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April 2011
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gwen [userpic]
news bit..

I'd like for this news item to not pass unnoticed (I found it repeated in this morning's Pittsburgh Post-Gazette, on some late page), so I will point a link to it here:

HHS Secretary's Fund Gave Little to Charity

Health and Human Services Secretary Mike Leavitt and his relatives have claimed millions of dollars in tax deductions through a type of charitable foundation they created that until recently paid out very little in actual charity, tax records show.
Instead, much of the foundation's money has been invested or lent to the family's business interests and real estate holdings, or contributed to the Leavitt family genealogical society.

The latest in the Administration's trail of corruption.

Current Mood: quixoticquixotic
Current Music: Dream Time Collector-Attrition-The Jeopardy Maze

But, at least no one is getting blowjobs from an intern and lying about it......

(no subject) - (Anonymous)

At least our president isn't. And that's all that matters, right? :)

(no subject) - (Anonymous)

No way, he's just totally honest and truthful. Just look at Iraq! He told us Saddam had tons of WMD and HE DID! Oh wait he didn't. Never mind. :)

Ya know, I try to avoid "hating."

But I really, really hate these guys. The faux-president and all his cronies, and everything they've done.

Sorry so bitter.

Funny how they didn't place that article in the free commuter version of the paper they distribute at the metro entrances today.
That's iuz 's boss. We should see if he has any inside info.

I've got a financial book that suggests doing something like this as a tax shelter. Basically you create a charitable foundation, dump money there, and the interest is tax-free. I guess it's kind of like a Roth IRA that you don't have to wait until retirement to tap.

Call it corrupt, but as far as I can tell it's completely legal, and lots of wealthy people do it. Though in fairness, it's certainly possible that they overstepped the bounds of what is legal in what they did...I wouldn't know.

Oh, let me add to that: When you die, all the principle paid into the foundation DOES really have to go to charity. Of course, what that charity is (geneological society?) is open for interpretation. Maybe you construct a charity and have your children work for it or something (Isn't that what Warren Buffet has done?). I dunno.

The article does say it's legal, just not ethical. It's also only legal because of some ordinances passed in the first year of Bush's Administration, funny enough.

Well, that may be true. The technique I mentioned, however, is much older than that; the book was published in the mid-90s.

It is times like this that make me proud to work for HHS. *cough*

It doesn't surprise me though. I always got the impression he was kind of a sleaze. At least the deputy secretary is a nice guy.