Justice Thomas's R.V. Loan Was Forgiven, Senate Inquiry Finds

[Nevilledog]

https://www.nytimes.com/2023/10/25/us/politics/clarence-thomas-rv-loan-senate-inquiry.html

No paywall
https://archive.ph/RBCDY

The terms of the private loan were as generous as they were clear: With no money down, Justice Clarence Thomas could borrow more than a quarter of a million dollars from a wealthy friend to buy a 40-foot luxury motor coach, making annual interest-only payments for five years. Only then would the principal come due.

But despite the favorable nature of the 1999 loan and a lengthy extension to make good on his obligations, Justice Thomas failed to repay a “significant portion” — or perhaps any — of the $267,230 principal, according to a new report by Democratic members of the Senate Finance Committee. Nearly nine years later, after Justice Thomas had made an unclear number of the interest payments, the outstanding debt was forgiven, an outcome with ethical and potential tax consequences for the justice.

“This was, in short, a sweetheart deal” that made no logical sense from a business perspective, Michael Hamersley, a tax lawyer who has served as a congressional expert witness, told The New York Times.

The Senate inquiry was prompted by a Times investigation published in August that revealed that Justice Thomas bought his Prevost Marathon Le Mirage XL, a brand favored by touring rock bands and the super-wealthy, with financing from Anthony Welters, a longtime friend who made his fortune in the health care industry.

*snip*

[underpants]

1. That's what makes hanging out at Walmart parking lots soooo enjoyable

🙄

[erronis]

2. For the average US taxpayer, this would cause a stern response from the IRS

Let's see how this is handled for poor Mr. Thomas...

[chicoescuela]

3. gee, I wonder if he reported this as income on his tax return? I doubt it

F’ing ass wipe

[Chainfire]

4. Isn't a "forgiven loan" in fact a gift?

To the wealthy donors, Thomas is not a friend, but an investment.

[Irish_Dem]

7. Bribe is actually the word you are looking for?

[Trailrider1951]

5. And this corrupt fool is against student loan forgiveness because, why?

I guess he thinks that he is "special".

[IrishAfricanAmerican]

6. 💰💰💰

[progree]

8. And then he used the RV as a prop to claim he prefers Walmart parking lots and common folk --

“I prefer the RV parks. I prefer the Walmart parking lots to the beaches and things like that. There's something normal to me about it,” Thomas said. “I come from regular stock, and I prefer that — I prefer being around that.”

regular stock, common folk, whatever

https://www.google.com/search?q=clarence+thomas+RV+Walmart+parking+lots+vacation&oq=clarence+thomas+RV+Walmart+parking+lots+vacation