By CONGRESSDAILY STAFF
(Credit: Nicholas Kamm/AFP/Getty Images)
Leaders of the Senate Finance Committee this afternoon revealed that another of President Obama's nominees -- U.S. Trade Representative-designate Ron Kirk -- has tax problems.
Finance staff briefed aides to committee members today on the revelations, which indicate the former Dallas mayor underpaid taxes to the tune of $9,975 during 2005-07, and that he has agreed to promptly file adjustments. The underpayments deal in part with speaking honoraria he received that he listed as charitable donations to his alma mater, Austin College.
Kirk instead should have reported the honoraria as taxable income and then deducted the donations. The panel also asked Kirk for substantiation of other charitable donations he has made, including a television set, and it has questioned Kirk's write-offs of business expenses, including those for Dallas Mavericks season tickets.
Finance Committee leaders said in a joint statement that it was important for all panel members to have the necessary information in advance of next Monday's confirmation hearing. In a separate statement, Finance Chairman Max Baucus, D-Mont., reiterated support for the nominee: Kirk "is the right person for this job and I will work to move his nomination quickly," he said.
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Responded on March 3, 2009 2:54 PM
Politics for fun
When is Obama's right to pick his administration over? After he picks 100 different dishonest people? 200? I understand that the rich people are the only ones that he is picking and they are always very "tricky" with their taxes to avoid paying more than is required. Don't they understand that the president they elected is going to increase their taxes even more? Maybe they will pardon themselves since they will all be in the dishonest administration. Check out http://www.SockPoliticians.com
Responded on March 2, 2009 5:59 PM
biosparite
Even the Yale-Law-School-educated Clintons missed a quirk of tax law: you get a dollar-for-dollar tax credit for charitables as long as the money does not come into your possession and the funds are donated to the charity directly by the entity paying the funds. In other words, Kirk should have waived the fee or else told Austin College to keep the funds. Of course he probably wanted the best of both worlds. These elitists just don't get it about taxes, which makes one wonder if they are qualified to do anything except spin the propellors on their nerd hats.