Maybe it would be patriotic for you to pay your taxes, Ms. Palin
“The children’s travel payments are clearly taxable income,’’ said Jack Bogdanski, a tax professor at the Lewis and Clark Law School in Portland and a former advisor to the Internal Revenue Service. “The money paid for Todd Palin’s travel might possibly turn out to be tax-free, but it would be quite a stretch.”
Bryan T. Camp, a tax law professor at Texas Tech University School of Law, said “There is no suggestion that either Todd or the kids are employed by the State of Alaska. Maybe they should be.” Mr. Camp added “The issue is whether Palin gets the $43,000 tax free – no income tax, no Social Security tax, no Medicare tax, not a dime.” His conclusion: The payments are taxable.
So if that is the case, how much might the Palins owe? Mr. Bogdanski said that, at the least, the family should have reported the $24,728 in children’s travel reimbursements. He calculates a tax bill of $6,000, based on a tax rate of between 25 and 28 percent. There would also be additional interest payments since last April 15.
Labels: election2008
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