions.
1. Yucaipa Has A Financial Stake In Three Investment Entities Registered In The Cayman Islands. “Securities and Exchange Commission documents and financial- disclosure forms filed by Hillary Clinton show that Bill Clinton, 61, has a financial stake in three investment entities registered in the Cayman Islands by Burkle’s Yucaipa Cos. LLC. In 2004, Hillary Clinton, a New York senator, said she wanted to close the “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.” [Bloomberg, 12/17/07]
Question: If elected President, would Sen. Clinton propose or support legislation to block or curb any of Yucaipa’s current business or tax strategies?
2. Clinton Spokesman Claimed That Yucaipa Is Registered In Cayman So That Bill Clinton Can Pay US Taxes. “Jay Carson, a Clinton spokesman, said that while the former president hasn’t “severed ties” with Yucaipa, he “is taking steps to ensure” that “there will be an appropriate transition for those relationships” if his wife receives the 2008 Democratic presidential nomination. Carson, in an e-mail, said the funds are designed for foreign investors. “All three of these entities (which are related) are organized in the Cayman Islands so that each investor or partner pays the taxes they would owe in their home country,” he said. “For U.S. citizens like Bill Clinton, that means he pays U.S. taxes on his income from this fund, which he does.” [Bloomberg, 12/17/07]
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Question: Did Bill Clinton participate in the decision for Yucaipa to register any of these funds in the Cayman Islands? If so, did he argue for or against?
3. Clinton Spokesperson Will Not Answer Questions On Whether Bill Clinton Receives Equity Instead Of Cash, Allowing Him To Pay The Lower 15 % Capi …
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