Former President Bill Clinton stands to earn as much as $20,000,000 for his role as an ‘adviser’ to billionaire investor Ron Burkle.

So, what’s wrong with that? Burkle’s Yucaipa Cos. LLC is based in the Cayman Islands, which means that his earnings are not subject to US taxation and his role as an ‘adviser’ means that he can be compensated with a stake in the company, rather than a salary. These ‘equity incomes’ are taxed at a rate of 15%, which is far lower than the standard income tax.

Again, what’s so wrong with that? Its not illegal. Hills wife, Billary, said in 2004 that she wanted to close the “loopholes for people who create a mailbox, or a drop, or send one person to sit on the beach in some island paradise and claim that it is their offshore headquarters”. It sure is an interesting contradiction within the Clinton family….Read more on Bloomberg.com

This entry was posted on Wednesday, January 23rd, 2008 at 10:12 pm and is filed under Democrats. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.