Truth Alert on anti-McCaskill commercial
A political ad is running against Sen.Claire McCaskill, paid for by the conservative super-PAC Club for Growth.
The ad starts with the announcers saying, “Since Claire McCaskill got elected, things really took off for her and her husband.” The words “They got rich” appear on screen.
In 2002, then-State Auditor Claire McCaskill married wealthy St. Louis businessman Joseph Shepard. So, she was wealthy before becoming a U.S. senator.
However, according to Roll Call, McCaskill’s wealth has increased by 38 percent from her wealth 10 years ago, around when she first joined Congress. In 2008, she was worth just $19.42 million. Now, Roll Call says her net worth is 26.9 million. Her husband has also gotten wealthier.
The commercial continues, “He snagged $100 million in government subsidies building low income housing. Build low, live high.”
That number is closer to $131 million in federal subsidies since Sen. McCaskill took office. But as the Kansas City Star reported, the federal money does not go directly into Shepard’s pocket. It goes toward operating costs for government-subsidized housing projects in which he is invested. Those companies then distribute the profits to Shepard and other investors. There is also no evidence that the senator had any part in directing federal funds to businesses affiliated with her husband.
The ad continues, “Claire spent big bucks ($76,000) chartering a private plane with public funds, (Politico 3/9/11) a plane they co-own.”
That’s true, but old news. The same 2011 Politico article says the $76,000 in public funds has been spent since 2007. McCaskill sent an $88,000 check to the U.S. Treasury to cover all costs associated with the flights.
The same article made it clear that there is no allegation of ethics or rules violations, rather possible bad political optics. The McCaskill campaign said no taxpayer or campaign dollars are ever used for the cost of the plane.
Ad: “Now, reports show Claire’s husband made a boatload (McCaskill’s husband: $1 million in a hedge fund tied to the Cayman Islands – McClatchy Newspapers 6/20/18) investing in a Cayman Islands hedge fund. (“Notorious tax havens” – McClatchy Newspapers 6/20/18) Nice place to dodge taxes.”
The ad *suggests but does not outright claim Shepard dodges taxes. Any earnings from a hedge fund would be subject to capital gains taxes in the United States, and that rate is lower than the income taxes most working Americans pay.
In fact, the same McClatchy article points out that Sen. McCaskill was a co-sponsor of the 2009 Stop Tax Haven Abuse Act. It failed to pass, but it targeted the Cayman Islands among several countries identified as tax havens. One provision would tax Cayman hedge funds as U.S. corporations subject to U.S. tax laws.
