Academia, Bizarre, Politics, Society

The Maverick Makes Millions: Palin Makes More Than $12 Million Since July

Those small town values can add up. After quitting her job as Alaska Governor before the end of her term, Sarah Palin has raked in an estimated $12 million since July. Between speaking fees and her new reality show, Palin is becoming one of the wealthiest political figures in the country. In the meantime, questions are being raised about one organization that paid a speaking fee for Palin in California.

Pundits can debate the political costs and benefits of Sarah Palin’s decision to step down as Alaska governor, but the monetary advantages of leaving her $125,000-a-year public service post are beyond dispute.

This amounted includes $7 million deal for her first book and will earn $250,000 per episode for her new reality show.

For that story, click here.

California Attorney General Jerry Brown has ordered an investigation into the shredding of documents related to a Palin speech by the Cal State Stanislaus foundation, here. A state legislator had demanded documents on the speech, which may have come with a hefty $100,000 speaking fee.

169 thoughts on “The Maverick Makes Millions: Palin Makes More Than $12 Million Since July”

  1. Byron,

    The specific numbers don’t matter (since neither of us are in the position to introduce the necessary legislation) – but I think that you are introducing a marriage penalty. Simplicity is nice, but how would you feel about a 25% marginal rate on incomes over $2M and 30% on incomes over $10M?

  2. Slarti:

    I would make it 20% total and I would have no deductions. anything over 50k gets taxed (taking a maximum 10k deduction for children) and if you make over 60k it all gets taxed so a family of 4 making 100k would pay 18k in taxes. no fuss no muss and they save money on their tax return prep.

    the Obamas would have paid about 1.2 million and the Bush’s about 150k.

    the mother of 3 making 50k would pay 0.

    I want simplicity first and foremost, I just spent 2 hours and 225 bucks doing my children’s taxes from summer jobs.

  3. Bdaman,

    Thanks – that’s 30.8% and a higher proportion of charitable giving – that looks reasonable, too. Do you like chocolate chip?

  5. The White House has released the following summaries of the 2003 tax returns filed by President and Mrs. Bush and Vice President and Mrs. Cheney:

    PRESIDENT AND MRS. BUSH RELEASE 2003 TAX RETURN

    President and Mrs. George W. Bush reported taxable income of $727,083 for the tax year 2003. This resulted in a total of $227,490 in federal income taxes paid by President and Mrs. Bush.

    The President’s 2003 income included salary earned as President and investment income from the trusts in which their assets are held.

    President and Mrs. Bush contributed $68,360 to churches and charitable organizations, including Evergreen Chapel at Camp David, Tarrytown United Methodist Church, St. John’s Church, the M.D. Anderson Clinic, and the Federal Government’s Combined Federal Campaign.

    http://usgovinfo.about.com/cs/uspresident/a/prestax2003.htm

  6. PRESIDENT AND MRS. BUSH RELEASE 2005 TAX RETURN

    President and Mrs. George W. Bush reported taxable income of $618,694 for the tax year 2005. This resulted in a total of $187,768 in federal income taxes paid by President and Mrs. Bush.

    The President’s 2005 income included salary earned as President and investment income from the trusts in which their assets are held.

    President and Mrs. Bush contributed $75,560 to churches and charitable organizations, including the American Red Cross – Hurricane 2005 Relief, the Salvation Army – Hurricane 2005 Relief, the Salvation Army – Pakistan Earthquake Relief, Martha’s Table, the Archdiocese of New Orleans Catholic Charities, the Mississippi Food Network, and the Federal Government’s Combined Federal Campaign.

    http://blogs.suntimes.com/sweet/2006/04/bush_tax_return_filed_bush_and.html

  7. President and Mrs. George W. Bush reported taxable income of $719, 274 for the tax year 2007 and paid $221,635 in federal income taxes, the White House said Friday.
    art.bush.file.gi.jpg

    The White House opened the door to Bush not attending the Olympic opening ceremonies this summer.

    They contributed a total of $165,660 to churches and charitable organizations.

    Some of the donations went to the following: the Crawford, Texas, Volunteer Fire Department, Susan G. Komen for the Cure, Malaria No More Fund, Martha’s Table and a St. John’s Church, most likely St. John’s Episcopal Church in the District of Columbia, where the Bushes sometimes attend services.

    http://www.cnn.com/2008/POLITICS/04/11/bush.taxes/

  9. Bdaman,

    Thanks for the data. That 32.55% of their income in taxes – considering their charitable giving and the top marginal rate of 36%, that looks more or less like the right amount. I wonder what President Bush paid. (Bdaman, if you can find the numbers I’ll give you a cookie. :))

  10. Mr and Mrs Obama, who filed their income tax return jointly on April 7, reported an adjusted gross income of $5,505,409. According to the President and First Lady’s returns, the vast majority of the family’s 2009 income is the proceeds from the sale of the President’s books. It seems being President helps sell more books than simply running for President, as the Obamas’ 2008 tax return indictates – the Obamas reported an adjusted gross income of only $2,656,902 then.

    The Obamas paid $1,792,414 in federal income tax for 2009, versus $855,323 for 2008.

    The President and First Lady also increased their donations to charity. Their return shows $329,100 donated to 40 different charities. The largest reported gifts to charity were $50,000 contributions to CARE and the United Negro College Fund. In addition, the President donated his $1.4 million Nobel Prize funds to 10 charities.

    As part of their 2008 return, the President and First Lady also reported donating $172,050 – or about 6.5% of their adjusted gross income – to 37 different charities. The largest reported gifts were $25,000, again to CARE and the United Negro College Fund.

    The President and First Lady also released their Illinois income tax return and reported paying $163,303 in state income taxes for 2009 versus $77,883 for 2008.

  11. Byron,

    So caribou barbie (assuming 3 kids under 18) would owe $2,378,000. I wonder how much she will end up paying…

  12. Byron,

    Well, Mike S usually makes good points – So say a 20% income tax rate (payroll and FICA unchanged) with a $40,000 exemption + $10,000 per child (so a married couple with 2 children would pay no income taxes on the first $100,000 of income but would pay 20% – no deductions – on everything over (wages or capital gains). Corporations 30% on net revenue (revenue – cost), but they could write off assets and R & D (and losses for, say, 5 years) to offset up to 40% of net revenue. Is that what we’re talking about? Can we get a CBO score?

  14. Slarti:

    I think someone on this blog, it might have been Mike Spindell, made the point that there is a benefit to keeping the people at opposite ends of the spectrum.

  15. Byron said:

    I think corporations should have to do something similar, maybe 30% but let them write off equipment, research and facilities up to a certain percentage. Again make it simple and don’t give them all kinds of corporate welfare and deductions and special favors. That is why K St. is so powerful in my opinion, they are making deals with congress to give most favored status to certain companies.

    Walter Williams (a libertarian economist) said that corporations now use the government like they used to use goons to bust up unions. Don’t like Dominican sugar have congress pass a law restricting it’s import, want to sell more cars, have congress pass a law putting a high tariff on imported cars. K St. is the facilitator, the bag man, the pimp, whatever you want to call them.

    I know I sound like Rain Man but that isn’t capitalism and it certainly isn’t in the best interest of you and me or any American.

    Oh crap. We’re getting close to agreeing with each other. This calls for drastic action.

    YOU’RE A DIRTY, HEARTLESS, KNOW-NOTHING CAPITALIST PIG!

    There. That’s better…

  17. Bdaman

    1, April 15, 2010 at 4:58 pm

    link doesn’t work B

    =========================================================

    It worked for me, maybe you arent pushing the mouse button properly. You need to hold it down for 3 seconds while also holding the ctrl and shift keys at the same time. it should work. let me know if it doesent.

  18. I think the Tea Party is really the Organize for America Campaign pushing for Change We Can Believe In 🙂

  19. Slarti:

    I think corporations should have to do something similar, maybe 30% but let them write off equipment, research and facilities up to a certain percentage. Again make it simple and don’t give them all kinds of corporate welfare and deductions and special favors. That is why K St. is so powerful in my opinion, they are making deals with congress to give most favored status to certain companies.

    Walter Williams (a libertarian economist) said that corporations now use the government like they used to use goons to bust up unions. Don’t like Dominican sugar have congress pass a law restricting it’s import, want to sell more cars, have congress pass a law putting a high tariff on imported cars. K St. is the facilitator, the bag man, the pimp, whatever you want to call them.

    I know I sound like Rain Man but that isn’t capitalism and it certainly isn’t in the best interest of you and me or any American.

  20. CEJ–

    Thanks! I had forgotten about this one. Craig Nelson should be crowned King of the Tea Partiers–or at least named a top level adviser to the organization.

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