Archive for the ‘Senate Finance Committee’ Category

Obama’s HHS Secretary Nominee Daschle Faces Tax Questions

January 31, 2009

ABC News has learned that the nomination of former Senator Majority Leader Tom Daschle, D-S.D., to be President Obama’s secretary of health and human services has hit a traffic snarl on its way through the Senate Finance Committee.

By Jake Tapper
ABC News

The controversy deals with a car and driver lent to Daschle by a wealthy Democratic friend — a chauffeur service the former senator used for years without declaring it on his taxes.

It remains an open question as to whether this is a “speed bump,” as a Democratic Senate ally of Daschle put it, or something more damaging.

After being defeated in his 2004 re-election campaign to the Senate, Daschle in 2005 became a consultant and chairman of the executive advisory board at InterMedia Advisors.

Based in New York City, InterMedia Advisors is a private equity firm founded in part by longtime Daschle friend and Democratic fundraiser Leo Hindery, the former president of the YES network (the New York Yankees’ and New Jersey Devils’ cable television channel).

That same year he began his professional relationship with InterMedia, Daschle began using the services of Hindery’s car and driver.

Thomas A. Daschle was picked to head Health and Human Services.

Thomas A. Daschle was picked to head Health and Human Services. (By Mark Wilson — Getty Images)

The Cadillac and driver were never part of Daschle’s official compensation package at InterMedia, but Mr. Daschle — who as Senate majority leader enjoyed the use of a car and driver at taxpayer expense — didn’t declare their services on his income taxes, as tax laws require.

During the vetting process to become HHS secretary, Daschle corrected the tax violation, voluntarily paying $101,943 in back taxes plus interest, working with his accountant to amend his tax returns for 2005 through 2007.

(Daschle reimbursed the IRS $31,462 in taxes and interest for tax year 2005; $35,546 for 2006; and $34,935 for 2007, a Daschle spokesperson said, adding that Daschle had asked his accountant to look into the tax implications of the car and driver five months before Obama won the presidency.)

The Daschle spokesperson told ABC News that the senator, facing questions from the committee, has said “he deeply regretted his mistake. When he realized it was a mistake he corrected it rapidly.”

Read the rest:
http://blogs.abcnews.com/politicalpunch
/2009/01/bumps-in-the-ro.html

The Washington Post said:

Daschle, a former Senate majority leader, and his accountant discovered the error regarding the luxury car service and reported it to the committee after his vetting was completed.

According to the Senate committee, Daschle used the car 80 percent of the time for personal purposes. That service was worth more than $255,000 in unreported income, according to the committee report.

http://www.washingtonpost.com/wp-dyn/c
ontent/article/2009/01/30/AR2009013
003793.html?hpid=topnews

Related at CNN:
http://edition.cnn.com/2009/POLITIC
S/01/30/daschle.taxes/index.html

Advertisements

Senate Democrats Aleady Critical Of Obama Tax Cut Ideas

January 8, 2009

President-elect Barack Obama‘s proposed tax cuts ran into opposition Thursday from senators in his own party who said they wouldn’t do much to stimulate the economy or create jobs.

Senators from both parties agreed that Congress should do something to stimulate the economy. But Democratic senators emerging from a private meeting of the Senate Finance Committee criticized business and individual tax cuts in Obama’s stimulus plan.

They were especially critical of a proposed $3,000 tax credit for companies that hire or retrain workers.

By STEPHEN OHLEMACHER, Associated Press Writer

“If I’m a business person, it’s unlikely if you give me a several-thousand-dollar credit that I’m going to hire people if I can’t sell the products they’re producing,” said Sen. Kent Conrad, D-N.D., a member of the committee.

“That to me is just misdirected,” Conrad said.

Sen John Kerry, D-Mass., said, “I’d rather spend the money on the infrastructure, on direct investment, on energy conversion, on other kinds of things that much more directly, much more rapidly and much more certainly create a real job.”

In this Dec. 13, 2008 file photo, Sen. John Kerry speaks at ... 

Related:
Burris Caper Highlights Bad Thinking of Congressional Democrats, Harry Reid

Read the rest:
http://news.yahoo.com/s/ap/20090108/ap_on_go_pr_wh/obama_taxes