You are currently browsing the tag archive for the ‘McCain Gambling’ tag.
McCain we hear is more that partial to a game of craps – but where’s the gambling man’s winnings and losses – accounted for on his tax returns? Is McCain being dishonest? Has McCain acted legally?
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 circumstances 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.
Source: HP
See how McCain profited from being a Maverick!
Senator John McCain was on a roll. In a room reserved for high-stakes gamblers at the Foxwoods Resort Casino in Connecticut, he tossed $100 chips around a hot craps table. When the marathon session ended around 2:30 a.m., the Arizona senator and his entourage emerged with thousands of dollars in winnings.
BETS Mr. McCain supported tax breaks for casinos over the years, including one that helped Foxwoods in Connecticut. He has also gambled there.
A lifelong gambler, Mr. McCain takes risks, both on and off the craps table. He was throwing dice that night not long after his failed 2000 presidential bid, in which he was skewered by the Republican Party’s evangelical base, opponents of gambling. Mr. McCain was betting at a casino he oversaw as a member of the Senate Indian Affairs Committee, and he was doing so with the lobbyist who represents that casino, according to three associates of Mr. McCain.
The visit had been arranged by the lobbyist, Scott Reed, who works for the Mashantucket Pequot, a tribe that has contributed heavily to Mr. McCain’s campaigns and built Foxwoods into the world’s second-largest casino. Joining them was Rick Davis, Mr. McCain’s current campaign manager. Their night of good fortune epitomized not just Mr. McCain’s affection for gambling, but also the close relationship he has built with the gambling industry and its lobbyists during his 25-year career in Congress.
As a two-time chairman of the Indian Affairs Committee, Mr. McCain has done more than any other member of Congress to shape the laws governing America’s casinos, helping to transform the once-sleepy Indian gambling business into a $26-billion-a-year behemoth with 423 casinos across the country. He has won praise as a champion of economic development and self-governance on reservations.
“One of the founding fathers of Indian gaming” is what Steven Light, a University of North Dakota professor and a leading Indian gambling expert, called Mr. McCain.
As factions of the ferociously competitive gambling industry have vied for an edge, they have found it advantageous to cultivate a relationship with Mr. McCain or hire someone who has one, according to an examination based on more than 70 interviews and thousands of pages of documents.
Mr. McCain portrays himself as a Washington maverick unswayed by special interests, referring recently to lobbyists as “birds of prey.” Yet in his current campaign, more than 40 fund-raisers and top advisers have lobbied or worked for an array of gambling interests — including tribal and Las Vegas casinos, lottery companies and online poker purveyors.
When rules being considered by Congress threatened a California tribe’s planned casino in 2005, Mr. McCain helped spare the tribe. Its lobbyist, who had no prior experience in the gambling industry, had a nearly 20-year friendship with Mr. McCain.
In Connecticut that year, when a tribe was looking to open the state’s third casino, staff members on the Indian Affairs Committee provided guidance to lobbyists representing those fighting the casino, e-mail messages and interviews show. The proposed casino, which would have cut into the Pequots’ market share, was opposed by Mr. McCain’s colleagues in Connecticut.
Mr. McCain declined to be interviewed. In written answers to questions, his campaign staff said he was “justifiably proud” of his record on regulating Indian gambling. “Senator McCain has taken positions on policy issues because he believed they are in the public interest,” the campaign said.
Mr. McCain’s spokesman, Tucker Bounds, would not discuss the senator’s night of gambling at Foxwoods, saying: “Your paper has repeatedly attempted to insinuate impropriety on the part of Senator McCain where none exists — and it reveals that your publication is desperately willing to gamble away what little credibility it still has.”
Over his career, Mr. McCain has taken on special interests, like big tobacco, and angered the capital’s powerbrokers by promoting campaign finance reform and pushing to limit gifts that lobbyists can shower on lawmakers. On occasion, he has crossed the gambling industry on issues like regulating slot machines.
Perhaps no episode burnished Mr. McCain’s image as a reformer more than his stewardship three years ago of the Congressional investigation into Jack Abramoff, the disgraced Republican Indian gambling lobbyist who became a national symbol of the pay-to-play culture in Washington. The senator’s leadership during the scandal set the stage for the most sweeping overhaul of lobbying laws since Watergate.
“I’ve fought lobbyists who stole from Indian tribes,” the senator said in his speech accepting the Republican presidential nomination this month.
But interviews and records show that lobbyists and political operatives in Mr. McCain’s inner circle played a behind-the-scenes role in bringing Mr. Abramoff’s misdeeds to Mr. McCain’s attention — and then cashed in on the resulting investigation. The senator’s longtime chief political strategist, for example, was paid $100,000 over four months as a consultant to one tribe caught up in the inquiry, records show.
Mr. McCain’s campaign said the senator acted solely to protect American Indians, even though the inquiry posed “grave risk to his political interests.”
Source: NYTimes
Recent Comments