The issue of McCain's gambling is not a new one.
Back in July, Time Magazine ran an online article entitled Candidates' Vices, Craps and Poker, detailing the differing styles of the two candidates. Obama's skill at Poker revealed much about the way he managed his campaign and might manage the country, whereas McCain's infatuation with Craps highlighted his legendary "risk-taking" type of personality, evident since his earliest days at the Naval Academy.
http://www.time.com/...
But now, HuffPo's Martha Miller -- a tax lawyer -- says a review of McCain's tax returns indicate an attempt to hide gambling. Here's the link: http://www.huffingtonpost.com/...
Follow me below the fold for the facts.
Miller's article is entitled: McCain's Tax Returns Hide Gambling
And though we've known about McCain's gambling habits for a long time, she's a tax attorney, and says a look at his returns fails to show any winnings or losses, which means he hasn't properly declared his gambling returns. Read the article:
http://www.huffingtonpost.com/...
Here are some choice quotes:
Senator John McCain is a gambler. If I'd known that right away I would have immediately seen what was wrong with his tax returns.
Miller says that, as a tax attorney, tax returns reveal a lot to her, and that she reviewed McCain's 2006 and 2007 taxes. She relies on press reports that,
According to a New York Times article of September 27, 2008 "For McCain and Team, a Host of Ties to Gambling," reported by Jo Becker and Don VanNatta Jr., McCain gambled at the MGM Grand in May 2007
.
In other words, he was known to have gambled at least in 2007.
Apparently McCain is a habitual gambler; he usually plays craps. He even says, "I am a gambling man."
Miller notes that:
Gambling has tax implications. According to IRS Publication 17, "Your Federal Income Tax", 2007 edition, page 89 "Gambling Winnings. You must include your gambling winnings in income on Form 1040, line 21. If you itemize your deductions on Schedule A (Form 1040), you can deduct gambling losses you had during the year, but only up to the amount of your winnings." In other words, you can't subtract your losses from your winnings and just not report. You have to report the winnings, and then claim the losses.
Despite the clear mandate to report both wins and losses
McCain's tax returns say nothing about gambling winnings or losses.
Apparently, according to her calculations, McCain has probably underpaid his taxes by not stating his gambling activities. The amount of understatement is not necessarily large -- and it's not the relevant point. The relevant point is that
The real purpose of preparing his tax return and omitting the gambling winnings is so that people would not know how much he gambled. If he won $200,000 playing craps in Las Vegas, it would make a difference in the way voters viewed his suitability as a presidential candidate.
Miller states that there are some circumstances under which the returns might be correct, but they are extremely far-fetched, especially in light of McCain's history of gambling.
She concludes:
I think we are looking at tax returns calculated to hide an aspect of the candidate. My 35 years of experience in taxes tells me these tax returns are wrong, and we do not know the true scope of McCain's gambling or of his potential obligations to gambling enterprises.
My own feeling is that we've seen McCain's gambling addiction first hand -- in his pick of Sarah Palin, in his erratic behavior during the bailout vote, and in this campaign in general. When in trouble, he tends to "double down". He's been attacking Obama as "risky" -- but it is McCain's own love of "risk taking" and gambling that should lead voters to be very wary of electing this man President. We can't afford to gamble on McCain.