Palin's new clothing & taxes
Seems my tax perspective of Palin's outfits are holding true to what I remember.
However, Palin is stating that the RNC is the actual "owner" of the clothing since they paid for them, and she is merely "borrowing" the clothes, which is the same argument that Sen. Ted Stevens (R) of Alaska is claiming during his prosecution case. This is not a good thing to claim right now, which I would think Palin would know exactly why not.
A "tax expert" (unnamed) considers the clothing as "income", and not a gift.
http://blogs.abcnews.com/politicalpunch/2008/10/tax-expert-pali.html
I can't easily copy and paste from the site, so I suggest reading it.
Well, one positive I can offer is that she really is boosting the high-end clothing industry, along with Cindy McCain (no issues there as she, I would think, is paying for her own high-end clothing which she can easily afford). Which compares to Michelle Obama supporting the Gap for her family's outfits. I have no idea where Mrs Biden buys from.
As to some who wonder why I care about her fashion issues? Actually, I could care less about what she wears. I do care that they are recorded properly on her income taxes later, and that she pays actual income TAX on the gifts. As to what the RNC does with its money, that's up to their donors to decide.
Edit: You know, I think the sad thing about this is that the McCain campaign wanted to give Ms Palin and her family a certain image, which is why they paid for the clothing for the whole family. But if they had again, let Sarah Palin and her family actually dress the way they did as "everyday" Americans, most likely this would not have come back to bite her, and them, in these closing days. And I think the "everyday" Americans would have loved her, and her family, even more for dressing like everyday folk do. Ah, well.
However, Palin is stating that the RNC is the actual "owner" of the clothing since they paid for them, and she is merely "borrowing" the clothes, which is the same argument that Sen. Ted Stevens (R) of Alaska is claiming during his prosecution case. This is not a good thing to claim right now, which I would think Palin would know exactly why not.
A "tax expert" (unnamed) considers the clothing as "income", and not a gift.
http://blogs.abcnews.com/politicalpunch/2008/10/tax-expert-pali.html
I can't easily copy and paste from the site, so I suggest reading it.
Well, one positive I can offer is that she really is boosting the high-end clothing industry, along with Cindy McCain (no issues there as she, I would think, is paying for her own high-end clothing which she can easily afford). Which compares to Michelle Obama supporting the Gap for her family's outfits. I have no idea where Mrs Biden buys from.
As to some who wonder why I care about her fashion issues? Actually, I could care less about what she wears. I do care that they are recorded properly on her income taxes later, and that she pays actual income TAX on the gifts. As to what the RNC does with its money, that's up to their donors to decide.
Edit: You know, I think the sad thing about this is that the McCain campaign wanted to give Ms Palin and her family a certain image, which is why they paid for the clothing for the whole family. But if they had again, let Sarah Palin and her family actually dress the way they did as "everyday" Americans, most likely this would not have come back to bite her, and them, in these closing days. And I think the "everyday" Americans would have loved her, and her family, even more for dressing like everyday folk do. Ah, well.