Obama Campaign Pays $523,000 in Taxes
Posted at 2:14 p.m. on April 29
Campaign committees are sometimes money makers, but when they are, they must pay taxes, as President Obama’s campaign did with a $523,000 payment to the I.R.S.
Campaigns often carry large cash balances and can earn interest on their accounts – and some even invest campaign funds. A number of campaigns have developed large mailing lists of donors and rent out their lists to other like-minded candidates, PACs and political party committees. The income generated from interest, investing, and renting lists is taxable income.
Obama for America, the campaign committee of President Barack Obama, reported it paid $523,000 on March 14, 2014, to the Internal Revenue Service for taxes.
Mitt Romney’s Romney for President Inc. committee reported it paid $158,068 to the United States Treasury on March 14th for taxes.
Country First PAC, the leadership PAC of Sen. John McCain, R-Ariz., reported it paid $100,777 to the I.R.S. on January 8th.
The leadership PAC of Rep. Michelle Bachmann, R-Minn., reported it paid $20,264 to the U.S. Treasury on March 11th. Her campaign committee paid $14,832 to the Treasury on March 11th.
Even political committees of former members of Congress must pay income taxes.
The Friends of Mark Foley, the campaign committee of former Rep. Mark Foley, R-Fla., reported it paid $27,716 to the I.R.S. on March 12th.
Fiscal Responsibility PAC, the PAC of former Sen. Scott Brown, R-Mass., reported it paid $23,264 to the Treasury on March 17th.
All America PAC, the PAC of former Sen. Evan Bayh, D-Ind., reported it paid $8,000 on March 15th.
Search for specific payees or purposes of disbursement with Political MoneyLine’s Disbursement Search.