feed icon

You Probably Need A Better Accountant

By Kleinheider Posted on December 8, 2009 at 1:39 pm

R. Neal did a bit of math and thinks he knows why Bill Haslam is a bit reticent to reveal the totality of his personal finances:

The numbers tossed around in the original report re. Mayor Haslam’s finances are confusing, but this one is a real puzzler: Federal taxes paid were “$136,676 on almost $2.9 million of income in 2008″ (excluding Pilot income and taxes).

That works out to 4.7%, which is a fraction of Haslam’s top tax bracket rate of 35%, and less than half of the 10% rate for people living in poverty.

Even if all of the income came from long-term capital gains the rate would be 15%. That’s more than three times what Haslam actually paid according to the report.

permalink

Comments

11 Responses to “You Probably Need A Better Accountant”

  1. Roger writes
    December 8th, 2009 2:14 pm

    Holy smokes… time for Davy and all his buddies to explain this one.

    4.7 percent paid in Federal taxes indicates possible criminal behavior… What’s the deal and what the hell does Bill Haslam have to hide that other rich candidates don’t?

    I guess it’s a good reminder that Bill Haslam’s (secretive) money is really his daddy’s (secretive) money.

  2. Davy writes
    December 8th, 2009 4:16 pm

    I didn’t think CONservatives were big on paying taxes anyway?

    I mean y’all keep sucking on Rush’s fat tit and make him richer and richer, and you all don’t have a problem with it.

    If Haslam’s explanation aren’t to my liking I’ll support Ramsey.

    But to Wamp, I’ll follow the Grand Lady Nancy Reagan and “just say no.”

    We don’t need a repeat of the Blanton era that The Wamp Thing would give us. Thompson is too old to return to court. LOL

  3. Number9 writes
    December 8th, 2009 4:22 pm

    “But to Wamp…”

    Davy, are you a hired PR guy for Haslam?

    Haslam wants special treatment. Should he get it?

  4. TNVolunteer73 writes
    December 8th, 2009 4:43 pm

    Davy Funny the only peopel I hear quoting rush Word for word are liberals.

  5. Joe Friday writes
    December 8th, 2009 4:52 pm

    R.Neal is incorrectly applying taxes paid to total income as opposed to taxable income. I’m no tax expert, but I presume that the large and consistent gap between total and taxable income indicates that a portion of Haslam’s income comes from interest on tax-free municipal bonds. Assuming a 4% yield on these securities and the average non-taxable income of $1.5 million a year in the report would imply holdings of ~$37.5 million. Haslam’s long list of investments includes some things that look like Muni bonds.

  6. Number9 writes
    December 8th, 2009 5:15 pm

    I’m no tax expert, but I presume that the large and consistent gap between total and taxable income indicates that a portion of Haslam’s income comes from interest on tax-free municipal bonds.

    Then why not declare it?

  7. Joe Friday writes
    December 8th, 2009 6:07 pm

    To me the more interesting note from these financial disclosures is how much the candidates chose to give to charity. 2008 totals:

    Wamp - $195,760 of AGI - $5,030 to charity - 2.6%

    Gibbons - $319,886 of AGI - $9,474 to charity - 2.8%

    Ramsey - $243,162 of AGI - ??? to charity. Ramsey did not disclose his Schedule A, which lists itemized deductions, but the total for this line was $27,640. Since that number also includes state and local taxes (including est. sales tax), real estate taxes, mortgage interest, job expenses and various other deductible expenses, my guess is there wasn’t there for charitable giving.

    Doesn’t seem like a lot for folks who are making $200k - $300k.

    Haslam seems to be very generous on this account, but we can’t calculate percentages since he chose not to provide full disclosure.

  8. Number9 writes
    December 8th, 2009 7:50 pm

    Doesn’t seem like a lot for folks who are making $200k - $300k.

    I see. So you want a Governor who works for nothing, gives millions to charity, and refuses to reveal his income?

  9. TNVolunteer73 writes
    December 8th, 2009 7:56 pm

    Joe wants Dick Cheney as Mayor

    He makes 8.6 million a year. and give 76%to charities.

    He gave 6.2 Million to chariy.

    all of his Haliburton Stock Options were donated to Charity in 2001.

  10. gas gouger writes
    December 8th, 2009 7:57 pm

    Haslam didn’t disclose b/c 5 states have fined Pilot for price gouging at the gas pump. If he discloses the hundreds of millions he made from ripping off American consumers, his chances for winning decrease greatly. It’s no more complicated than that. Certainly doesn’t require complex tax questions. That the Haslam trolls want to defend it on PP shows how naive they are at this new Internet thingy. If ya’ll want to continue the price gouging conversation, commence!

  11. Joe Kirkpatrick writes
    December 8th, 2009 8:34 pm

    Maybe if net tax rates were significantly lower, people like Ron Ramsey, Bill Gibbons, Zach Wamp, and Joe Kirkpatrick would feel compelled to donate more of their income to genuinely worthy causes.

    Quite frankly, it is nobody’s damn business what they give to charity. The purpose of the disclosures is to expose any potential conflicts of interest and nothing else.

Leave a Reply




Partly Cloudy

Recent Comments

The Collective

The Latest from NashvillePost.com

Archives