{"id":35662,"date":"2023-10-25T23:32:49","date_gmt":"2023-10-25T23:32:49","guid":{"rendered":"https:\/\/innodebt.com\/politics\/senate-finance-committee-probe-into-clarence-thomas-finds-that-he-didnt-disclose-forgiven-loan-for-rv\/"},"modified":"2023-10-25T23:32:51","modified_gmt":"2023-10-25T23:32:51","slug":"senate-finance-committee-probe-into-clarence-thomas-finds-that-he-didnt-disclose-forgiven-loan-for-rv","status":"publish","type":"post","link":"https:\/\/innodebt.com\/?p=35662","title":{"rendered":"Senate Finance Committee probe into Clarence Thomas finds that he didn\u2019t disclose forgiven loan for RV"},"content":{"rendered":"
\n

\n Supreme Court Justice Clarence Thomas appears to have failed to repay a\u00a0\u201csignificant\u201d\u00a0portion of a $267,230 loan from a friend that allowed\u00a0him to buy a luxury motorcoach in 1999, according to a report released Wednesday by Democrats on the Senate Finance Committee.\n <\/p>\n

\n The committee said in a memo summarizing its heir findings that the documents it reviewed showed Thomas only paid some interest on the loan before it was forgiven. The committee also said the omission of the forgiven debt from the justice\u2019s financial disclosure forms raises fresh questions about whether he \u201cproperly reported the associated income on his tax returns.\u201d\n <\/p>\n

\n The committee\u2019s revelations are the latest to dog Thomas. The justice has come under fire in recent months from critics who charge him with skirting ethics rules by accepting lavish trips and rides on private jets without always disclosing them on his annual financial disclosures he\u2019s required to submit.\n <\/p>\n

\n The committee qualifies its new report\u00a0by\u00a0noting that \u201cadditional\u00a0documents pertaining to the loan agreement may exist\u201d but that so far \u201cnone of the documents reviewed by Committee staff indicated that Thomas ever made payments\u201d to his friend in \u201cexcess of the annual interest on the loan.\u201d\n <\/p>\n

\n The New York Times first reported the congressional memorandum Wednesday and in August, on the financial arrangement between Thomas and his friend Anthony Welters, which triggered Democrats on the Senate committee to launch their investigation.\n <\/p>\n

\n \u201cNow we know that Justice Thomas had up to $267,230 in debt forgiven and never reported it on his ethics forms,\u201d Chairman Ron Wyden said in a Wednesday statement.\n <\/p>\n

\n \u201cRegular Americans don\u2019t get wealthy friends to forgive huge amounts of debt so they can buy a second home. Justice Thomas should inform the committee exactly how much debt was forgiven and whether he properly reported the loan forgiveness on his tax returns and paid all taxes owed,\u201d the Oregon Democrat added.\n <\/p>\n

\n A Supreme Court press officer said she had no comment on the report and CNN\u2019s calls to Thomas\u2019 lawyer were not returned.\n <\/p>\n

\n According to the new report, back in 1999, Thomas entered into an agreement with Welters, who personally loaned him money to help finance the purchase of the RV: a Prevost Marathon motorcoach.\n <\/p>\n

\n Welters told the Times this summer that the loan was ultimately \u201csatisfied\u201d in 2008, but the new report offers more details about the transactions.\n <\/p>\n

\n In the report summary released by the committee, its staff said they received more information about the loan, including a handwritten note from Thomas on Supreme Court stationery dated December 6, 1999. The documents included a promissory note detailing that the principal balance of the note had an interest rate of 7.5% per year.\n <\/p>\n

\n In 2004,\u00a0the loan was extended for 10 years. According to the summary, committee staff reviewed a note from Welters in 2008 that stated that Thomas had been paying him interest only on the vehicle for \u201cmany years\u201d and that Welters would no longer seek payment because he believed that Thomas had paid interest greater than the purchase price of the bus.\n <\/p>\n

\n According to the report, \u201cWelters did not feel it was appropriate to continue to accept payments even though he had the right to them.\u201d\n <\/p>\n

\n But the committee staff said that \u201cnone of the documents\u201d reviewed by staff \u201cindicated that Thomas ever made payments to Welters in excess of the annual interest on the loan.\u201d\n <\/p>\n

\n \u201cBased on the documents reviewed by Committee staff, Anthony Welters forgave a substantial amount, or even all of the principal balance of his loan to Clarence Thomas, constituting of the forgiveness of approximately $267, 230 of debt owed by Justice Thomas,\u201d the report concludes.\n <\/p>\n

\n The summary says the new revelations raise \u201ca number of potentially serious tax questions\u201d for Thomas because the failure to repay the entire principal of the loan \u201cwould have generated a significant amount of taxable income for Justice Thomas.\u201d\n <\/p>\n

\n The report also says that\u00a0Thomas failed to report the forgiven debt on his 2008 Financial Disclosure Report.\n <\/p>\n

\n \u201cSince the loan agreement with Welters was first reported in August 2023, Justice Thomas has not provided any information on loan payments made to Welters, or stated whether he properly reported the income from the forgiven debt on his tax returns,\u201d the report concludes.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Supreme Court Justice Clarence Thomas appears to have failed to repay a\u00a0\u201csignificant\u201d\u00a0portion of a $267,230 loan from a friend that allowed\u00a0him to buy a luxury motorcoach in 1999, according to a report released Wednesday by Democrats on the Senate Finance Committee. The committee said in a memo summarizing its heir findings that the documents it […]<\/p>\n","protected":false},"author":1,"featured_media":35663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[39],"tags":[],"class_list":{"0":"post-35662","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics"},"yoast_head":"\nSenate Finance Committee probe into Clarence Thomas finds that he didn\u2019t disclose forgiven loan for RV | Innodebt<\/title>\n<meta name=\"description\" content=\"Supreme Court Justice Clarence Thomas appears to have failed to repay a\u00a0\u201csignificant\u201d\u00a0portion of a $267,230 loan from a friend that allowed\u00a0him to buy a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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