Jack Bogdanski - blogger by night, tax law professor by day - takes a look at Cindy McCain's recently-released 2006 tax return:
She also paid around $24,000 in "household employment taxes," which implies some quite hefty butler and maid service. Hey, she can afford it. She also got a credit of nearly $8,700 for taxes paid to unspecified foreign governments.
It's interesting that Ms. McCain got to take a $3,300 deduction for a personal exemption when her adjusted gross income was more than $6 million. That's a function of the Bush tax cuts. Under prior law, once one's income exceeded a much smaller amount (far less than $200,000), no exemption deduction at all was allowed. Perhaps the tax savings from the deduction (around $1,000, I would guess) allowed her to buy the maid a nice Christmas present.
Read the rest. Discuss over there.
May 25, 2008 | | elsewhere.Posted in