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And Palin has give more in charity over the past two years than Biden (who has made a of a lot more than her) has given over the past 8.
Senator John McCain is a gambler. If I'd known that right away I would have immediately seen what was wrong with his tax returns.
I am a tax attorney, so a tax return means more to me than it would to most. I reviewed McCain's tax returns as a basic check on the candidates. You can look at McCain's 2006 and 2007 tax returns for yourself. The tax returns are below a lot of verbiage about his charitable activities.
According to a New York Times article of September 27, 2008 "For McCain and Team, a Host of Ties to Gambling," reported by Jo Becker and Don VanNatta Jr., McCain gambled at the MGM Grand in May 2007.
Apparently McCain is a habitual gambler; he usually plays craps. He even says, "I am a gambling man."
Gambling has tax implications. According to IRS Publication 17, "Your Federal Income Tax", 2007 edition, page 89 "Gambling Winnings. You must include your gambling winnings in income on Form 1040, line 21. If you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings." In other words, you can't subtract your losses from your winnings and just not report. You have to report the winnings, and then claim the losses.
But McCain's tax returns say nothing about gambling winnings or losses.
As a casino gambler, McCain is likely to have lost more than he won. But by not reporting his winnings, the different percentage calculations built into the tax calculation are thrown off, and if he gambled much at all, he has underpaid his tax. The amount of understatement of tax may be minimal, but that's not the point.
The real purpose of preparing his tax return and omitting the gambling winnings is so that people would not know how much he gambled. If he won $200,000 playing craps in Las Vegas, it would make a difference in the way voters viewed his suitability as a presidential candidate.
There are cir stances under which the tax returns could be correct, such as McCain gambled once in 2007, not at all in 2006, and lost everything the one time he gambled. Such an explanation is unlikely in light of McCain's alleged long history of gambling.
I think we are looking at tax returns calculated to hide an aspect of the candidate. My 35 years of experience in taxes tells me these tax returns are wrong, and we do not know the true scope of McCain's gambling or of his potential obligations to gambling enterprises.
--Martha Miller
And Palin has give more in charity over the past two years than Biden (who has made a of a lot more than her) has given over the past 8.
I will step out of political hack mode for a brief bit of intellectual honesty:
You will note that the claim: "McCain plays craps" is not sourced.
Indeed, the author does not bring up the possibility that McCain simply might not have gambled in those years.
If he did though, the guy he pays to do his tax returns should have known better. I presume that being one of the wealthiest Senantors, he could afford some decent $400/hr help in that department.
Let's just be honest here for a minute. And I don't know whether the accusations against McCain on this tax crap are real or not (and I'm more inclined to think it's bull ), but giving to charity is OPTIONAL, reporting your taxes properly isn't.
Absolutely.
But $3,600 over an 8 year period sure gives me a glimpse into who Biden REALLY is, as opposed to who he says he is. And it's not like Palin was hyper-generous he own self. She's gonna get a call from her pastor.
The ratio of charity to wealth is what defines a person? Really...?
isnt gambling income only assessable if ur a professional gambler, like ur primary job....
if its just a hobby then its exempt....well according to legislation in australiaamerica, who pays taxes on lotto winnings....hahahaahaa
It defines how charitable they are - with their OWN money.
Well I don't really give a about this, but you're only required to report the winning sessions you have. If McCain truly plays craps, then he's not a habitual gambler, he's a habitual loser.
Gambling is in no way adding additional income to McCain's yearly amount so I don't care if its listed or not.
This is a non issue.
+1
Craps is basically the quickest way to lose your money at gambling.
But I have to laugh at 101A trying to defend this by bringing up Palin vs. Biden. Yeah, let's go there.
Roulette.+1
Craps is basically the quickest way to lose your money at gambling.
But I have to laugh at 101A trying to defend this by bringing up Palin vs. Biden. Yeah, let's go there.
+1
Craps is basically the quickest way to lose your money at gambling.
But I have to laugh at 101A trying to defend this by bringing up Palin vs. Biden. Yeah, let's go there.
I didn't try to defend anything.
Actually craps and baccarat are the two biggest winners if you know how to play them. Craps has the best odds against the house, you can win whichever way the dice fall.
Then what was the point of what you said? Can you ever take a criticism of McCain without having to mount a counter-offensive?
I thought it was a thread about the candidates releasing their tax returns.
I didn't realize it was a criticism of McCain. I think it's cool that the guy who want to have the launch codes might be a habitual gambler.
Something is hiding my giving a crap about these personal finance "issues".
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