John McCain's Tax Returns: What Happens in Vegas, Stays in Vegas
In September 2004, we had the pleasure of shooting craps with Senator John McCain, now the presumptive Republican presidential nominee. Senator McCain was in Las Vegas to attend the Oscar De La Hoya-Bernard Hopkins boxing match. We were in town to, well, do what people do in Vegas -- including, but not limited to, gambling.
We were impressed by Senator McCain's stamina. It was well past midnight, he was on his feet for several hours (no sitting allowed at the craps table), and he was still going strong. We were also impressed by his large stack of chips. He wasn't the luckiest roller; when it was his turn to shoot, he "sevened out" after about three rolls of the dice. But the table was generally hot, so he did well betting on other players.
Senator McCain was accompanied by his lovely and statuesque wife, Cindy McCain. Every now and then, people would come over to greet the McCains. In a testament to his focus, the senator never lost track of what was happening on the table. If he can chat with well-wishers while simultaneously monitoring craps-table action, surely he can handle the economy AND Iraq.
In light of Senator McCain's fondness for gambling, we weren't completely surprised by this issue, raised by Paul Caron over at TaxProf Blog:
I previously blogged the release of John McCain's 2006 and 2007 tax returns. The Daily Kos asks why McCain has not reported any gambling gains on Line 21, or gambling losses on Line 28, Schedule A, of his Form 1040, given widespread press reports that he is a frequent gambler at casinos who wagers thousands of dollars per trip. If the press reports are accurate, it is hard to imagine that McCain would not have won at least $600 on some occasions and received a Form W-G....
We reached out to the McCain campaign for comment. From spokesman Tucker Bounds [FN1]:
John McCain has had little occasion to try his luck at gaming in 2006 and 2007, as he was otherwise occupied during that time -- and had no winning sessions. As a result, Senator McCain had no taxable income when he did.
But don't shed tears for the senator. Considering his wife's vast -- and growing -- fortune, we're sure he can handle some losses at the gaming tables.
As for Senator McCain, we wish him better luck at the craps table in the future. Hopefully he won't end up like yesterday's LOTD, Joseph Levine.
[FN1] As noted by Politico, Tucker Bounds is the younger brother of our law school classmate and co-clerk, newly appointed White House staffer Ryan Bounds (whose recent wedding we covered here).
Update / Correction: The friend who was with us at the craps table that night has a contrary recollection about the presence of Mrs. McCain:
Although Mrs. McCain accompanied John McCain on the Vegas trip (I met her earlier that day in the hotel lobby), she was not at the craps table with him. I remember distinctly that he was there with two women who were younger and much less attractive. (I also believe at least one of them had a feather boa around her neck, something, I am quite confident, Mrs. McCain would never wear.)
Why Hasn't McCain Reported His Gambling Gains and Losses on His Tax Returns? [TaxProf Blog]


Picking our Lawyer of the Day was easy. Today the winning hand belongs to Ropes & Gray partner
* Remember the Mystery Pimp from our recent
The plea hearing for the embattled star quarterback took place this morning. One of Michael Vick's lawyers, Billy Martin, spoke to reporters on the courthouse steps. He stated that "this matter is concluded until December 10th, when Judge Hudson will sentence Michael Vick according to the plea agreement." He also announced that Vick will make a statement of his own at 11:30 AM today.
News of an amusing appellate decision, from that leading source of legal news,
* Still excited about last weekend's Kentucky Derby? Here are the rules for betting on the Iowa and NH Derbies. [




