King and Taxes

[Rrty]

Okay, I know people don't like this subject, but forgive me, I just have to ask.

King actually revealed what he paid in state income taxes last year: $1.4 million. He says that it is public information.

First question: how is this public information? Does Maine have a data base listing everyone's tax payments?

Second question: that seems low to me. If you take the tax rate -- and I don't know if I am doing this correctly -- this would mean he made less than $20 million that year? Seriously? I would have figured he brings in more than that. Is a lot of his income deferred?

Just curious, and my apologies.

 

[mjs9153]

That is a state tax rate rather than federal,I don't know what kind of tax levy Maine imposes..lol,he pays more in one year in state taxes than I will ever make in my lifetime!

 

[Rrty]

I know, mjs, I marvel at it from that angle as well.

You know, one thing occurred to me: since he said this public record, are these property taxes he's paying?

 

[blunthead]

I know, mjs, I marvel at it from that angle as well.

You know, one thing occurred to me: since he said this public record, are these property taxes he's paying?

I'm assuming the figure is Maine's income tax on him.

 

[FlakeNoir]

I know you said it was public record, but I feel uncomfortable talking about this.

 

[Rrty]

The interesting thing, FlakeNoir, is that King used the data point in his response to the governor. What's fascinating is how that information can be used to calculate his earnings and to compare it to estimates given by sites like Forbes.

 

[FlakeNoir]

The interesting thing, FlakeNoir, is that King used the data point in his response to the governor. What's fascinating is how that information can be used to calculate his earnings and to compare it to estimates given by sites like Forbes.

This is what I don't feel comfortable with.
Also, it makes me (?) sad, and annoyed that the comment/s from the governor have brought about bringing discussion like this into the public eye. Just because he does well financially... and is well known--it still isn't our business, what he makes and how much his taxes are.
We know he's paying them, how much he's paying shouldn't be common knowledge IMO, he does so much for folks... and still has to deal with rubbish like this.
(I'm not actually pointing specifically at you Rrty, this is a general comment coming from all of the recent trouble.)

 

[Rrty]

I definitely get what you are saying. I myself think it is fascinating what someone in his position actually makes, how many books he sells, etc., because the real numbers are probably not what we'd expect, and they put a career's history and evolution in perspective. If he earned say $20 million gross after expenses in the year 2014 (just hypothetically), does that reflect a less active readership? What does it say about his place in the book world? The derivative information is just endlessly engrossing, for me, anyway.

And actually, I think he has been forthcoming at times in the past about his finances (to a degree, of course, he has never released tax returns). Remember the intro to Skeleton Crew and the thing with that guy Wyatt? I love that anecdote.

 

[blunthead]

This is what I don't feel comfortable with.
Also, it makes me (?) sad, and annoyed that the comment/s from the governor have brought about bringing discussion like this into the public eye. Just because he does well financially... and is well known--it still isn't our business, what he makes and how much his taxes are.
We know he's paying them, how much he's paying shouldn't be common knowledge IMO, he does so much for folks... and still has to deal with rubbish like this.
(I'm not actually pointing specifically at you Rrty, this is a general comment coming from all of the recent trouble.)

I agree that his income is nobody's business but that of his family and the IRS. In fact, I don't understand why it's public domain.

 

[blunthead]

I definitely get what you are saying. I myself think it is fascinating what someone in his position actually makes, how many books he sells, etc., because the real numbers are probably not what we'd expect, and they put a career's history and evolution in perspective. If he earned say $20 million gross after expenses in the year 2014 (just hypothetically), does that reflect a less active readership? What does it say about his place in the book world? The derivative information is just endlessly engrossing, for me, anyway.

And actually, I think he has been forthcoming at times in the past about his finances (to a degree, of course, he has never released tax returns). Remember the intro to Skeleton Crew and the thing with that guy Wyatt? I love that anecdote.

There are plenty of people, too, who equate financial success with bad art. Such people are philistine in mentality.

 

[mjs9153]

Philistine..great word..
I may be wrong,but isn't everyone's personal and business income taxes public record?I don't like it either,but I think that is how it works..I know in my state,state employees who are retired have their earnings posted on a website for all to see..

 

[kingricefan]

Every year Parade magazine (that little insert that's in Sunday papers nationwide) lists what celebrities and 'regular' folk make a year and Steve is usually included in that list. That said, we probably shouldn't be discussing this here on 'his' websight.

 

[blunthead]

Philistine..great word..
I may be wrong,but isn't everyone's personal and business income taxes public record?I don't like it either,but I think that is how it works..I know in my state,state employees who are retired have their earnings posted on a website for all to see..

Despite that government employees are paid by the taxpayer, which I imagine is why their earnings are made public, I still don't think an individual should be forced to make public his financial state. Why Stephen King must is beyond me.

 

[Moderator]

Despite that government employees are paid by the taxpayer, which I imagine is why their earnings are made public, I still don't think an individual should be forced to make public his financial state. Why Stephen King must is beyond me.

He did it voluntarily. A reporter asked if he would be willing to release the info and since it is a matter of public record, that's why he agreed to do so.

 

[blunthead]

He did it voluntarily. A reporter asked if he would be willing to release the info and since it is a matter of public record, that's why he agreed to do so.

What do you mean that it's a matter of public record? That sounds like his financial state is already public.

 

[DiO'Bolic]

I’ve said it before... King’s income level sandwiches him in-between Scarlett Johansson and Angelina Jolie. Most definitely NOT a bad place to be, in more way’s than one.

 

[Moderator]

What do you mean that it's a matter of public record? That sounds like his financial state is already public.

Not exactly--wrong terminology. Income tax returns aren't available to just anyone who wants to see them but that's the wording Stephen used when he released the information. He was not "forced" into giving it out.

 

[Out of Order]

I thought the thread was entitled King and Texas..............

 

[blunthead]

Not exactly--wrong terminology. Income tax returns aren't available to just anyone who wants to see them but that's the wording Stephen used when he released the information. He was not "forced" into giving it out.

Well, I'm glad that it was voluntary. I thought maybe it was.

 

[king family fan]

I must say his income is no concern of mine. I am just glad he continues to write his books,so I can spend mine. I feel income is really no ones business.