With tax season upon us, Texas Rainmaker posted a thoughtful reminder for politicians like William Jefferson. If you've received a bribe, it must be included as income on your 1040. The same goes for illegal income and kickbacks.
Campaign contributions are generally not considered income unless they are diverted to his or her personal use.
Among those who might need to consider the tax implications of their corrupt deeds: Bob Menendez, anyone involved with UMDNJ, most New Jersey politicians, and the NYC delegation to Albany.
UPDATE:
Indicted Bronx state Sen. Efrain Gonzalez Jr., (D) has stepped down from his leadership post in response to the growing corruption investigation into his activities. If I were him, I'd be consulting a good tax attorney and CPA on top of a good criminal defense lawyer. Joe Bruno (R), make sure you're talking to your CPA as well.
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