Regis Philbin
Mar 2nd, 2009, 06:38 PM
http://lostintransition.nationaljournal.com/2009/03/panel-says-ron-kirk-underpaid.php
Monday, March 2, 2009 3:49 PM
Panel Says Ron Kirk Underpaid Taxes
By CONGRESSDAILY STAFF
Leaders of the Senate Finance Committee this afternoon revealed that another of President Obama's nominees -- U.S. Trade Representative-designate Ron Kirk -- has tax problems.
Finance staff briefed aides to committee members today on the revelations, which indicate the former Dallas mayor underpaid taxes to the tune of $9,975 during 2005-07, and that he has agreed to promptly file adjustments. The underpayments deal in part with speaking honoraria he received that he listed as charitable donations to his alma mater, Austin College.
Kirk instead should have reported the honoraria as taxable income and then deducted the donations. The panel also asked Kirk for substantiation of other charitable donations he has made, including a television set, and it has questioned Kirk's write-offs of business expenses, including those for Dallas Mavericks season tickets.
Finance Committee leaders said in a joint statement that it was important for all panel members to have the necessary information in advance of next Monday's confirmation hearing. In a separate statement, Finance Chairman Max Baucus, D-Mont., reiterated support for the nominee: Kirk "is the right person for this job and I will work to move his nomination quickly," he said.
Monday, March 2, 2009 3:49 PM
Panel Says Ron Kirk Underpaid Taxes
By CONGRESSDAILY STAFF
Leaders of the Senate Finance Committee this afternoon revealed that another of President Obama's nominees -- U.S. Trade Representative-designate Ron Kirk -- has tax problems.
Finance staff briefed aides to committee members today on the revelations, which indicate the former Dallas mayor underpaid taxes to the tune of $9,975 during 2005-07, and that he has agreed to promptly file adjustments. The underpayments deal in part with speaking honoraria he received that he listed as charitable donations to his alma mater, Austin College.
Kirk instead should have reported the honoraria as taxable income and then deducted the donations. The panel also asked Kirk for substantiation of other charitable donations he has made, including a television set, and it has questioned Kirk's write-offs of business expenses, including those for Dallas Mavericks season tickets.
Finance Committee leaders said in a joint statement that it was important for all panel members to have the necessary information in advance of next Monday's confirmation hearing. In a separate statement, Finance Chairman Max Baucus, D-Mont., reiterated support for the nominee: Kirk "is the right person for this job and I will work to move his nomination quickly," he said.