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How Harlan Crow Slashed His Tax Bill by Taking Clarence Thomas on Superyacht Cruises

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This story was originally published by ProPublica.

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For months, Harlan Crow and members of Congress have been engaged in a fight over whether the billionaire needs to divulge details about his gifts to Supreme Court Justice Clarence Thomas, including globe-trotting trips aboard his 162-foot yacht, the Michaela Rose.

Crow’s lawyer argues that Congress has no authority to probe the GOP donor’s generosity and that doing so violates a constitutional separation of powers between Congress and the Supreme Court.

Members of Congress say there are federal tax laws underlying their interest and a known propensity by the ultrarich to use their yachts to skirt those laws.

Tax data obtained by ProPublica provides a glimpse of what congressional investigators would find if Crow were to open his books to them. Crow’s voyages with Thomas, the data shows, contributed to a nice side benefit: They helped reduce Crow’s tax bill.

The rich, as we’ve reported, often deduct millions of dollars from their taxes related to buying and operating their jets and yachts. Crow followed that formula through a company that purported to charter his superyacht. But a closer examination of how Crow used the yacht raises questions about his compliance with the tax code, experts said. Despite Crow’s representations to the IRS, ProPublica reporters could find no evidence that his yacht company was actually a profit-seeking business, as the law requires.

“Based on what information is available, this has the look of a textbook billionaire tax scam,” said Senate Finance Committee chair Ron Wyden, D-Ore. “These new details only raise more questions about Mr. Crow’s tax practices, which could begin to explain why he’s been stonewalling the Finance Committee’s investigation for months.”

Crow, through a spokesperson, declined to respond to ProPublica’s questions.

As ProPublica reported in April, Crow lavished gifts on Thomas for over 20 years, often in the form of luxury trips on Crow’s jet and yacht. One focus of the investigations is whether Crow disclosed his generosity toward Thomas to the IRS, since large gifts are subject to the gift tax. Another is whether Crow treated his trips with Thomas as deductible business expenses. (While the data sheds light on how Crow might have accounted for Thomas’ trips, there are no clear implications for Thomas’ own taxes, experts said.)

Crow’s entry into the world of superyacht owners came nearly 40 years ago. By 1984, his father, Trammell Crow, had forged his real estate fortune, and Harlan, then in his 30s, was taking an increasing role in the family business. That year, father and son worked together to erect the 50-story Trammell Crow Center in downtown Dallas. They also formed a company, Rochelle Charter Inc., with the purpose of leasing out their new yacht, the Michaela Rose.

ProPublica’s trove of IRS data, which contains tax information for thousands of wealthy individuals, includes both Harlan Crow and his parents, who filed jointly. The data shows his parents with a majority share in Rochelle Charter. After they both died, Harlan Crow took full control in 2014.

ProPublica’s data for the company runs from 2003 to 2015. Rochelle Charter reported losing money in 10 of those 13 years. Overall, the net losses totaled nearly $8 million, with about half flowing to Harlan Crow. By using those deductions to offset income from other sources, the Crows saved on taxes. (The wealthy often find ways to deduct the expense of a private jet; the records don’t make it clear whether Crow is doing so.)

For Crow, the tax breaks from his yacht were just one way he was able to achieve a lighter tax burden. The tax code is particularly friendly to commercial real estate titans, and Crow generally enjoyed low taxes during that same period: He paid an average income tax rate of 15%, according to the IRS data. It’s a rate typical of the very wealthiest Americans but lower than the personal federal tax rates of even many middle-income workers.

Crow’s biggest deduction from the Michaela Rose came in 2014, when, after the death of his mother, Crow decided to renovate the yacht. The interior needed updating to fit more contemporary notions of glamour (for one, less gold plating). The work was expensive: Crow’s tax information shows a $1.8 million loss from Rochelle Charter that year.

In order to claim these sorts of deductions, taxpayers must be engaged in a real business, one that’s actually trying to make a profit. If expenses dwarf revenues year after year, the IRS might conclude the activity is more of a hobby. That could lead to the deductions being disallowed, plus penalties. Nevertheless, the ultrawealthy often pass off their costly pastimes, like horse racing, as profit-seeking businesses. In doing so, they essentially dare the IRS to prove otherwise in an audit.

For a yacht owner to meet the legal standard of operating a for-profit business, said Michael Kosnitzky, co-chair of the private client and family office group at the law firm Pillsbury Winthrop, “You have to be regularly chartering the yacht to third parties at fair market value,” typically through an independent charter broker.

ProPublica interviewed around a dozen former crew members of the Michaela Rose, some of whom spent years aboard the ship, and none said they were aware of the boat ever being chartered. ProPublica also reviewed cruising schedules for three different years. According to the former staff and the schedules, use of the vessel appears to have been limited to Crow’s family, friends and executives of Crow’s company, along with their guests.

Moreover, in an attempt to trademark the name of his yacht, Crow struggled to provide evidence that he chartered his ship. In 2019, an attorney representing Rochelle Charter filed an application with the U.S. Patent and Trademark Office for the request. This required demonstrating commercial use of the name Michaela Rose. The attorney, of the law firm Locke Lord, wrote that the name was used for “yacht charter services for entertainment purposes” and as evidence attached a brochure.

“This magnificent yacht has cruised the oceans of the world with a graceful and gentle motion found only on the most superior seagoing vessels,” the pamphlet said, and it went on to extoll the vessel’s “fine, seakindly hull” and “mahogany paneled formal dining room” that seats 16. But it said nothing about chartering.

“Registration is refused because the specimen does not show the applied-for mark in use in commerce,” the USPTO’s attorney responded.

Crow’s attorney asked the USPTO to reconsider. The brochure was “provided by Applicant directly to its customers and potential customers,” he wrote. Wasn’t that enough?

When USPTO again refused, the attorney provided new evidence: screenshots of the websites superyachts.com and liveyachting.com. These show “links and references to yacht ‘Charter’ services offered in connection with Applicant’s MICHAELA ROSE mark,” the attorney wrote.

At this point, the USPTO agreed to approve the trademark, but the evidence was dubious. Hundreds of ships have profiles on superyachts.com whether they are available to charter or not. The LiveYachting page merely encouraged readers to contact a broker “for finding out if she could be offered for yacht charters.”

“Reviewing the file, it’s not clear to me that the yacht was actually offered for use in commerce in a way that would justify a trademark,” said Neel Sukhatme, a professor at Georgetown Law and visiting scholar with USPTO.

Since April, when the Senate Finance Committee first sent Crow a long list of questions about Thomas’ trips on his jet and yacht, Crow has refused to provide extensive answers. But last month, his attorney, Michael Bopp of the law firm Gibson Dunn, did shed some light on how his chartering business worked: Crow leased from himself. (Gibson Dunn is representing ProPublica pro bono in a case against the U.S. Navy.)

For Crow’s personal use of the Michaela Rose, including trips when the Thomases were guests, “charter rates … were paid to the Crow family entities” that owned the yacht, Bopp wrote in a letter to Wyden. The letter did not specify who, if anyone, paid when Crow’s friends, family or employees used the vessel or how he determined the charter rate. Crow’s spokesperson declined to clarify these details.

According to Bopp, then, whenever Crow used his yacht, Crow (or one of his businesses) would pay his own company, Rochelle Charter, and Rochelle Charter would put that down as revenue. On the other side of the ledger would go the considerable expenses of operating the yacht: maintenance, crew, fuel and other costs. If, at the end of the year, Rochelle Charter’s revenue from chartering exceeded those expenses, Crow would pay tax on that income.

But the taxes of the ultrawealthy often have an up-is-down quality. The clear incentive is to welcome losses, not profits. If, as happened most years for which ProPublica has data, Rochelle Charter’s expenses far exceeded revenue, Crow would save on taxes.

These sorts of arrangements “should be aggressively audited,” said Brian Galle, a professor at Georgetown Law and former federal prosecutor of tax crimes.

“Assuming that the uses of the yacht are mostly personal, Crow should not be able to take a deduction,” he said, calling “absurd” the idea that “the more personal use you get from the yacht, the more deduction you get to claim.”

Crow treated personal trips on his jet in a similar fashion, according to his attorney. Wealthy business owners often derive tax savings from their jets, since business-related flights are fully deductible, and the rich can often find ways to blend business and pleasure, as ProPublica has reported. The company that owns Crow’s jet is not in ProPublica’s data set, so it’s unclear if it reported net losses.

Bopp’s letter describes the standard way that jet owners account for nonbusiness guests: “Reimbursements at rates prescribed by law,” he wrote, were paid to the Crow business that owned his jet. The IRS has a “Standard Industry Fare Level” that jet owners use to calculate the value of a seat aboard a jet for any trip. The amount is roughly equivalent to the cost of a first-class commercial ticket, far below what it would actually cost to charter a jet.

The Senate investigation has also focused on an entirely different tax question: Given that Thomas’ trips on Crow’s jets and yachts could easily be valued in the hundreds of thousands of dollars, did Crow report them to the IRS as taxable gifts?

For each year that Crow gave gifts to someone that exceeded a certain threshold ($17,000 in 2023), he was required to file a gift tax return. That might or might not have resulted in a tax bill for Crow, depending on how much he’d already given to others over the course of his life. (The lifetime limit for total gifts is $12.9 million in 2023.)

But, according to Bopp’s letter, Crow didn’t consider the trips reportable. The gift tax, Bopp wrote, was created to prevent people from avoiding the estate tax by simply giving away assets before death. But Crow still owned his jet and yacht after hosting Thomas. “Value [was] not transferred out of the hosts’ taxable estates,” he argued. Therefore, no gift tax.

Tax experts told ProPublica, on the contrary, that these sorts of luxury trips should be analyzed as gifts.

Beth Kaufman, a partner with Lowenstein Sandler who specializes in estate planning and a veteran of the Treasury Department’s Office of Tax Policy, said she’d counseled clients on the issue. After one couple took their extended family on an exotic vacation, she said, she helped them calculate the reportable costs and file a gift tax return.

However, taxpayers rarely report these sorts of trips, experts said. One important factor is that the IRS has no way of knowing about gifts like these unless they happen to be uncovered in an audit. The agency has also signaled no interest in scrutinizing these kinds of interactions. In fact, experts weren’t aware of any audits related to gifts of this kind.

The result is a situation where, counterintuitively, the gift tax can be easier to avoid the richer the host is.

As explained in a recent paper by two law professors and a private practitioner, everyone agrees that giving $500,000 to a friend would necessitate filing a gift tax return for that amount. Using that $500,000 to buy an all-expense-paid yacht cruise for friends would be treated no differently. But if someone owns a luxury yacht and takes their friends on a cruise, the situation gets muddy. Crow’s attorney even argues there was no gift at all.

That “doesn’t square with fundamental notions of fairness,” said Bridget Crawford, one of the paper’s authors and a professor at Pace Law School.

How to apportion the costs for Crow and his guests is debatable, Crawford said. Crow might argue he would have gone on the cruise without his friends anyway, but at the very least, she said, some portion of the costs of the trip (e.g., the crew and food) should be allocated to his guests.

She and her co-authors urged Congress and the IRS to make it clear these sorts of gifts should be disclosed and provide guidelines for valuing them.

“A lot of these tax rules were developed in an era where there were a few millionaires and the tiniest number of billionaires,” Crawford said, “and now there are many. This is becoming a more visible problem.”

 

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News

Biden Joins Experts Roasting Rubio: ‘Anything MAGA Republicans Don’t Like They Call Fake’

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October 4, 2024

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The September jobs report released Friday was so stunningly great one economist literally exclaimed “wowza.” Fox News was forced to praise the numbers, with one guest lamenting he had expected “more red flags than a communist parade in this report, and there’s not a single one,” then having to admit, “There’s not one data point in here that I can point to that is not good.”

But not according to U.S. Senator Marco Rubio (R-FL), who falsely declared Friday afternoon the report is “fake,” before also falsely claiming updates to the monthly reports across almost a year-and-a-half have all been revised down.

“Another fake jobs report out from Biden-Harris government today,” the Florida Republican wrote on social media. “16 of the last 17 reports have been significantly revised downwards after media helps them with their fake headlines.”

READ MORE: Greene Mocked for Weather Control Claim as NC Lawmaker Pleads for Conspiracy ‘Junk’ to End

“But all the fake numbers in the world aren’t going to fool people dealing with the Biden-Harris economic disaster every day,” he declared.

Many experts on social media were stunned by a sitting U.S. Senator taking such a drastic and negative stand on an independent, nonpartisan government agency — one, most do not realize, for which he sits on a Senate subcommittee overseeing its work and is responsible for its funding.

“The data truthers are back. Conspiracy-mongering about federal statistics is bad and harmful. Measuring national stats is inherently difficult & subject to error. But the BLS is an independent statistical agency that produces accurate, high-quality data,” observed The Washington Post’s Catherine Rampell.

Journalist Kai Ryssdal, host of public radio’s business program “Marketplace,” commented: “I honestly don’t know what to do with this except to point out that it’s a feeble lie and deeply corrosive.”

Media critic and former Chicago Tribune editor Mark Jacob wrote: “Marco Rubio, a sitting U.S. senator, accuses nonpartisan government statisticians of fraud simply because good economic news is inconvenient to his fascist political party.”

“Rubio dishonestly claims that revisions in past months’ job numbers is a nefarious plot,” Jacob continued. “In fact, it’s normal and happened under Trump too. The revisions aren’t always downward. Today the feds revised July and August numbers *upward* – which blows up Rubio’s conspiracy theory.”

“The Dept. of Labor stats are the same for all presidents, including Trump. Rubio’s sleazy attack undermines public faith for the benefit of a criminal liar,” remarked journalist Chris Bury.

Glassdoor’s lead economist Daniel Zhao remarked: “Deeply disappointing to see Sen. Rubio joining the ranks of those endorsing a baseless conspiracy theory questioning the integrity of nonpartisan BLS employees.”

READ MORE: JD Vance Says ‘Yes’ Trump Won in 2020 Then Walks Away When Asked ‘Will You Concede?’

Jonathan Levin, who writes about markets for Bloomberg Opinion, observed, “America’s high-quality, nonpartisan economic statistics are the envy of world. Yes, the data is subject to revisions, and that’s why @BLS_gov publishes these confidence intervals. But I don’t see ‘economic disaster’ anywhere in this range of values, Senator @marcorubio.”

Professor of Economics, Public health, and Management Howard Forman commented: “Criticizing non-partisan federal workers/economists because they don’t tell you what you want to hear is Orwellian. You were once a man with huge promise. How low you have sunk. Truly ‘liddl Marco.'”

Professor of Law Darren Hutchinson, rebuking Senator Rubio, wrote: “The old southern church ladies would say ‘The Devil is a liar.'”

Former chief economist for the White House Council of Economic Advisers, Ernie Tedeschi added: “Of course, this is a bald-faced lie. The Bureau of Labor Statistics is an independent agency priding itself on many layers of insulation from political interference.
Truly depraved of a sitting US senator to sow baseless doubt in data collected for the benefit of all Americans.”

In a press briefing Friday afternoon President Joe Biden was asked about Rubio’s false claims. It appears he had the last laugh.

“Anything the MAGA Republicans don’t like they call fake,” Biden said. “The job numbers are what the job numbers are. They’re real. They’re sincere.”

Watch the videos above or at this link.

READ MORE: ‘Judicially Executed Cover Up’: Experts Say Jack Smith Filing ‘Major Indictment’ of SCOTUS

 

This article has been updated to include remarks from Ernie Tedeschi

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Greene Mocked for Weather Control Claim as NC Lawmaker Pleads for Conspiracy ‘Junk’ to End

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October 4, 2024

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“Friends can I ask a small favor?” North Carolina Republican state Senator Kevin Corbin’s Facebook post began Thursday afternoon. “Will you all help STOP this conspiracy theory junk that is floating all over Facebook and the internet about the floods in WNC,” he wrote, referring to Hurricane Helene-hit western North Carolina.

Senator Corbin listed some examples of the conspiracy theories he and his fellow lawmakers are battling as they try to bring help to the people they represent: “FEMA is stealing money from donations, body bags ordered but government has denied, bodies not being buried, government is controlling the weather from Antarctica, government is trying to get lithium from WNC, stacks of bodies left at hospitals, and on and on and on.”

“PLEASE help stop this junk. It is just a distraction to people trying to do their job.”

In the middle of Corbin’s post, one conspiracy theory stood out: “government is controlling the weather.”

READ MORE: ‘Wowza’: Economists Thrilled With ‘Huge’ Jobs Report and Wages Outpacing Prices

That echoes a claim U.S. Rep. Marjorie Taylor Greene (R-GA) made just hours later, Thursday night on social media:

“Yes they can control the weather. It’s ridiculous for anyone to lie and say it can’t be done.”

Exactly 12 hours after she posted that falsehood, it’s been been viewed 4.6 million times—not including all the screenshots that are flying around social media.

Congresswoman Greene is being widely derided and mocked.

National security expert, NSA contractor, and former Republican U.S. Rep. Denver Riggleman of Virginia blasted Greene.

“This person is in Congress,” he wrote on social media. “This ignorance, this lunacy, is why we have a government teetering and lurching. Her stupidity is a disease. She’s not alone either. Who do we blame? Well, folks.. we blame disinfo ecosystems— like here on X and we blame… voters. Mass idiocy. Stupid votes count.”

He added: “It’s dangerous how dumb she is.”

Some suggested Greene was merely referring to cloud seeding, attempts to increase rainfall, which date back to the 1940’s.

Riggleman disputed those suggestions: “She’s not thinking of cloud seeding— she is a QAnon adherent who also believes in direct prophecy and 9/11 conspiracies.”

Indeed, in 2021, just weeks after she was sworn in, Media Matters reported on Greene’s conspiracy theory-fueled history: “Marjorie Taylor Greene penned conspiracy theory that a laser beam from space started deadly 2018 California wildfire.”

“In November 2018, California was hit with the worst wildfire in the state’s history. At the time, future Rep. Marjorie Taylor Greene (R-GA) wrote a bizarre Facebook post that echoed QAnon conspiracy theorists and falsely claimed that the real and hidden culprit behind the disaster was a laser from space triggered by some nefarious group of people,” the report reads.

READ MORE: JD Vance Says ‘Yes’ Trump Won in 2020 Then Walks Away When Asked ‘Will You Concede?’

“Greene’s post, which hasn’t previously been reported, is just the latest example to be unearthed of her embracing conspiracy theories about tragedies during her time as a right-wing commentator. In addition to being a QAnon supporter, Greene has pushed conspiracy theories about 9/11, the Parkland and Sandy Hook school shootings, the Las Vegas shooting, and the murder of Democratic staffer Seth Rich, among others.”

“Greene also has a history of pushing anti-Muslim and anti-Semitic remarks,” Media Matters wrote before noting, “CNN’s Em Steck and Andrew Kaczynski recently reported that on her Facebook page, ‘Greene repeatedly indicated support for executing prominent Democratic politicians in 2018 and 2019 before being elected to Congress.'”

Some, including Newsweek on Friday, suggested Greene was referring to Democrats when she ambiguously wrote, “they can control the weather,” but others insisted she was referring to Jews.

U.S. Rep. Jared Moskowitz (D-FL) served up this response:

Gun violence prevention activist Shannon Watts added, “Reminder: This is a conspiracy theory based in anti-Semitism alleging that Jewish people have the technology to manipulate the weather and cause freak storms that wreak havoc on the world.”

Regardless of who Congresswoman Greene was referring to, her promotion of yet another dangerous conspiracy theory at a time when people in the area of the country she claims to be fighting for are calling for level heads stands out.

U.S. Senator Brian Schatz (D-HI), appearing to respond to Greene’s tweet (which he had just retweeted) wrote: “Spreading lies during natural disasters is a special kind of evil. Don’t do it, don’t indulge it, don’t excuse it.”

Overnight, NBC News reported: “At least 215 people are known to have died as a result of the destruction wrought by Hurricane Helene since it made landfall in Florida a week ago.”

“More than half of the deaths were in North Carolina, where several feet of fast-moving water destroyed entire communities,” the report adds. “Hundreds are still missing, and officials have reported difficulties in identifying some of the dead.”

Senator Corbin, in his Facebook post, also stressed the need for an end to what he described as “intentional distractions.”

“Folks, this is a catastrophic event of which this country has never known. It is the largest crisis event in the history of N.C. The state is working non-stop,” he wrote. “DOT has deployed workers from all over the state. Duke power has 10,000 workers on this. FEMA is here. The National Guard is here in large numbers.”

“Government will play a role in this cleanup,” he promised. “We are going to make sure the state chips in some massive money. But Government is not the total solution. YES, there are a lot of neighbors helping neighbors and that’s good and the way it should be. Please don’t let these crazy stories consume you or have you continually contact your elected officials to see if they are true. I just talked to one Senator that has had 15 calls TODAY about why we don’t stop …….. ‘fill in the blank.’ 98% chance it’s not true and if it is a problem, somebody is aware and on it and not waiting for a post to go thru 10,000 people to be addressed. Thanks for listening but I’ve been working on this 12 hours a day since it started and I’m growing a bit weary of intentional distractions from the main job …. which is to help our citizens in need.”

READ MORE: ‘Judicially Executed Cover Up’: Experts Say Jack Smith Filing ‘Major Indictment’ of SCOTUS

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‘Wowza’: Economists Thrilled With ‘Huge’ Jobs Report and Wages Outpacing Prices

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1 day ago

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October 4, 2024

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The September jobs report is a stunning confirmation of just how “strong” and “resilient” the U.S economy is, according to economic experts who are celebrating Friday morning.

“US economy smashes expectations with 254,000 jobs added in September,” The Financial Times reports, “far outstripping expectations.”

“Wowza: HUGE jobs report,” exclaimed Professor of economics Justin Wolfers, a senior fellow at Brookings and a frequent guest on cable news. “This economic expansion that is motoring along.”

“This is a great September jobs report,” declared The Washington Post’s Heather Long. “The ‘soft landing’ is still on track.”

The New York Times’ economic reporter, Talmon Joseph Smith, summed up the news:

Economists had expected 140,000 to 159,000 new jobs. The unemployment rate fell to 4.1%, continuing the Biden administration’s historic record of producing and maintaining unemployment at five-decade lows.

READ MORE: JD Vance Says ‘Yes’ Trump Won in 2020 Then Walks Away When Asked ‘Will You Concede?’

“Average hourly earnings grew 0.4% last month, and are now up 4.0% over the year. There’s no question that wages are running ahead of prices, and people are seeing meaningful real wage gains,” he added. Wolfers says he’s “been relentlessly optimistic about the economy for the past couple of years, and it’s felt lonely at times during the drumbeat of ‘recession’ talk, but it’s also been a pretty great place to be. If you were looking for what a soft landing looks like, this is it.”

Bloomberg News adds, “Unemployment for major ethnic groups — Black, White, Hispanic — fell, while the Asian unemployment rate held steady.”

President Biden, who worked with the dockworkers union to bring an extraordinarily fast end to their strike that ended after just three days this week, took a victory lap.

READ MORE: ‘Judicially Executed Cover Up’: Experts Say Jack Smith Filing ‘Major Indictment’ of SCOTUS

“Today, we received good news for American workers and families with more than 250,000 new jobs in September and unemployment back down at 4.1%,” President Biden said in a statement. “With today’s report, we’ve created 16 million jobs, unemployment remains low, and wages are growing faster than prices. Under my Administration, unemployment has been the lowest in 50 years, a record 19 million new businesses have been created, and inflation and interest rates are falling. And we’re seeing the power of collective bargaining to lift up workers’ wages—including the progress made by dockworkers on record wages with carriers, and port operators and the reopening of East Coast and Gulf ports.”

Biden also took a swipe at Republicans.

“Congress should pass our plan to build millions of new homes, expand prescription drug price caps, empower workers and protect the right to organize, and cut taxes for hardworking families. Congressional Republicans have a different plan—more giant tax cuts for billionaires and big corporations, ending the Affordable Care Act, undermining workers by cutting overtime and making it harder to organize, and imposing a national sales tax that would raise costs by nearly $4,000 per year. While they put billionaires first, we’ll keep fighting to grow the middle class.”

See the social media posts above or at this link.

READ MORE: ‘Biggest Whopper of the Night’: Vance’s ‘Heap of Lies’ on Abortion Was ‘Jaw-Dropping’

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