| NRSC Digital

unanswered questions

Stories about how Claire McCaskill and her husband, shady real estate mogul Joseph Shepard, got rich at the expense of taxpayers continue to mount.

Over the past several months, Missourians have read about the $131 million in subsidies McCaskill’s husbands’ businesses have received. And the Cayman Islands investments. And the controversial conservation tax benefits. Missourians are being reminded of these headlines daily in TV ads highlighting her business dealings, but they still have been given more questions than answers, as McCaskill has refused to release her family’s tax returns or answer questions about her husband’s business dealings.

As you’re tracking down Claire McCaskill to ask how bad the fall out has been after her vote against Justice Kavanaugh, here are a few more questions raised by the latest story on the $273.3 million in tax credits McCaskill’s husband has dealt in that remain unanswered:

  • What is Shepard’s connection to the Horizon Housing Foundation, a supposed “nonprofit organization” that reported $52.8 million in income in 2016, yet made only $1,466 in charitable contributions, and that shares an address and phone number with one of Shepard’s companies?
  • The Horizon Housing Foundation currently has assets of $230.6 million, making it the 9th largest foundation in the state of Missouri. Why does one of the largest foundations in the state keep such a low profile?
  • Given how little Horizon Housing Foundation contributes to charities, how do executives justify its status as a non-profit?
  • In 2017, Horizon Housing Foundation reported $53.8 million in distributions on its tax forms. Were these distributions comprised of low income housing tax credits? If so, how long were they sheltered from taxes?
  • Public records detail an elaborate business structure that includes several businesses, including Horizon Asset Management, which are not listed on McCaskill’s financial disclosures. Why have McCaskill’s personal financial disclosures failed to disclose the entirety of such a lucrative business structure?
  • Horizon Asset Management is 99.9% owned by the Horizon Housing Fund and is included in 57 of the Missouri Tax Credit Fund’s UCC statements. Is it anything more than a conduit to move tax credits from Shepard’s for-profit business to the tax free foundation so he can maximize profits and minimize tax liability?
  • How much have McCaskill and Shepard made off of their low income housing tax credit dealings? We know they’ve pocketed AT LEAST $11 million, but that number could be significantly more, as financial disclosures don’t require exact amounts when incomes exceed $1 million per year.
  • Why is a multimillionaire Senator enriching herself through a government program intended to provide housing to low-income Missourians?