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Tuesday, April 29, 2008

Will Franken be the Next Snipes??

Comedian-turned-candidate Franken to pay $70K in back taxes: Financial News - Yahoo! Finance:
"ST. PAUL, Minn. (AP) -- Senate candidate Al Franken says he will pay about $70,000 in back income taxes in 17 states going back to 2003.
The Minnesota Democrat has been under attack by Republicans for failing to file tax returns in California for several years when the comedian-turned-candidate earned money there.
Franken tells The Associated Press he never intended to avoid paying taxes. He says during the years in question, he paid his entire income tax bill to the city and state where he lived.
Franken says he did this on the advice of his accountant, but that he takes responsibility. Franken says that after he pays off the back taxes, he plans to file for credit on taxes overpaid in the city and state where he lived when he filed."

Well I knew about the fine in NY for not paying workers comp. .. but this news is new to me.

I have to admit that I would have thought you would only have to pay taxes based on your state of residence, not where the money was earned if you did not live there. Its not like he didn't pay any income tax, he did .... he just got really bad advice.

So the question becomes then if Bill, Gore, Carter, etc. and all those actors have to pay taxes in those other states where they go to make paid speeches or movies? And if they don't will they be held to the same standards as the average American would? And what about foreign nationals that come in and earn moneys doing speeches -- do they have to pay taxes too?

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