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McCaskill’s Husband Makes Millions Flipping Government Tax Credits
Posted on 10/5/18 at 1:33 pm
Posted on 10/5/18 at 1:33 pm
Good read when you've got a minute.
Free Beacon
C'mon Missouri people,
Free Beacon
quote:
Since Claire McCaskill joined the Senate, her husband Joseph Shepard has made at least $11 million through a business that buys up tax credits awarded to Missouri affordable housing developers and sells them to high-income entities seeking tax relief.
quote:
McCaskill's disclosures show her husband earned "over $1 million" from the Missouri Tax Credit Fund for 11 consecutive years from 2007 to 2017, meaning that he's earned at least $11 million. McCaskill files taxes separately from Shepard and has never released her husband's returns, which would contain a more specific figure.
quote:
"It's modern crony capitalism where insiders earn money on complex, nontransparent, government schemes," Edwards said. "It may be legal, but it undermines the economy and trust in government."
C'mon Missouri people,
5
Posted on 10/5/18 at 1:33 pm to PowerTool
quote:
Since Claire McCaskill joined the Senate, her husband Joseph Shepard has made at least $11 million through a business that buys up tax credits awarded to Missouri affordable housing developers and sells them to high-income entities seeking tax relief.
How in the frick is that legal?
Posted on 10/5/18 at 1:37 pm to PowerTool
My BIL was telling me about some friends that broker tax credits. They fly private everywhere are on like a constant vacation and just work over the phones. They sounded like high level drug dealers.
If you want to make bank in this country find a way to exploit government largess.
If you want to make bank in this country find a way to exploit government largess.
Posted on 10/5/18 at 1:40 pm to CoachChappy
quote:
How in the frick is that legal?
The article digs into the process a little bit. Murky as shite.
Posted on 10/5/18 at 1:43 pm to PowerTool
Tax credits are generally transferable. I believe many of the Film Tax credits received by movie producers are sold, rather than used by the company that receives them.
(Paging IB Freeman)
(Paging IB Freeman)
Posted on 10/5/18 at 1:45 pm to PowerTool
I thought the Dems were all about closing tax loopholes for the "rich".
Posted on 10/5/18 at 1:48 pm to Bjorn Cyborg
LA tax credits are transferrable, not federal. The low income housing tax credit is a federal tax credit allocated through a competitive process in each state. Developers make an application and if successful, are awarded credits. The developer then needs an investor that will provide equity in exchange for the credits. A syndicator lines up investors for development projects.
Posted on 10/5/18 at 1:50 pm to PowerTool
quote:
Since Claire McCaskill joined the Senate, her husband Joseph Shepard
Posted on 10/5/18 at 2:05 pm to tigeralum06
This post was edited on 10/1/20 at 10:22 am
Posted on 10/5/18 at 2:08 pm to OldTigahFot
quote:
I thought the Dems were all about closing tax loopholes for the "rich".
Republicans just had a chance to change this but decided not to do so.
Posted on 10/5/18 at 4:00 pm to PowerTool
There’s a local farmer here in SWGa that gets exclusive farm bill subsidies because he sucks Rep. Sanford Bishop’s (D) Dick come every election cycle.
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