Palins release tax records for 2007, 2006

[GinaMaria]

Source: Reuters

Watchdog groups have called on Palin to release details of her income and taxes since other candidates already had done so. The campaign of Republican presidential candidate John McCain released her records for 2006 and 2007.



Read more: http://news.yahoo.com/s/nm/20081003/pl_nm/us_usa_politics_palin_taxes_3

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Hope this isn't a dupe. I know several of you are waiting for this.

Here's more from the AP article http://news.yahoo.com/s/ap/20081003/ap_on_el_pr/palin_tax_returns;_ylt=AoYgryUxTY55gi6dguU9WnytOrgF

Palin tax returns for 2006 and 2007 released

WASHINGTON - Republican John McCain's campaign says Sarah and Todd Palin had a gross income of nearly $170,000 last year and paid nearly $25,000 in taxes.


The campaign also says the couple made nearly $130,000 and paid about $12,000 in taxes in 2006.

McCain's campaign released the joint income tax return Friday for his vice presidential nominee and her husband.

The couple donated more than $8,000 to charity over two years.

Their income jump from 2006 to 2007 resulted from the salary increase when Sarah Palin became Alaska's governor

[Night_Nurse]

1. Todd brought in over 100G's from BP oil...

now THAT'S what I call takin' on Big Oil, you betcha! :sarcasm:

[onenote]

2. where do you find that?

[Night_Nurse]

3. It's right there in the article...

The records showed that Palin, 44, was the bigger breadwinner in the family in 2007. Most of the Palins' 2007 income came from her salary as governor of Alaska -- $107,987. In 2006, her husband, Todd Palin, brought in $102,716 from BP oil company.

[onenote]

4. Thanks! Don't know how I missed it.

[Night_Nurse]

6. NP... it's Friday :-)

[onenote]

12. Don't I know it!! Off to see John Prine. Looking forward to some fun from him

[Tempest]

5. She may have some tax problems to deal with

She didn't declare as income the per diem she received for her and her family for staying at home.

http://taxprof.typepad.com/taxprof_blog/2008/09/sarah-palins-ta.html

[grasswire]

8. whistle blower's hotline

The IRS is happy to receive tips.

[GinaMaria]

11. interesting......

If it was done as an expense report like businesses use, would she need to declare it? Expense reports and checks are to reimburse you for out of pocket expenses.... but what counts as out of pocket? How would we find out how Alaska manages this?

[GinaMaria]

15. found this

http://www.jacksonfreepress.com/index.php/site/comments/the_palins_what_they_earn_and_own_100208/


The Palins' total income last year was split almost evenly between Sarah Palin's white-collar job and her husband's blue-collar work. Sarah Palin's salary as governor was $125,000; Todd Palin took in $46,790 as a part-time oil production operator for BP Alaska in Prudhoe Bay, plus $46,265 in commercial fishing income and $10,500 in Iron Dog snowmachine race winnings. These figures do not include nearly $17,000 in per diem payments Palin received for 312 nights spent in her own home since she was elected governor; she also has received $43,490 to cover travel costs for her husband and children.

In addition, each member of the Palin family received $1,654 in state oil royalties paid to all Alaskans.

The Palins' assets seem enviable: a half-million-dollar home on a lake with a float-plane at the dock, two vacation retreats, commercial-fishing rights worth an estimated $50,000 or more and an income last year of at least $230,000. That compares with a median income of $64,333 for Alaskans and $50,740 for Americans in 2007, according to the Census Bureau.

[Jack from Charlotte]

7. 2007 return dated Sept 3, 2008.... 4 weeks ago....

A little late, eh?

And what, no tithe? Not even close. What are the sanctions for failure to tithe in that church? Straight to hell?

[grasswire]

10. that's either an amended return...

...or a late, late filing.

I would bet it's an amended return. Let's see the original!!

[Diane R]

13. Good catch. Yes, she should have to release the original.

[onenote]

14. I filed my 2007 return on Sept 10 of this year

THings got weird because of a family illness so I got an extension. Then it was basically inertia until I realized that my extension would run out soon.

My guess is that she got an extension, not an amended filing. It would say if was an amended filing - different form.

[Tammie]

17. Right.

1040X = Amended Return.

[bamacrat]

9. Wait thye only pay 12000 in taxes on 130,000?

Thats less than 10 percent. I may about 40 and will pay almost 15000 in taxes, what gives?

[izzie]

16. Gee we made that in Alaska in the 80's and paid 25,000 tax

How did she do that? Maybe she is one of those Alaskan that has a church in her home and gets a write off. I swear half the people we knew in Alaska used to do that. We did not, just grit our teeth and paid the 25,ooo for a good many years. I wish I had it now so I could give it to Wall Street. I am sure they could sue it.

[llmart]

18. She has a lot of dependents to claim......

She's a regular fertile Myrtle.

[Zuiderelle]

25. I was wondering how $170K and only 25K in taxes works too. A 15% bracket at 170K?

They must have a LOT of deductions.

[Juneboarder]

26. Yea, It's No Wonder...

Why she's against taxing those making over $250,000...

I'm paying like 25-30% of my income in taxes.

I had a guy yesterday try and tell me that he's a Democrat and would vote for Hillary if she was in running, but doesn't like Obama so he's voting for McSame. He also tried to tell me that those making over $250,000 pay a lot more taxes than I or any of us do...

Yea effing right! Those making $250,000 should be putting in $62,500-75,000 towards taxes for things to be fair.

[customerserviceguy]

28. The $130K might have been gross income

Commercial fishing has some fairly high expenses, that would be properly deductable against that income. Also, let's face it, the child tax credit was created for families with loads of kids like this one.

[El Supremo]

19. Palin tax returns for 2006 and 2007 released

Source: AP

ANCHORAGE, Alaska - Sarah Palin is the breadwinner and husband Todd is, well — he takes a lot of deductions for his fishing and snowmachine racing careers, according to 2007 and 2006 federal tax returns released Friday.

Sarah Palin makes $125,000 a year as Alaska governor. Plus, since she took the job in December 2006, she hasn't paid taxes on the more than $17,000 she received in controversial per diem payments for working out of the family's lakeside home in Wasilla — some 575 miles from the capital of Juneau.

For the 2007 tax year, Todd Palin's self-employment brought him $66,893 in gross receipts — $49,893 from fishing and $17,000 from snowmachine racing. But, the returns show, he claimed so many deductions that he reported only $15,513 net profit from the fishing operation and claimed a $9,639 loss from his racing, leaving him with an overall net income of only $5,874. In addition, Todd earned $43,519 last year working part-time on the North Slope for BP Exploration.

The self-employment deductions left the Palins, who have four dependent children, with a 15 percent tax rate for 2007 and a rate of less than 10 percent for 2006. Todd Palin also deducted for the business use of their home in Wasilla. A fifth child was born to the couple this year...

Read more: http://news.yahoo.com/s/ap/20081004/ap_on_el_pr/palin_tax_returns

[druidity33]

20. Friday night dump...nt

[Cresent City Kid]

21. I stand corrected

I called Todd Palin a Kevin Federline wannabe in another post. I underestimated his skills as a tax cheat.

[customerserviceguy]

29. A lot of people

run their hobbies as a "business", but I'm sure when Todd was doing this, he didn't think it would get the kind of scrutiny it's about to. On the other hand, he has won races, and there would be prize money for that. A "safe haven" test is if you can run profits in 3 years out of 5, you can claim the losses in the other two years.

I used to be a tax accountant back in the 1980's.

[uppityperson]

22. Oh my, I wonder if I can deduct "gear"? More from article...What a scammer

Todd Palin offset his $17,000 gross receipts for snowmachine racing by claiming $10,858 in depreciation, $2,425 for car and truck expenses and $1,559 for supplies. An additional $11,405 was claimed for "other," which included fuel, entry fees, equipment parts, repairs and maintenance, cell phone, memberships, "sponsorship apprec" and "gear."

The governor's husband claimed $34,380 in deductions for his fishing business — more than two-thirds of the gross receipts. He claimed $12,245 in crew share payments, another $2,953 for car and truck expenses, $5,866 for depreciation, $4,181 for supplies.

When he was on snowmachine duty, he claimed $192 for travel and no deductions for meals and entertainment. While fishing, he claimed $2,194 for travel and another $680 for meals and entertainment, which is deductible at 50 percent of cost.

[raysr]

23. What the F is

a snowmachine, a blower, or a snowmobile?

[KewlKat]

24. A snowmachine is a snowmobile

Sarwaaaaah is the blower.

[mitchum]

27. I insist on calling them "snowmobiles" because it really seems to piss off the snowbillies

:)