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Palin's Tax Returns
Topic Started: Oct 3 2008, 02:37 PM (871 Views)
jon-nyc
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Seriously - now we need an AMT to make sure the middle class pay their fair share....
In my defense, I was left unsupervised.
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ivorythumper
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I am so adjective that I verb nouns!
kathyk
Oct 3 2008, 06:23 PM
Oh c'mon. The Obama's income only  became higher than normal with the income from his last two books.  How can all you free market types diss him for that?

You are wrong about that, Kathy.
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According to the couple’s 2006 income tax return, Michelle's salary was $273,618 from the University of Chicago Hospitals, while he had a salary of $157,082 from the United States Senate. The total Obama income, however, was $991,296 including $51,200 she earned as a member of the board of directors of TreeHouse Foods, plus investments and royalties from his books.


No one is faulting anyone for making money.
The dogma lives loudly within me.
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ivorythumper
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I am so adjective that I verb nouns!
jon-nyc
Oct 3 2008, 06:46 PM
Seriously - now we need an AMT to make sure the middle class pay their fair share....

Envy is bad for the soul.
The dogma lives loudly within me.
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Frank_W
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Resident Misanthrope
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No one is faulting anyone for making money.


Well, the feds get a little annoyed when the citizenry begins firing up their own printing presses... :shifty:
Anatomy Prof: "The human body has about 20 sq. meters of skin."
Me: "Man, that's a lot of lampshades!"
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jon-nyc
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ivorythumper
Oct 3 2008, 09:49 PM
jon-nyc
Oct 3 2008, 06:46 PM
Seriously - now we need an AMT to make sure the middle class pay their fair share....

Envy is bad for the soul.

What do my shoes have to do with this?
In my defense, I was left unsupervised.
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John D'Oh
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MAMIL
JBryan
Oct 3 2008, 09:43 PM
Quote:
 
All I've seen is the article. I don't think they're free lance / contractors. But there has to be some reason why their taxes are so low. THey don't have that many kids.


Her husband works in the oilfield if I'm not mistaken. That could easily account for a lot of expenses. But we are both speculating. The bottom line is that a 130 K income with a 12 K tax bill is not prima facie tax evasion.

Well, I'm writing to BP - Mrs. D'Oh would make a very attractive oil rig person thingy - whatever the hell it is they do. Drilling, I think. And other stuff. Shale! Hope that's not too technical.

Plus, we could have more kids and I'd pay less tax.

God bless America!!!!
What do you mean "we", have you got a mouse in your pocket?
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ivorythumper
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I am so adjective that I verb nouns!
jon-nyc
Oct 3 2008, 06:51 PM
ivorythumper
Oct 3 2008, 09:49 PM
jon-nyc
Oct 3 2008, 06:46 PM
Seriously - now we need an AMT to make sure the middle class pay their fair share....

Envy is bad for the soul.

What do my shoes have to do with this?

I was thinking some fishier.
The dogma lives loudly within me.
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ivorythumper
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I am so adjective that I verb nouns!
JBryan
Oct 3 2008, 06:43 PM
Quote:
 
All I've seen is the article. I don't think they're free lance / contractors. But there has to be some reason why their taxes are so low. THey don't have that many kids.


Her husband works in the oilfield if I'm not mistaken. That could easily account for a lot of expenses. But we are both speculating. The bottom line is that a 130 K income with a 12 K tax bill is not prima facie tax evasion.

I thought they had a commercial fishing business. All sorts of ways to legally move income into retirement plans, take money out in leases and rents etc, avoid FICA, and reduce the tax burden. That's why God made accountants.
The dogma lives loudly within me.
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jon-nyc
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Thats.... thats... thats...

UNPATRIOTIC.
In my defense, I was left unsupervised.
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JBryan
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I'm sure its not evasion, I just think its wrong.

We gotta crank up that AMT!


If I have legitimate expenses that reduce my adjusted gross I will take them rather than pay taxes on the reimbursements I get from airfare, rental cars, equipment purchase, etc. You realize that is all reported on a 1099 do you not?
"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne


There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it".


Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody.

Eleanor: At my age there's not much traffic anymore.

From The Lion in Winter.
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John D'Oh
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ivorythumper
Oct 3 2008, 09:59 PM
JBryan
Oct 3 2008, 06:43 PM
Quote:
 
All I've seen is the article. I don't think they're free lance / contractors. But there has to be some reason why their taxes are so low. THey don't have that many kids.


Her husband works in the oilfield if I'm not mistaken. That could easily account for a lot of expenses. But we are both speculating. The bottom line is that a 130 K income with a 12 K tax bill is not prima facie tax evasion.

I thought they had a commercial fishing business. All sorts of ways to legally move income into retirement plans, take money out in leases and rents etc, avoid FICA, and reduce the tax burden. That's why God made accountants.

I know fishermen. Her husband sits around all day drinking beer AT THE TAX PAYERS FREAKING EXPENSE!!!!!

That's why God made fish. They just leap into Christian's boats without any work at all, and it's all tax deductible. Read the Book if you don't believe me.
What do you mean "we", have you got a mouse in your pocket?
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JBryan
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I am the grey one
You are obviously drinking something stronger than beer.
"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne


There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it".


Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody.

Eleanor: At my age there's not much traffic anymore.

From The Lion in Winter.
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John D'Oh
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MAMIL
It's Friday. The good Lord set Friday aside for fish. Since I don't like fish, I drink wine. Let's face it I'm doing the Lord's work. He turned water into wine. I turn it back into water.

If God hadn't meant us to get sh!t-faced, he would have made it taste more unpleasant.

I'm convinced that one day they'll make me a saint.
What do you mean "we", have you got a mouse in your pocket?
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jon-nyc
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FTP posted a link to the return. Its mostly wage income.


http://www.johnmccain.com/downloads/2006_TaxForms_Palin.pdf


THose deductions are obscene. (i don't mean illegitimate, just obscene) The idea that someone can make 130k and pay less than 10% in taxes seems grossly unfair.


In my defense, I was left unsupervised.
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Daniel
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HOLY CARP!!!
Really? How much do you think it costs to raise five (5) children, including a child with special needs? Please consider that the cost of living has doubled in eight (8) years, and then some. Now consider that the median household income for my state, Hawaii (Alaska is also an expensive state) is only about $50,000. Take federal, state (here we have state), SS, and Medicare, taxes, and employer deductions for employee health care contributions and the like out of that, and please get back to me about whether middle class people pay enough taxes. Most middle class people don't make what the Palins made, don't have the deductions they have, and can't afford accountants. Most middle class people pay plenty of taxes.
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Jack Frost
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Bull-Carp
jon-nyc
Oct 3 2008, 08:23 PM
I knew that already, Jack. You can't run for office with a purity score of 42.

I forgot about that part.

It WOULD be fun to read the Enquirer stories though.

jf
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Let it be said by our children's children that when we were tested we refused to let this journey end, that we did not turn back nor did we falter; and with eyes fixed on the horizon and God's grace upon us, we carried forth that great gift of freedom and delivered it safely to future generations.
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Daniel
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HOLY CARP!!!
More reason not to judge the middle class by the Palin's tax returns:

http://www.huffingtonpost.com/2008/10/03/p...y_n_131791.html

WTF.

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jon-nyc
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Sorry, Daniel. If someone's making 3 times the average income and pays only 9% in federal taxes, that's a problem in my mind.
In my defense, I was left unsupervised.
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CTPianotech
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Fulla-Carp
Which deductions do you think should be cut back then Jon?

I did a quick run on the numbers at the TurboTax website. A single person filing with no deductions would have paid around $28K. Adding in for a spouse, and 4 children immediately brings that number down to about $15K.
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Daniel
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HOLY CARP!!!
jon-nyc
Oct 4 2008, 03:31 AM
Sorry, Daniel.  If someone's making 3 times the average income and pays only 9% in federal taxes, that's a problem in my mind.

I only wanted to point out that most middle class people don't come close to paying only that percentage of their income in taxes.

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CTPianotech
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Fulla-Carp
Daniel
Oct 4 2008, 08:25 AM
jon-nyc
Oct 4 2008, 03:31 AM
Sorry, Daniel.  If someone's making 3 times the average income and pays only 9% in federal taxes, that's a problem in my mind.

Yes, I agree; it's a problem. Because the more I look at the Palin's tax returns, the less sense they make. I only wanted to point out that most middle class people don't come close to paying only that percentage of their income in taxes.

What do you consider 'middle class'?

The dollar amount that it takes to live a typical 'middle class' lifestyle goes up as the family size increases. Without any other deductions, a family of 6 doesn't pay any federal income taxes until about $60,000 per year.
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Daniel
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HOLY CARP!!!
I edited my post to make my point to jon more clearly, but never mind that (it seems that there are discrepancies in how much income the Palin's made or did not make, and what is and is not taxable, according to the Huffington post link, but I want to set that aside.

Middle class income for a family of 7 including a special needs child *would* be over $100,000 imo. I would think $100,000 would be scrapping by (i.e. just living, no college funds, etc.)
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jon-nyc
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Daniel
Oct 4 2008, 08:40 AM
I edited my post to make my point to jon more clearly...

Which is really an obnoxious thing to do, because it can make another persons very reasonable post seem nonsensical.
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jon-nyc
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CTPianotech
Oct 4 2008, 08:24 AM
Which deductions do you think should be cut back then Jon?

I don't know - I'm not even sure I care. Maybe an AMT would be the best way to deal with it.

In my defense, I was left unsupervised.
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jon-nyc
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CTPianotech
Oct 4 2008, 08:27 AM
Without any other deductions, a family of 6 doesn't pay any federal income taxes until about $60,000 per year.

Yeah, which is why I think they've been cut too far. Broadly speaking, we have a situation where the middle class pay for social security and the well off pay for everything else.
In my defense, I was left unsupervised.
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