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Republican vice presidential nominee Sarah Palin and her husband, Todd, have assets worth about 2.1 million dollars, and they paid 24,738 dollars in 2007 as income tax on a total income of 166,495 dollars, which came from her salary as governor of Alaska and money that he earned as an oil worker, fisherman and snow machine racer.
Washington, Oct.4 : Republican vice presidential nominee Sarah Palin and her husband, Todd, have assets worth about 2.1 million dollars, and they paid 24,738 dollars in 2007 as income tax on a total income of 166,495 dollars, which came from her salary as governor of Alaska and money that he earned as an oil worker, fisherman and snow machine racer.
Documents released by her campaign show that Palin paid no taxes on 16,951 dollars in state payments that she received as meal and incidental expenses when she stayed at her home in Wasilla instead of at the governor's mansion in Juneau, reports the Washington Post.Alaska's director of finance has already declared that the state does not consider these 60- dollars-a-day payments taxable.
For the record, Palin stayed at her Wasilla home 312 nights, or 54 percent of the time, when she claimed reimbursements from December 4, 2006, through June 30, 2008.
Although her staff has said most of her work as governor is performed in Anchorage, 45 miles from Wasilla, Finance Director Kim Garnero said the state capital in Juneau is considered her duty station, making her eligible for the non-taxable meal and expense payments.
In the couple's 2007 return, which was prepared by H and R Block, Palin described her occupation as "public service" while her husband declared his as "oilfield." The couple claimed six exemptions, including themselves and their four children.
Total charitable donations came to 3,325 dollars, or about two percent of total income. These included 2,500 dollars on various non-itemized gifts and an 825-dollar in-kind donation to the Salvation Army.
On a separate financial disclosure form, the Palins valued their home in Wasilla at between 500,000 dollars and a million dollars. Their mortgage interest deduction of only 10,203 dollars, reported on their tax return, suggests they have substantial equity in the property, according to one tax accountant.
Todd Palin's commercial fishing business is worth between 50,000 and 100,000 dollars and the couple's fishing leasehold in Nushagak River, Alaska, is valued at 100,000 to 250,000 dollars.
Along with mutual funds and property, their total assets are between 880,000 and 2.1 million dollars, the form indicated.In 2006 and 2007, the Palins filed their returns in August and September, respectively.
According to a news agency report, the Palins underpaid their 2007 taxes by 2,017 dollars when filing for an extension. The McCain campaign said the balance had since been paid. It was unclear if they might owe penalties or interest.
ANI
