Saturday, April 5, 2008
Following up on yesterday's post on the release of the Clinton tax returns:
- Most of the charitable contributions reported by the Clintons on the joint returns (discussed here) were funneled through the Clinton Family Foundation. For example, based on a comparison of the Clinton Form 1040s and the Clinton Family Foundation's Form 990-PFs for the five-year 2002-2006 period, $5,935,956 (92.8%) of the $6,395,256 of charitable contributions were funneled through the foundation:
- The Clintons made a $3,500 donation to the United Church of Christ, the denomination of Barack Obama's Trinity United Church of Christ, which has been much in the news recently because of the Rev. Jeremiah Wright's inflammatory comments. The Clintons donated to the United Church of Christ's Wider Church Ministries.
- Like the Obamas, the Clintons eschewed setting up a SEP-IRA to shelter at least $45,000 annually from their massive Schedule C income.
- Unlike John Edwards, the Clintons did not use an S Corporation to reduce their huge self-employment tax liability.
- $8 million of the $109 million income was from non-U.S. sources.
(Hat Tip: Joe Kristan.) Media and blogopshere coverage:
- ABC News
- Associated Press
- Boston Globe
- New York Post
- New York Times
- L.A. Times
- Power Line
- Roth & Co.
- USA Today
- Wall Street Journal
- Washington Post
- Washington Times