Bush Income Tax Evasion?

Long ago I read about Ed Meese (Reagan’s Atty General) receiving $200,000 “loans that he didn’t have to repay.” Since then I’ve wondered whether he ever paid the taxes. The rule is that if you get a loan and don’t repay it, it must be reported as income, and you must pay taxes on it. Because it really IS income and really ISN’T a loan. (This also happens when you default on a loan that you can’t pay, but you can get out of that to the extent you can prove you really were insolvent.) Also, if you get a loan with very low interest, the difference between that interest and current market interest rates must be reported as income.

You read about corporate executives getting these “loans” and not having to repay them, but you never hear whether they paid taxes on the income. I’ve always wondered if they’re paying the taxes.

Finally someone else is wondering the same thing. Democrats.com asks the question, “So the question we ask is this: did George W. Bush report the full value of his forgiven Harken loans as income on his 1993 tax return?”

Bush has not released his tax returns for that year, which tells me that maybe there’s something there he doesn’t want us to know. He refused to release the SEC records of the Harken insider trading probe. He refuses to release the Harken Board minutes that will show to what extent he took part in the Aloha Petroleum scam sale. And he hasn’t released the tax returns that will show if he engaged in income tax evasion.

From the Democrats.com story, “The very core of Mr. Bush’s presidential campaign was to “restore honor and integrity” to the White House. Without that promise, Mr. Bush would never have left Texas. This promise requires Mr. Bush to not only talk about “honor and integrity,” but to prove it.”