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OMG, Look Who Else Got Their Taxes Wrong!
Topic Started: Feb 18 2009, 02:55 PM (577 Views)
QuirtEvans
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I Owe It All To John D'Oh
You betcha.

http://politicalticker.blogs.cnn.com/2009/02/18/palin-told-to-pay-back-taxes/
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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George K
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Finally
You beat me by 3 minutes. I am reading the story now. :lol2: :lol2:

Do you think that she'll have to pay up, or will she get the Geithner/Daschle/Emmanuel deal?
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Mikhailoh
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If you want trouble, find yourself a redhead
There was some question about whether it was to be treated as income or not, or whether it was part and parcel of being governor. That's a far cry from Geithner not paying taxes on IMF fees.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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JoeB
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Senior Carp
Doesn't sound like much of a problem. Here in California, it's standard practice for legislators to collect per diem even while living at home. Since per diem is generally not taxed, I think I might have made the same error (if it actually is an error) she did. The tax code is a complex monstrosity and it's difficult to understand, even for professional tax people.

This shouldn't affect her chances in 2012 because people understand the difficulties in interpreting the tax code. Since it appears the Democrats and Obama have taken posession of the financial bailout, her chances of wilnning in 2012 are much better. The primary will be the tough battle.
"There are many ingredients in the stew of annoyance." - Bucky Katt
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Mikhailoh
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If you want trouble, find yourself a redhead
I don't think this tax thing is a big deal, but I cannot see Palin as a presidential candidate or nominee again. I think next time the GOP needs to run a new face like Bobby Jindal. I hope they are smart enough to see it.

Don't get me wrong, I like Sarah Palin just fine, but I don't think looking to the past is the way to go.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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JoeB
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Quote:
 
I don't think this tax thing is a big deal, but I cannot see Palin as a presidential candidate or nominee again.

Wrong! This is a thread started by Quirt and we MUST assert that Sarah Palin will be Ms. President, irrespective of our actual beliefs.
"There are many ingredients in the stew of annoyance." - Bucky Katt
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brenda
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..............
JoeB
Feb 18 2009, 03:02 PM
Doesn't sound like much of a problem. Here in California, it's standard practice for legislators to collect per diem even while living at home. Since per diem is generally not taxed, I think I might have made the same error (if it actually is an error) she did. The tax code is a complex monstrosity and it's difficult to understand, even for professional tax people.

This shouldn't affect her chances in 2012 because people understand the difficulties in interpreting the tax code. Since it appears the Democrats and Obama have taken posession of the financial bailout, her chances of wilnning in 2012 are much better. The primary will be the tough battle.
Same here in Minnesooooota. Legislators who live just a few miles from the Capitol take per diems throughout the session, sometimes 6 or 7 days per week, and it is tax free.

In 2007, the legislators here raised their per diem amounts in both the House and Senate. In the State Senate, it went from $69 to $96. That's a nice tax-free raise to vote for yourself. The annual per diems per legislator can be as much as their annual salary.

“Weeds are flowers, too, once you get to know them.”
~A.A. Milne
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QuantumIvory
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Mikhailoh
Feb 18 2009, 03:07 PM
I don't think this tax thing is a big deal, but I cannot see Palin as a presidential candidate or nominee again. I think next time the GOP needs to run a new face like Bobby Jindal. I hope they are smart enough to see it.

Don't get me wrong, I like Sarah Palin just fine, but I don't think looking to the past is the way to go.
Now this Bobby I can support. :)
"I regard consciousness as fundamental. We cannot get behind consciousness." -Max Planck

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Mikhailoh
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JoeB
Feb 18 2009, 03:10 PM
Quote:
 
I don't think this tax thing is a big deal, but I cannot see Palin as a presidential candidate or nominee again.

Wrong! This is a thread started by Quirt and we MUST assert that Sarah Palin will be Ms. President, irrespective of our actual beliefs.
Hmm. There is a lot of entertainment value in that. I concur.

HEY QUIRT! IT WON'T STOP HER FROM BEING PRESIDENT PALIN in 2012!!
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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apple
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ha
it behooves me to behold
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Sarah Palin
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Junior Carp
It was an honest mistake by my accountants. Really! I'll try to do better by 2012!
It's gonna be yuge! You betcha!
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QuirtEvans
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I Owe It All To John D'Oh
George K
Feb 18 2009, 02:58 PM
You beat me by 3 minutes. I am reading the story now. :lol2: :lol2:

Do you think that she'll have to pay up, or will she get the Geithner/Daschle/Emmanuel deal?
I didn't follow the Daschle/Emanuel issues, but I'm pretty sure Geithner paid the back taxes. So, what deal you talkin' about?

(I'd also bet that Emanuel did, too.)
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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brenda
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..............
QuirtEvans
Feb 18 2009, 04:46 PM
George K
Feb 18 2009, 02:58 PM
You beat me by 3 minutes. I am reading the story now. :lol2: :lol2:

Do you think that she'll have to pay up, or will she get the Geithner/Daschle/Emmanuel deal?
I didn't follow the Daschle/Emanuel issues, but I'm pretty sure Geithner paid the back taxes. So, what deal you talkin' about?

(I'd also bet that Emanuel did, too.)
Rahm's Rent Issue

We'll see how much is made of this. I just heard about it today.
“Weeds are flowers, too, once you get to know them.”
~A.A. Milne
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George K
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Finally
QuirtEvans
Feb 18 2009, 04:46 PM
I didn't follow the Daschle/Emanuel issues, but I'm pretty sure Geithner paid the back taxes. So, what deal you talkin' about?

(I'd also bet that Emanuel did, too.)
http://www.commentarymagazine.com/blogs/index.php/thayer/53871
Quote:
 
Rahm Emanuel. It appears that the former congressman found a handy way to save money. Most members of Congress find themselves having to support two households — one in their home district, and one in or around DC. Some members, in the past, have ended up sharing apartments or town houses. Emanuel took that one step further: he moved into the home of his colleague, Rosa DeLauro (D-CT), staying there for five years. Rent-free.

To most people, this is “imputed income” — non-financial gifts or compensation that should be reported to the IRS. Emanuel and DeLauro defend their conduct by saying that House ethics rules permit “hospitality between colleagues.”


A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
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Copper
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Shortstop

Maybe it's time to change the tax code.

Celebs and politicians really should not have to pay, it only causes trouble.
The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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Renauda
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HOLY CARP!!!
Imputed income because someone lets you live in their house free of charge?
Bizarre.
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JBryan
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I am the grey one
We tax EVERYTHING.

If a dollar cahnges hands or even if anything that could be valued in dollars changes hands Uncle Sam gets his whack.
"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.

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Renauda
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HOLY CARP!!!
It would seem that way. No wonder every second person the US appears to owe back taxes for something or another.
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JBryan
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I am the grey one
THe IRS is like and angry black cloud from which lightning could strike at any moment.
"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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brenda
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..............
George K
Feb 18 2009, 04:54 PM
QuirtEvans
Feb 18 2009, 04:46 PM
I didn't follow the Daschle/Emanuel issues, but I'm pretty sure Geithner paid the back taxes. So, what deal you talkin' about?

(I'd also bet that Emanuel did, too.)
http://www.commentarymagazine.com/blogs/index.php/thayer/53871
Quote:
 
Rahm Emanuel. It appears that the former congressman found a handy way to save money. Most members of Congress find themselves having to support two households — one in their home district, and one in or around DC. Some members, in the past, have ended up sharing apartments or town houses. Emanuel took that one step further: he moved into the home of his colleague, Rosa DeLauro (D-CT), staying there for five years. Rent-free.

To most people, this is “imputed income” — non-financial gifts or compensation that should be reported to the IRS. Emanuel and DeLauro defend their conduct by saying that House ethics rules permit “hospitality between colleagues.”


I pw3nd you, George, but only by a minute. I'm putting a gold star on my calendar for today. :D
“Weeds are flowers, too, once you get to know them.”
~A.A. Milne
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George K
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Finally
:smooch:

I was finishing my second Scotch of the night eating stuffed pizza and typing with one hand.
A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
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brenda
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..............
Renauda
Feb 18 2009, 05:05 PM
Imputed income because someone lets you live in their house free of charge?
Bizarre.
In this particular case, there may be other issues, too. Again, we'll see where it goes.

Here's what the above article has to say.

Quote:
 
NEWS broke last week that Rahm Emanuel, now White House chief of staff, lived rent- free for years in the home of Rep. Rosa De Lauro (D-Conn.) - and failed to disclose the gift, as congressional ethics rules mandate. But this is only the tip of Emanuel's previously undislosed ethics problems.

One issue is the work Emanuel tossed the way of De Lauro's husband. But the bigger one goes back to Emanuel's days on the board of now-bankrupt mortgage giant Freddie Mac.

Emanuel is a multimillionaire, but lived for the last five years for free in the tony Capitol Hill townhouse owned by De Lauro and her husband, Democratic pollster Stan Greenberg.

During that time, he also served as chairman of the Democratic Congressional Campaign Committee - which gave Greenberg huge polling contracts. It paid Greenberg's firm $239,996 in 2006 and $317,775 in 2008. (Emanuel's own campaign committee has also paid Greenberg more than $50,000 since 2004.)

To be fair, Greenberg had polling contracts with the DCCC before - but each new election cycle brings its own set of consultants. And Emanuel was certainly generous with his roommate.

Emanuel never declared the substantial gift of free rent on any of his financial-disclosure forms. He and De Lauro claim that it was just allowable "hospitality" between colleagues. Hospitality - for five years?

Some experts suggest that it was also taxable income: Over five years, the free rent could easily add up to more than $100,000.

Nor is this all that seems to have been missed in the Obama team's vetting process. Consider: Emanuel served on the Freddie Mac board of directors during the time that the government-backed lender lied about its earnings, a leading contributor to the current economic meltdown.

The Federal Housing Enterprise Oversight Agency later singled out the Freddie Mac board as contributing to the fraud in 2000 and 2001 for "failing in its duty to follow up on matters brought to its attention." In other words, board members ignored the red flags waving in their faces.

The SEC later fined Freddie $50 million for its deliberate fraud in 2000, 2001 and 2002.

Meanwhile, Emanuel was paid more than $260,000 for his Freddie "service." Plus, after he resigned from the board to run for Congress in 2002, the troubled agency's PAC gave his campaign $25,000 - its largest single gift to a House candidate.

That's what friends are for, isn't it?

Now Rahm Emanuel is in the White House helping President Obama dig out of the mess that Freddie Mac helped start.

The president's chief of staff isn't subject to Senate confirmation, but his ethics still matter. Is this the change that we can depend on?


“Weeds are flowers, too, once you get to know them.”
~A.A. Milne
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1hp
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Fulla-Carp

Quote:
 
I didn't follow the Daschle/Emanuel issues, but I'm pretty sure Geithner paid the back taxes. So, what deal you talkin' about?


Well, I haven't done the calculation, but I think the taxes on $17,000 will be less than what Geithner didn't pay originally. So, using the Geithner model, Palin is still a saint. Damn her and Geithner goes too.

Yup, here it is - Geithner shorted the IRS by $35,000

Geithner's a cheat
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Renauda
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HOLY CARP!!!
I still don't get it, but then on our tax forms we do not deduct rent or mortgage payments from our income. Here there would be no way the tax department could find out you were receiving free rent unless it was provided to by your employer as an employee benefit. Then would taxable as a monthly source deduction.
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JBryan
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I am the grey one
No, your tax forms just have two lines:

1. How much did you make.

2. Send it in.

Pretty much like ours but less round-about.
"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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