“It’s time to pull the plug on her Senate seat,” writes independent Super PAC Senate Leadership Fund about two-term Senator Claire McCaskill (D-MO). The Super PAC refers to her as “Millionaire Claire” on a website that exposes her corruption.
“After 12 years in Washington, it’s shocking how much Claire McCaskill’s lost touch with Missouri,” the Super PAC promotes in a recent ad. “She even sided with Hillary Clinton and Nancy Pelosi, supporting a national energy tax, that would have zapped as many as 76,000 Missouri jobs and raised gas and electricity prices on hard working Missouri families.”
“Claire McCaskill’s gone Washington!”
“Millionaire Claire” claims that her “jaw dropped” at a $1,000 price tag for a fundraiser for her GOP opponent Josh Hawley with President Donald Trump, but apparently thought it was just fine to take in $98,600 for her own fundraiser with Barack Hussein Obama Soetoro Sobarkah.
Should we even talk about her promotion of her husband’s investment company? Why yes, yes, we should.
“Millionaire Claire,” according to the Super PAC,
…has worked to distance her political career from her husband’s investment career, especially when it’s negatively spotlighted in the press, but her husband’s investment company now employs McCaskill’s former campaign spokesman to handle its press.
The wealth of McCaskill’s husband, Joseph Shepard, has long caused political problems for the senator, most recently on Tuesday when the Kansas City Starreported that his businesses had received $131 million in federal subsidies since McCaskill took office in 2007. Last month the report was that Shepard had millions of dollars invested in a hedge fund using offshore tax havens. (Washington Free Beacon, 7/26/2018)
Speaking of McCaskill’s husband, he makes millions flipping government tax credits.
Since Claire McCaskill joined the Senate, her husband Joseph Shepard has made at least $11 million through a business that buys up tax credits awarded to Missouri affordable housing developers and sells them to high-income entities seeking tax relief.
Shepard’s company, the Missouri Tax Credit Fund, operates within the Low-Income Housing Tax Credit (LIHTC), a $9 billion a year federal program that awards tax credits to developers building qualified affordable housing projects. The LIHTC program is designed for developers in need of cash to attract investors for projects by offering them tax credits. (Washington Free Beacon, 10/5/2018).
Talk about corrupt!
Not only that, but McCaskill’s husband was also awarded $20 million in stimulus for real estate projects. As I reported in 2012:
An analysis of public records by the National Legal and Policy Center (NLPC) has found more than $20 million in federal stimulus funds benefitting real estate projects financially tied to Joseph Shepard, husband of Missouri Senator Claire McCaskill.
Earlier this month, the Associated Press published an analysis, stating, “businesses affiliated with the husband of Senator Claire McCaskill have received almost $40 million in federal subsidies for low-income housing developments during her first five years in office…”
The NLPC analysis released today showed more than $20 million in financial benefits from the federal stimulus law to real estate projects associated with McCaskill’s husband, with all of the $20 million benefitting projects different than those identified by the Associated Press story.
While the AP study focused on federal subsidies going to entities listed on Financial Disclosure Reports filed by Senator McCaskill, NLPC reviewed voluminous public records involving the Missouri Tax Credit Fund, L.P. (MTCF), a business listed as an asset by Senator McCaskill on her reports.
None of the six real estate projects identified by NLPC as receiving over $20 million in federal stimulus funds were listed on McCaskill’s Financial Disclosure Reports or covered by the AP analysis.
According to McCaskill’s Financial Disclosure Reports, MTCF was listed as having an asset value of over $1 million in 2009, 2010, and 2011. Asset values are reported in broad ranges with “Over $1,000,000″ being the highest category. Therefore, it is possible that the asset value of MTCF is much larger than $1,000,000.
Furthermore, Reboot Congress pointed out that while McCaskill and her husband make millions, it is the American taxpayer that is subsidizing their extravagant lifestyle.
According to former Missouri State Auditor Claire McCaskill, her husband brings in at least $2,200,000 from his low-income tenants each year. You, the tax payer, subsidize their $183,333 a month lifestyle through polices ostensibly designed to help the poor, like Section 8 housing.
I’ve arrived at this figure based on my analysis of section IIIB, Non-publicly Traded Assets and Unearned Income Sources, of McCaskill’s 2011 financial disclosure. That section lists hundreds of companies that McCaskill’s husband, Joseph Shepard, has a financial interest in. Nearly all of the companies listed there have little or no value and generate little or no income for Shepard and McCaskill. Most are “real estate affordable housing”. I set aside the companies that generate little revenue and only considered assets that generate income in either the $100,000 to a $1,000,000 category or the $1,000,000+. I reduced this data set further–just considering the companies that generated rent and interest income under the assumption that those are the companies that are realizing the revenue from Shepard’s low-income tenants in the form of both monthly rent payments and interest on security deposits. As the chart below illustrates, the revenue from three of these companies includes some capital gains.
And while “Millionaire Claire” has focused on criticizing dark money in politics, she seems to be all for it if it advances her and her Democrat colleagues.
BlackPAC “is partially funded by $614,000 in donations from Majority Forward, a “dark-money” group affiliated with Sen. Chuck Schumer, D-N.Y.,”, according to government records.
Other anonymous political groups have given money to BlackPAC, as well as Democratic donor George Soros, who gave them $250,000.
How did McCaskill respond to this dark money PAC? She praised the PAC for looking to register 100,000 black voters in Missouri.
President Donald Trump has called on Missouri to dump McCaskill in 2018.
Frankly, I’m not so sure about her opponent either, but one thing is for sure: Claire McCaskill needs to be removed from the Senate seat.