October 3, 2008 / 7:23 PM / in 9 years

Palins release tax records for 2007, 2006

WASHINGTON (Reuters) - Republican vice presidential nominee Sarah Palin released tax records on Friday that showed she and her husband earned $166,080 in 2007 and, in line with the national average, paid income taxes of $24,738.

Watchdog groups have called on Palin to release details of her income and taxes since other candidates already had done so. The campaign of Republican presidential candidate John McCain released her records for 2006 and 2007.

“As a reformer, Governor Palin is committed to the highest levels of transparency and accountability which is demonstrated by the release of her taxes today,” said a campaign spokesman, Brian Jones. “Today’s disclosures also illustrate that the Palins are emblematic of working families across America.”

The records showed that Palin, 44, was the bigger breadwinner in the family in 2007. Most of the Palins’ 2007 income came from her salary as governor of Alaska -- $107,987. In 2006, her husband, Todd Palin, brought in $102,716 from BP oil company.

Todd Palin, an hourly oil worker on Alaska’s Northern Slope, earned $43,518 from BP oil company in 2007, $15,513 from his fishing company and had a net loss of $9,639 from snowmobile racing as expenses outweighed his income from sponsorships.

Todd Palin is a champion snowmobile racer and had earned $2,474 from his racing in 2006.

The Palins paid income taxes of $24,738 in 2007 based on gross income of $166,080 -- 14.9 percent of their income. In 2006, they earned a total of $127,869 in income and paid $11,944 in taxes, or 9.3 percent of their income.

The total paid in taxes appeared to be in line with what most Americans of their income level pay.

The Palins, who have five children, reported deductions in 2007 of $20,759 and $22,162 for 2006.

The Palins gave $3,325 in charitable contributions in 2007, money donated to local churches and the Salvation Army, and $4,250 in charity in 2006 given to similar organizations.

By contrast, Democratic vice presidential nominee Sen. Joe Biden, reported earlier this month a total income of $2.4 million in the past 10 years, while donating $3,690 in money and gifts, less than 1 percent of the money he earned, according to news reports.

Editing by Bill Trott

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