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* The National Republican Congressional Committee is running an ad bashing 10th District Democrat Brad Schneider for bragging about his business experience but not earning “any income from his business for three straight years.” Watch it…
* However, in another hot GOP must-win race, Republican freshman Bobby Schilling didn’t report any income at all from his much-hyped pizza restaurant last year and in 2009, and reported just $1,750 in 2010.
posted by Rich Miller
Friday, Oct 12, 12 @ 10:31 am
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I’m not sure what the issue is here, for Schneider or Schilling.
Most folks in small business try to report that they had little or no income. That’s why you hire razzle-dazzle accountants to deal with the revenooers.
Ask any farmer. They never made a buck in their lives, lol.
Comment by wordslinger Friday, Oct 12, 12 @ 10:44 am
A guy who’s been shooting with Schilling told me the Congressman owns a big property down in Missouri. I was under the impression that they do hunting/fishing tours and such down there. But maybe he just owns some land and a lake.
Comment by Lil Enchilada Friday, Oct 12, 12 @ 10:52 am
If everyone wants more tax/income disclosure then put it into a bill and pass it. It would be much a more constructive use of time, at this point, for every candidate to prove they still don’t beat their wives.
Comment by Sideliner Friday, Oct 12, 12 @ 11:22 am
the flimsy career thing is more damaging to challengers who the public doesn’t know like dan seals and in this case schneider. schilling has a track record, if they were going to do this assault they needed to start a long time ago for it to be effective.
Democrats have been way too cocky with these races this cycle.
Comment by Shore Friday, Oct 12, 12 @ 11:30 am
If you are touting your vast business skill set, shouldn’t you be able to show a profit?
Comment by Plutocrat03 Friday, Oct 12, 12 @ 11:34 am
Word’s right. Small business owners always brag to each other about how little income they report.
That’s why all Paul Ryan’s claims about potential 40% taxes on small businesses is just so much malarkey, (even if his arithmetic were correct). No one, and I mean no one with any sense, would ever actually pay that.
Comment by walkinfool Friday, Oct 12, 12 @ 11:39 am
Are the businesses owned by Schneider & Schilling “S-corporations”?
If so, that right there will explain their “lack of income.” The owners of S-corporations have their personal finances are intermingled with business finances, such that even though they may claim to receive “no income” from the business - their financial/material needs are paid for by the businesses as if they are business expenses. Total tax scam of an entity!
Comment by Brendan Friday, Oct 12, 12 @ 12:18 pm
Correct me but members of congress are not allowed to have outside jobs.
Comment by 1776 Friday, Oct 12, 12 @ 12:24 pm
” The owners of S-corporations have their personal finances are intermingled with business finances, such that even though they may claim to receive “no income” from the business - their financial/material needs are paid for by the businesses as if they are business expenses.”
This is…not correct. Perhaps file a few 1120-S forms before making blanket statements.
Anyway this ad is scraping the barrel really hard. Oddly it’s not the first time I’ve seen the NRCC shout about a lack of business income this cycle. Might write about it today if I have the time.
Comment by Will Caskey Friday, Oct 12, 12 @ 12:31 pm
Schilling probably hired someone to run his pizza places in his place, which would explain his sudden decline in income. Although I can’t place my hands on it, I recall reading some articles after he was first elected where he said this. The pizza places are still around and serving pizzas. Schilling can claim that he is a businessman and point out his restaurant.
Likewise, two years ago Democrats attempted to denigrate Dold over his ownership of Rose Pest Control.
The big difference between Schilling’s situation and Schneider’s is an operating business that is either earning money or losing money. Schilling can point to an existing business. Schneider’s appears to be nothing more than inactive paper. Schneider bragged about consulting with multimillion dollar corporations, yet he reported no income, salary, interest, dividend since January of 2010? He now claims to have shut down that business back in January of 2010 to run for Congress, which is during the time frame that Dan Seals was running.
Kirk was severely ridiculed for “exaggerating” his military background two years ago. Schneider now deserves that same treatment. He’s had plenty of time to explain all of this. For some reason he can’t.
Comment by Louis G. Atsaves Friday, Oct 12, 12 @ 12:33 pm
I agree. Small businesses can show no ‘profit’ by paying out in salary or dividends all excess moneys, which are then taxable to the individual recipient. My accountant advised me to do this. This is another example of cheap, bumper sticker political slogans that mean nothing!
Comment by Ace Matson Friday, Oct 12, 12 @ 1:15 pm
Schilling has been employed as a congressman for the past 2 years and probably spent the 12 previous months campaigning. How is that comparble with Schneider? Rich, I think you are reaching a little too far…
Comment by Allen Skillicorn Friday, Oct 12, 12 @ 1:57 pm
How do you raise a family of 12 and a couple of daughter-in-laws and grandchildren on nothing? How could Schilling afford to take a year off (2009) to campaign owning a SINGLE pizza store? This is ONE store, not a chain, not multiple stores.
Comment by Lil Enchilada Friday, Oct 12, 12 @ 2:14 pm
@Will Caskey:
When the law allows you to write-off business losses as losses to your personal income, so as to keep both the business and you as an individual from having to pay income taxes, then YES your personal/business finances are “intermingled.” I have also seen plenty of S-corporation owners use business funds to pay for their living expenses “in lieu of salary.”
Comment by Brendan Friday, Oct 12, 12 @ 3:41 pm