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Cheney Profits From Katrina |
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by Brooke Shelby Biggs CorpWatch.org Entered into the database on Friday, April 21st, 2006 @ 17:18:31 MST |
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A Notre Dame professor has analyzed
Dick Cheney's 2005 tax return and concluded that our fair Vice President
exploited a new tax law instituted post-Katrina to save himself several million
dollars. It turns out that Smirky Dick used a loophole intended to encourage
charitable donations for Katrina relief to write off charitable contribution
which went to non-Katrina causes. That alone might not be enough to get irked
about, except that it looks like the exploitation of the loophole was deliberate
to minimize his overall liability, and he used Halliburton
money to do it. Cheney exercised some of his Halliburton
options in late 2005, during which time that company's profits were soaring
in part because of fat no-bid reconstruction contracts granted to its subsidiary
KBR in the wake of Katrina. Cheney used those proceeds -- $6.8 million -- to
donate to charities per his 2001 agreement to use his options only for charity.
Says the prof: "While there's nothing inappropriate about that from a
legal perspective, it does demonstrate how the legislation, which was sold to
the public as providing relief to Katrina victims, provided significant tax
benefits to the VP (and potentially other wealthy individuals) in situations
that have nothing to do with Hurricane Katrina." Not illegal but definitely soulless, cynical, opportunist, and greedty.
So, no big surprise. |
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