by Frank James
A few thoughts after looking at Sarah and Todd Palin's recent tax returns.
Their adjusted gross income of $166,080 for tax-year 2007 makes them better off than most Americans but that also puts them no higher than in the middle class even by Sen. Barack Obama's definition which appears to set the ceiling for middle class at around $250,000 per couple.
By Washington standards, it's not a lot of money. There are journalists in this town who make more than the governor's $125,000 salary. True, fewer with all the layoffs and buyouts in journalism but still a fair number.
The vice president's salary, $221,000, would definitely represent a significant boost to the Palin family's income. There's the free housing too. (Assuming she'd move here and not try and do the job from little ole Wasilla.)
What a contrast with Vice President Cheney's family which saw its multi-million dollar income fall dramatically when he became vice president.
Which leads to the next point. When was the last time a Republican vice presidential nominee had income that didn't place them in the wealthy category of American if not the super wealthy? You'd probably have to go pretty far back to find one.
I'm guessing, however, that going forward, the numbers on the Palin's future tax returns will get much larger. There's certainly a big book contract in her future.
And if she doesn't become vice president, she may be able to bank speaking fees which appear to be permitted to the governor and other Alaska officials under the state's statutes.
So chances are good that whatever happens on Election Day, the Palins will find themselves in a higher tax bracket next year.
