Senator Claire McCaskill (D-MO) is another “public servant” that has benefitted financially to the tune of over $11 million in low-income housing tax credit (LIHTC) fees, earned by her husband Joseph Shepard.
Shepard owns a company that buys up these tax credits and sells them to high-income businesses as a form of tax relief.
From the Freebeacon:
Records available on the Missouri secretary of state’s website show Shepard’s company acquired tax credits awarded to at least 57 different affordable housing projects in Missouri between 2006 and 2017. Together, the 57 projects were awarded $273.3 million in LIHTCs, a review of the state’s tax credit database found.
It can’t be determined exactly how much Shepard has made off the tax credit business, due in part to a lack of transparency in the transfer of tax credit, but also because Senate financial disclosure reports don’t require specific figures on incomes exceeding $1 million.
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.
You’d think that with all the cries from Democrats for the release of Trump’s tax records, making their own records made public would be setting a good example. Unless you’re trying to hide something.
The article continues:
In a subsequent GAO report on the LIHTC released last month calling for increased oversight of the program due to findings that only a fraction of allocated funds reach their intended goal, the oversight agency places blame on the unknown cost of syndicators.
“Syndication expenses represent a significant cost of producing affordable housing with LIHTCs, but complete data on syndication partnerships generally were lacking,” the GAO found.
Chris Edwards, director of tax policy for the Cato Institute and a major critic of the tax credit, characterized it as “absurd” that there’s a government program so complex “that the GAO is left scratching its head to figure it out.”
“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.”
Read the rest of the article here.