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No taxable income? No problem. Or is it?

Excerpt

The following is from the October 21, 2010, edition of The Houston Chronicle. SMU Political Science Professor Cal Jillson provided expertise for this story.

October 22, 2010

By PEGGY FIKAC
Austin Bureau

AUSTIN — When millionaire oilman Clayton Williams said he hadn't paid federal income taxes one year, it helped make Ann Richards governor.

Democrat Bill White's disclosure that he didn't have taxable income in 1995 hasn't sparked the same explosion —circumstances, timing and candidates differ — but the issue isn't helping his battle against Gov. Rick Perry. The GOP incumbent has made a crusade of demanding that White release his income tax returns for the years he served as deputy energy secretary and as state Democratic Party chairman, refusing to debate White because he hasn't done so.

“Absent those tax returns, Perry can say pretty much anything he wants in political terms, and he's taking the opportunity to do that,” said SMU political scientist Cal Jillson. “I think on the facts, Bill wins. On the politics, perhaps Perry wins, because he plants those seeds of doubt.”

A recap: White left as deputy energy secretary in 1995 and started a venture capital business looking at oil and gas investments, according to his campaign. Spokeswoman Katy Bacon wouldn't release his tax return but said he paid $27,668 in federal income taxes, including withholding, estimated tax payments and an overpayment. Because of businesses losses, exemptions and deductions, he had no taxable income. He owed $3,482 in household employment taxes for his housekeeper. He got a refund of $24,186, she said.

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