Todd Palin's 2007 "income"". Pre-deductions: $66,893. Post deductions: $5,874.00

[rainbow4321]

http://www.macon.com/577/story/481882.html

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.

(snip)

On the 2006 return, Todd Palin had total receipts from the fishing and snowmachine racing of $48,082, but after deductions his net income was $10,164.

[begin_within]

1. If he lost almost $10k racing, why is he racing?

[dysfunctional press]

18. for the tax deductions.

or so it would seem.

[rainbow4321]

22. For being a member of a secedist from the US, he sure seemed to enjoy

the benefits of being able to take advantage of the US tax deduction laws.
Think it dawned on him that once he secedes, there go the US deductions?

[dysfunctional press]

24. i would expect a secessionist to try to pay as little tax as possible...

and once they secede- there go the u.s. taxes as well- so who needs deductions?

[Shallah Kali]

29. Maybe they are like the fundamentalist mormons who go out of their way to 'bleed the beast'

marry more wives than you can support, get them and your kids on welfare, all amongst other reasons as a way of draining our government.

[roguevalley]

25. for the prestige. its a prestige thing up here.

[catgirl]

2. The guy's a wheeler-dealer...

[Lancer]

3. And silent but deadly. I've never heard a word out of him. n/t

[Name removed]

19. Deleted message

Message removed by moderator. Click here to review the message board rules.

[catgirl]

20. Interesting point

I haven't either. I've met slippery people like him though. You can see it in his "smile". His mind is
already racing.... what he and Sarah will get out of a V.P. spot. Con artists are always con artists.
You can't reform them.

[TXDemGal]

21. He has said that he and Caribou Barbie are each other's

"best friends." And that he has done what he can (or words to that effect) to help her in her career, and that she has helped him. This was said to explain why he reportedly spent 50% of his time in the Governor's office.

[madokie]

4. like in CROOK

[MindMatter]

5. Slacker

[nichomachus]

6. And no audit?

How strange. You'd think numbers like that would trigger the IRS audit alarm -- unless, of course, the guy is a Republican.

[crim son]

7. When the system can be played to that degree, the system is failed.

It truy pisseth me off.

[OwnedByFerrets]

8. Because paying taxes is soooooooooooo UnPatriotic...nt

[gopbuster]

9. The self employment numbers are not out of the ordinary...

He actually made over $49,000. 43,000 was taxed separately if he was an employee BP.

Being a small business owner at one time myself, you would be surprised how the expenses add up. You have to remember the $66,000 figure is total revenue which is not all that much money in relation to the expenses of running a small business. Racing is a usually losing proposition, for most a hobby.

[marions ghost]

10. what I don't understand...

what about the $43,519 from BP Exploration? Was that not taxed?

[gopbuster]

11. I'm sure it was or it would have been within the self employment numbers and it doesn't show it was

[marions ghost]

12. ok well....

the article says that $66,893 was gross receipts from self-employment, described as fishing and snowmobiling.

So what did he DO for BP?? :shrug:

[gopbuster]

13. He worked on the North Slope as a part time employee? n/t

[marions ghost]

14. and is that not income?

So what did he actually DO as a part-time employee?

[gopbuster]

15. I guess I don't understand your point, I do not know exactly what he did

maybe it could be googled.

[gopbuster]

16. The OP is a little misleading in that Todd actually made a little over

$49,000 when you include the BP income of 43,000 which must have been taxed as a part time employee

[marions ghost]

17. oh I see

OK thanks...yes, it's a bit misleading the way it was stated. I thought he might have some "consulting" or somethin....

I see by googling that Todd worked for BP since 1989.

[Liberal_in_LA]

23. Would the Palin's support all American deducting 90% of their income?

[prayin4rain]

26. you can deduct hobbies??? n/t

[rainbow4321]

27. Nope. That is why he lists snow mobile racing as a business

Gets him the deductions.

[1]

28. this is an example of what the "return the 90% tax bracket" people should remember...

yeah, there used to be a 90% tax bracket in the united states. it was there, just nobody ever paid it.

ol' todd in this example could legally take his $67k gross down to a $5k net for tax purposes. this one little $67k fisherman/racer. and deductions now are tougher than they have ever been. i remember prior to the tax reform act of 1984 you could deduct just about anything. even the interest you paid on your credit cards. of course that was stringent compared what you could get away with prior to the tax reform act of 1976. etc., etc., etc....

tax brackets are nice visuals. they make it all seem fair, especially when they seem to be progressive. but the tax laws that allow you to play those brackets are amazing and incomprehensible to mere mortals.

i wouldn't be pissed at ol' todd here. i'd be pissed at a system that allows todd to legally do this.

after all, todd's just following the tax laws...



(oh, and todd didn't figure this out on his own. he had accounting firms and cpas make this magic happen. he paid a pretty penny for that too. and he's just a schmuck in a small town in alaska. these accounting firms and cpas are everywhere. very rich and powerful people. if you think you are going to change the tax laws of the united states, then you will have to do so with their agreement. but they like the way things are now. and they contribute to campaigns accordingly. just so you know what you are up against...)




eta: pronouns...