Non-Disclosures Tax Arnold’s Credibility
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For more than two decades, every major gubernatorial candidate in California has allowed the media a comprehensive review of their personal financial information – including tax returns. And, once in office, “Every California governor since at least George Deukmejian has released his tax returns, including Pete Wilson, who also had his holdings in a blind trust. President Bush has his holdings in a blind trust, and he releases his tax returns every year. So has nearly every president since Richard Nixon (see www.taxhistory.org).” (Sacramento Bee, December 14, 2004)
Why won’t Governor Schwarzenegger follow the precedent set by Democrats and Republicans alike? As a candidate, he had no problem offering a viewing of his old tax returns, why not his current ones? What does he have to hide?
Plenty, it seems.
According to his economic interest statement, Schwarzenegger received “more than $10,000” in income from 21 companies through his own company, Oak Productions Inc. One of the companies listed is American Media, “that promised to pay him at least $1 million a year over five years to serve as the executive editor of two muscle magazines owned by the company.” (Sacramento Bee, July 19, 2005)
These million-dollar details were not contained in his “legal” disclosures. The facts were learned later from American Media’s SEC filing.
However, this income must be reported on the Governor’s tax returns – returns the Governor’s Office has refused to release for the past two years.
"Schwarzenegger has declined to release his tax returns, so it is impossible to know how much money he is making from each of the interests paying his companies." (San Francisco Chronicle, July 20, 2005)
His office offers nothing but excuses, among them citing “privacy concerns” or saying his finances are “complicated.” These excuses won’t wash. Schwarzenegger is not a private citizen anymore. He is a servant of the people, a job he actively sought and he owes them transparency.
How many other multi-million dollar deals does the Governor have?
Californians will never know until the Governor follows the examples of openness set by his predecessors.
For more than two decades, every major gubernatorial candidate in California has allowed the media a comprehensive review of their personal financial information – including tax returns. And, once in office, “Every California governor since at least George Deukmejian has released his tax returns, including Pete Wilson, who also had his holdings in a blind trust. President Bush has his holdings in a blind trust, and he releases his tax returns every year. So has nearly every president since Richard Nixon (see www.taxhistory.org).” (Sacramento Bee, December 14, 2004)
Why won’t Governor Schwarzenegger follow the precedent set by Democrats and Republicans alike? As a candidate, he had no problem offering a viewing of his old tax returns, why not his current ones? What does he have to hide?
Plenty, it seems.
According to his economic interest statement, Schwarzenegger received “more than $10,000” in income from 21 companies through his own company, Oak Productions Inc. One of the companies listed is American Media, “that promised to pay him at least $1 million a year over five years to serve as the executive editor of two muscle magazines owned by the company.” (Sacramento Bee, July 19, 2005)
These million-dollar details were not contained in his “legal” disclosures. The facts were learned later from American Media’s SEC filing.
However, this income must be reported on the Governor’s tax returns – returns the Governor’s Office has refused to release for the past two years.
"Schwarzenegger has declined to release his tax returns, so it is impossible to know how much money he is making from each of the interests paying his companies." (San Francisco Chronicle, July 20, 2005)
His office offers nothing but excuses, among them citing “privacy concerns” or saying his finances are “complicated.” These excuses won’t wash. Schwarzenegger is not a private citizen anymore. He is a servant of the people, a job he actively sought and he owes them transparency.
How many other multi-million dollar deals does the Governor have?
Californians will never know until the Governor follows the examples of openness set by his predecessors.
posted by Roger Salazar & Andrew Acosta at 2:57 PM
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