Senator Ron Johnson May Be In Hot Water

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Senator Ron Johnson May Be In Hot Water - 6/25/2011 7:18:18 PM

Brain

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I like Russ Feingold and I hope this means he has a chance to get his seat in the Senate back.

Senator Ron Johnson May Be In Hot Water

Unlike most deferred package deals, however, it appears that the company had not set aside a specified amount annually that would be paid out when he left the firm. Instead, Johnson said the $10 million payment was "an agreed-upon amount" that was determined at the end of his tenure with the company.
Agreed upon with whom?
"That would be me," he said.

…

The interesting part comes when you look at his financial disclosures. He disclosed his ownership interest in Pacur, LLC as being worth $1-$5 million. Yet his ultimate deferred compensation payment was $10 million -- just enough to cover his campaign costs.

Of course, any other candidate (including Russ Feingold), would not be allowed to finance their campaign with corporate funds. Yet it appears that Ron Johnson has done just that, while availing himself of the lowered Wisconsin tax rate on wealthy citizens and corporations to maximize his tax savings.

But it raises a larger issue. Any discussion and/or vote on tax reform in the Senate that Johnson participates in opens a huge conflict of interest. How can he possibly represent all of the citizens of Wisconsin when he clearly benefitted from corporate loopholes to finance his run for the Senate and to dodge income taxes on Pacur income for all of those years? It's hardly likely that this Senator who just managed to avoid paying taxes on $650,000 per year in income would vote to close loopholes on the wealthy or tighten corporate rules with regard to executive compensation, after all.

http://crooksandliars.com/karoli/senator-ron-johnson-may-be-hot-water

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RE: Senator Ron Johnson May Be In Hot Water - 6/25/2011 7:20:43 PM

juliaoceania

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Ron Paul is not a Senator, Rand Paul is

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RE: Senator Ron Johnson May Be In Hot Water - 6/25/2011 7:40:02 PM

servantforuse

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I don't think the democrats want to go there.

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RE: Senator Ron Johnson May Be In Hot Water - 6/25/2011 7:43:10 PM

Brain

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What does Rand Paul have to do with the Sen. from Wisconsin?

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RE: Senator Ron Johnson May Be In Hot Water - 6/25/2011 7:45:54 PM

juliaoceania

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never mind

My bad.. I read the name wrong on the article

< Message edited by juliaoceania -- 6/25/2011 7:47:10 PM >

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RE: Senator Ron Johnson May Be In Hot Water - 6/25/2011 7:49:03 PM

servantforuse

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Brain, You might like Russ Feingold, but the majority of voters in Wisconsin liked Ron Johnson. He is now our senator for the next 6 years.

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RE: Senator Ron Johnson May Be In Hot Water - 6/25/2011 9:06:20 PM

DarkSteven

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The issue is that he got no salary from the company, but got "loans" instead. The money from the loans is not taxable. A tax dodge that I wish was outlawed.

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RE: Senator Ron Johnson May Be In Hot Water - 6/25/2011 9:33:17 PM

subrob1967

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The only thing he's guilty of is having a porn name

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RE: Senator Ron Johnson May Be In Hot Water - 6/26/2011 9:33:20 AM

willbeurdaddy

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quote:

ORIGINAL: DarkSteven

The issue is that he got no salary from the company, but got "loans" instead. The money from the loans is not taxable. A tax dodge that I wish was outlawed.

Dont rely on "Crooks and Liars" for a realistic description of the transaction. Any corporate loan to an executive that extends beyond the current tax year is almost certainly deemed to be compensation and treated as such. It has to be a bona fide arms length transaction and CANNOT be offset by guaranteed future compensation to not be considered current compensation.

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