The New York Times reports that Hillary has finally released her family tax returns, and they demonstrate that Bill Gates and Warren Buffet better start worrying about their spots on the Forbes 400 List of Richest Americans should Hillary win this coming November.
The Clintons’ charitable donations have not always matched their rhetoric, typically going only to their personal foundation, but their foundation’s disbursements have dramatically increased recently for some reason.
Senator Hillary Rodham Clinton and former President Bill Clinton released tax data Friday showing they earned $109 million over the last eight years, an ascent into the uppermost tier of American taxpayers that seemed unimaginable in 2001, when they left the White House with little money and facing millions in legal bills.
The bulk of their wealth has come from speaking and book-writing, which together account for almost $92 million, including a $15 million advance â€” larger than previously thought â€” from Mr. Clintonâ€™s 2004 autobiography, â€œMy Life.â€ The former presidentâ€™s vigorous lecture schedule, where his speeches command upwards of $250,000, brought in almost $52 million.
During that time, the Clintons paid $33.8 million in federal taxes and claimed deductions for $10.2 million in charitable contributions. The contributions went to a family foundation run by the Clintons that has given away only about half of the money they put into it, and most of that was last year, after Mrs. Clinton declared her candidacy. …
Mr. Clinton has earned $29.6 million from two books, â€œMy Lifeâ€ and â€œGiving,â€ while Mrs. Clinton has collected $10.5 million from two books, â€œLiving Historyâ€ and â€œIt Takes a Village.â€ She donated $1.1 million from book proceeds to charity.
Mr. Clinton last year earned $6.3 million from â€œGiving,â€ a book on philanthropy, and reported giving $1 million of that to charity. In the book, Mr. Clinton espouses his own formula for charitable donations, recommending that people give away 5 percent of their income to charitable causes. â€œIf giving by the wealthiest Americans even approached these levels,â€ he wrote, â€œIâ€™m convinced it would spark an enormous outpouring of contributions from Americans of more modest means.â€
The pace of the Clintonsâ€™ own charitable giving, which peaked last year at $3 million, has not always kept up with their income, and by at least one measure, has sometimes fallen short of the spirit of the 5 percent goal, which is to get money into the hands of charities that do good works.
In 2002, for instance, they reported income totaling $9.5 million and $115,000 in gifts to charity. In other years, they have given much larger amounts to their family foundation, but it has yet to disburse all of the money.
The Clintons took a tax deduction in 2004 for $2.5 million in charitable gifts, $2 million of which went to their family foundation, which as a tax-exempt nonprofit is considered a charity under the tax code. That same year, the foundation gave away just $221,000 to charitable groups, according to its tax return.
A representative of the Clintons said that when they and their foundation filed their 2007 tax returns, the records would show that all of the $3 million they gave to the foundation last year had been passed on to other charities. That will account for more than half of all the charitable donations that the foundation has made since 2001, according to a review of its tax returns.