August 2006 Weddings
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Re: Candidate tax returns
Here's my feeling on the tax returns.
I don't care about the specifics and I could care less about what they earn, deduct, give to charity, whatever. Who cares? BUT, I think the public has a right to know about any fraud, conflicts of interest, or other dishonesty or sketchiness.
I wonder if Palin will release hers.
And I wonder what the tax consequences of all her per diems that she's been recieving are, because it seems like if there is anything relevant to the public in ther returns, it would be surrounding that issue. I have no idea what, if any, tax consequences surround the per diems, but it strikes me as something of an accounting nightmare. Anyone know?
There's no issue with her per diems. she's entitled to claim those and actually didn't claim as much as she was entitled to.
Thanks for posting this meganne. I download stingyass Biden's return just so I could laugh at his $995 of charitable giving. Apparently $400 was carryover from the year before, which makes it even funnier.
Oh I don't care about her claiming them. I think her right to claim them is what enabled her to be both a mother of 5 and a governor, so I think they are a fantastic thing.
My point was, do they go on the tax return as income or not? Or if she was working from home, how was she calculating the home office deduction? Those are what seem like the accounting difficultly, and that is why I'd be curious to see her return.
Oh sorry. I thought you were referring to that trumped up fake controversey over her taking them at all.
My DH got a per diem for almost a year at his job. They are not taxable unless the amount is in excess of the federal per diem rate. If the amount is over the federal rate then the employee has to substantiate the excess per diem. If the amount is substantiated then it's still not taxable. The entire per diem is only taxable if the amount is over the federal rate and none of it is substantiated.
http://www.irs.gov/newsroom/article/0,,id=164208,00.html
Interesting. I guess that makes sense. I'm too lazy to figure out if her rate was above the federal rate, but if it was, I could see how substantiating that would be a gray area for accountants and whatnot.
Anyway, my point was, that I'm interested in seeing returns for purposes of shady stuff. I don't care what she gave to charity or how much she paid in capital gains taxes. But I think she should release them in the name of transparency.
I'm sure she'll release them. She can't hide them when every other candidate has released theirs.
From the wash post articles I read, she substantiated all of her per diems so it's moot as far as taxation goes. At least that's what I'm inferring since the media had detailed listings of what they covered.
The AK governor's per diem is $60 apparently. I tried to look up the federal rate but it looks like it's different for different parts of the country. I tried to get AK's but the govt web page wouldn't load properly so I gave up.