Posted on 09/10/2010 9:34:53 PM PDT by Libloather
Daley might retire with extra $1.5M
September 8, 2010
The size of Mayor Daley’s annual pension will ultimately depend on a number of questions only the mayor can answer, including which public pension plan he files under and when he files.
But aside from those pension checks, the mayor could reap a retirement windfall of nearly $1.5 million.
As of June 30, the mayor had $1,479,823 left in his campaign fund. And under state law, he can claim that as income as long as he pays taxes on it.
In the late 1990s, state law was changed to prohibit politicians from using campaign funds for personal use. But the new law contained “a grandfather clause,” allowing candidates to declare as income the amount of money they had in their funds as of June 30, 1998.
The Richard M. Daley Campaign Committee had $1,798,094.40 in the bank on that date. That means the $1,479,823.57 that he reported in his account earlier this year is most likely all fair game.
(Excerpt) Read more at suntimes.com ...
That’s nothing to him. I bet it’s more in the slush fund.
Probably a drop in the bucket. Chicago Way, ya know.
Campaign cash can ultimately be claimed as income? Thats just wrong. You think people knew they were contributing future income to a career crook..er..politician? Career politician...is there anything worse?
Will he retire and pay taxes before the Bush tax cuts are ended?
Will he retire and pay taxes before the Bush tax cuts are ended?
Will he retire and pay taxes before the Bush tax cuts are ended?
MO MONEY...MO MONEY....MO MONEY!!!
Screwing Chicago for 20 years.. 1.5 million is a small price to pay to get him to retire. Of course I’m sure his replacement will be no better.
Wow! What a deal. This might not be taxpayer money though. It could be money that was donated for election/reelection bid? Maybe?
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