Democratic Primaries
Related: About this forumWhere did Jane Sanders report her $200K in severance pay in 2011? Could someone who knows
more about tax forms than I do please take a look at this?
She quit her job as college president October 14, 2011 and was given a $200,000 severance payment.
Her salary including benefits was somewhere between $150K and $160K, according to Wikipedia.
Bernie's was $174 K as a U.S. Senator.
A severance payment gets treated as wages by the IRS.
So why didn't they make significantly more in 2011 than in the previous years? Where did the $200K go? Is there something you can do with a severance payment to legally avoid taxes? Should that show on a tax return?
https://berniesanders.com/tax-returns/
2012 280,954
2011 324,870 -- the year Jane worked till Oct. 14, and got a $200K severance payment
2010 321,596
2009 314,742
https://en.wikipedia.org/wiki/Jane_O%27Meara_Sanders
From 2004 through 2011 Sanders was President of Burlington College, which closed due to financial problems in 2016. It was a small liberal arts college founded in 1972 for non-traditional students.[14] She earned $149,380/year, including benefits, and, upon her departure in 2011, received a total package of $200,000, consisting of one year's severance pay, along with certain retirement and bonus payments.[15]
SNIP
In 2011, the College's Board of Trustees, while crediting Sanders with acquiring a permanent campus for the 200 student college, called a meeting for September 2011 and accepted Sanders's resignation. "We reached a decision which I believe is best for both the College and me," Sanders said after the meeting, "The board and I have different visions for the future and thats perfectly fine."[2][20][22][23] Sanders's salary as President was $160,000, with a contract for the position through 2013; on departure, she received the title of President Emeritus and a $200,000 severance. With the College unable to collect on some promised pledges after Sanders had resigned, and the enrollment increase plans failing, the Diocese settled the loan debt with the College in 2015 for $996,000, less than the agreed amount, and with $1 million of the repayment made in shares of an unidentified LLC company.
https://www.forbes.com/sites/robertwood/2017/09/27/heres-how-irs-taxes-severance-pay/#21e19145311f
Whether or not your pay is labeled severance, and regardless of when it is paid, the IRS generally views severance like any other pay. Its taxed as wages, so is subject to withholding and employment taxes. If your employer hands you a severance check as you walk out the door, you may well expect it to have all the payroll deductions youre used to seeing on your regular paycheck.
https://vtdigger.org/2014/09/17/attack-ad-hits-sen-sanders-demands-jane-sanders-return-golden-parachute/
The latest ad calls Sanders a hypocrite for criticizing golden parachutes in the corporate world while his wife accepted nearly $200,000 when she left the college. In a phone interview Wednesday, Jane Sanders defended her payout, saying it was a paid year of sabbatical contractually due her, and standard practice in academia.
primary today, I would vote for: Joe Biden
hay rick
(7,636 posts)primary today, I would vote for: Joe Biden
SFnomad
(3,473 posts)I guess that's a new way of trying to avoid answering questions.
primary today, I would vote for: Joe Biden
hay rick
(7,636 posts)primary today, I would vote for: Joe Biden
pnwmom
(108,990 posts)primary today, I would vote for: Joe Biden
melman
(7,681 posts)Can't imagine how the OP would have missed that when they were copy/pasting. Seems strange they would they leave it out.
Oh well. I'm sure it was a totally inadvertent omission.
primary today, I would vote for: Undecided
Hortensis
(58,785 posts)When Sanders first ran, I read everything I could about him. Much of the it came from the Vermont Digger, which provided good local coverage by journalists familiar with him. It's a good paper.
Btw, what I learned back then made me decide not he was the wrong stuff for the presidency. Since then, imo his own behavior has revealed he's the wrong stuff for any position of power in a democracy.
primary today, I would vote for: Joe Biden
NurseJackie
(42,862 posts)primary today, I would vote for: Joe Biden
SFnomad
(3,473 posts)With the OP being so long, with numerous links, I never even got to that link. You can challenge the veracity of the source ... but to call that a "right wing talking point", with that being the first I've seen of it, is a bit dismissive.
But I'm used to the BS supporters being that way. They'll jump through hoops to dismiss anything that he has said, or done. It's nice to see others around here are willing to take this seriously and actually engage is substantive debate. I'm sure you'll be seeing far more left wing vetting of both BS and his wife this time around.
primary today, I would vote for: Joe Biden
pnwmom
(108,990 posts)primary today, I would vote for: Joe Biden
mr_lebowski
(33,643 posts)"upon her departure in 2011, received a total package of $200,000, consisting of one year's severance pay, along with certain retirement and bonus payments".
One year of severance pay does not have to be 1 year of salary at the same rate you were being paid before.
These things can negotiated, esp. in light of the schools financial troubles.
We also don't know how much of the balance was deferred, maybe she agreed to $40K payout in cash and $160K in retirement benefits?
And maybe that was spread across two calendar years of monthly payments (2011 and 2012) ...
Frankly there's lots of legit reasons why there's no $200K to be found on any tax returns based on these Wiki numbers.
primary today, I would vote for: Joe Biden
pnwmom
(108,990 posts)My husband got a severance check from a job once, and it was just a one-off of a flat amount.
primary today, I would vote for: Joe Biden
mr_lebowski
(33,643 posts)I'm not saying I know for sure either way, just to be clear, only that are a various legit explanations for 'why the 200K doesn't stick out'.
primary today, I would vote for: Joe Biden
pnwmom
(108,990 posts)primary today, I would vote for: Joe Biden
Hassin Bin Sober
(26,335 posts)This is kind of funny. Now I know where the golden parachute malarkey came from.
Some butt hurt mini Koch brother Bernie busted for gas price fixing.
Asked to the respond to the allegation, Sanders spokesman Michael Briggs called Vallee a junior varsity version of the Koch brothers and said Sanders will not be intimidated by a millionaire who has crawled into the gutter and bought TV ads attacking Bernies wife for a sabbatical she earned from a college where she was president for seven years.
Briggs said in a written statement that the motivation behind the attack ad is readily apparent to anyone familiar with the history between Sanders and Vallee.
Skip Vallee has ripped off customers for years at his Burlington-area gas stations that sell the highest-priced gas anywhere in Vermont, Briggs said. Vallee clearly doesnt like it that Bernie has exposed his ripoffs.
Sanders in 2012 asked federal regulators to investigate what he characterized as artificially high gas prices in Chittenden, Grande Isle and Franklin counties, where 58 percent of the gas market is controlled by four companies, Vallees among them.
After Sanders threw his support behind a Costcos proposal to install a gas station at its existing store in Colchester a move he said would bolster gas-market competition Vallee responded by paying to air a 30-second attack ad in late 2012. The ad accused Sanders of snubbing the states treasured history of protecting our natural environment by siding with a multi-national, billion-dollar corporation over Vermonters.
primary today, I would vote for: Undecided
pnwmom
(108,990 posts)primary today, I would vote for: Joe Biden
mr_lebowski
(33,643 posts)In the simplest sense, the person paying gets to continue to collect interest on unpaid monies, and the recipient may well get to lower their tax burden. When you're talking sums like $200K, you tend to get a buncha eggheads (no offense ) and lawyers involved.
Interesting story about the Gas Guy, hadn't read that before.
primary today, I would vote for: Joe Biden
R B Garr
(16,973 posts)I'm sure all the millionaire golden parachute recipients think their arrangements were "earned", but that doesn't answer why it's not anywhere on the Sanders' taxes.
primary today, I would vote for: Joe Biden
Hassin Bin Sober
(26,335 posts)primary today, I would vote for: Undecided
R B Garr
(16,973 posts)She made $149,000 that year (her annual salary, rounding). Bernies salary is about $170,000. That looks to be the income on that line. About $100,000 short, and thats only going on the narrative that she received compensation other than monetary to make up the $200,000.
primary today, I would vote for: Joe Biden
Hassin Bin Sober
(26,335 posts)His W2 income 2014-2018 without any W2 income from her is between $135 - 150k. Keep in mind this includes employer sponsored retirement deductions from his published Senator pay.
The two years 2012 and 2013 she received the severance their Line 7 W2 income is $250k and $238k.
Makes sense to me.
primary today, I would vote for: Undecided
R B Garr
(16,973 posts)were there, but were just speculating. It still goes against Bernies own words of golden parachutes being immoral.
primary today, I would vote for: Joe Biden
Hassin Bin Sober
(26,335 posts)Ill leave you to it.
primary today, I would vote for: Undecided
R B Garr
(16,973 posts)Reference your earlier comment that it was earned. They all think its earned.
primary today, I would vote for: Joe Biden
floppyboo
(2,461 posts)which surely would be paid in increments, not lump sum, no?
primary today, I would vote for: Undecided
R B Garr
(16,973 posts)primary today, I would vote for: Joe Biden
ALBliberal
(2,344 posts)Unless there was some retirement involved then possibly reported on a 1099R. Absolutely the responsibility of the university?(wherever she was employed) to file the correct form for Jane to incorporate on her tax return.
primary today, I would vote for: Joe Biden
George II
(67,782 posts)...note that 2011 is the shortest of all the returns listed, apparently incomplete (as is 2014 and maybe others, I didn't bother to look)
The total income for 2011 should be about $200,000 higher, or at least spread over 2011 and 2012. It's totally missing.
primary today, I would vote for: Joe Biden
R B Garr
(16,973 posts)I guess we see now what Sanders' meant by crossing the t's and dotting the i's before he could release their already completed tax returns.
primary today, I would vote for: Joe Biden
George II
(67,782 posts)...they don't show sources of income, tax-free investments, to whom charitable contributions were sent, etc.
primary today, I would vote for: Joe Biden
R B Garr
(16,973 posts)They are revised taxes, but not what was reported. I can't imagine submitting my taxes anywhere after I had revised them unless I labeled them as revised.
primary today, I would vote for: Joe Biden
Docreed2003
(16,869 posts)Dotting i's and crossing t's...
primary today, I would vote for: Joe Biden
floppyboo
(2,461 posts)primary today, I would vote for: Undecided
DeeDeeNY
(3,356 posts)primary today, I would vote for: Joe Biden
Demsrule86
(68,634 posts)primary today, I would vote for: Joe Biden
BlueFlorida
(1,532 posts)primary today, I would vote for: Joe Biden
Me.
(35,454 posts)primary today, I would vote for: Joe Biden
R B Garr
(16,973 posts)primary today, I would vote for: Joe Biden
primary today, I would vote for: Joe Biden
MineralMan
(146,324 posts)Rather than a lump sum.
primary today, I would vote for: Joe Biden
Aaron Pereira
(383 posts)Bernie wants to close the book on his tax issue as soon as possible so he might as well address this now.
primary today, I would vote for: Undecided