LOVE TWICE
Posted on 10/16/2004 7:55:27 AM PDT by libs_kma
The issue isn't that there tax bill is improper, in a legal sense. It just shows the hypocracy of their tax lament. What is providing the bulk of tax relief for the rich? Is it Bush's "tax break for the rich" or is it tax loopholes that they, themselves, are not shy about pursuing? It isn't a "charge": it is shining the light on their class-envy demagoguery. The embarrassment should be all theirs.
Dear Nevermore,
At least concerning the income reported by Ms. Heinz-Kerry-Whatever, she isn't really using any "loopholes."
She appears to be paying 15% on her dividend income - no loophole there. That's the top rate as set by President Bush's tax cut. And she is paying the AMT on "tax-exempt" income that exceeds the threshholds for the AMT, and aren't sufficiently "tax-exempt" to keep that status when the AMT kicks in.
If we knew more about the trust arrangements NOT represented by her 1040, we might be able to discuss loopholes and stuff like that.
sitetest
This is a really foolish article by Newsmax.
Where's the proof? Some guy guesstimating their net worth, and then assuming they invest all of it in a place that is taxable by the federal government?
most likely they file separately (no laws says you have to file jointly) because of her fortune ... John's tax rate could be less if he doesn't include her income ... perhaps ... her income, however, yes most likely is in a lot of income tax free bond accounts, but still however, there's a lot that would be considered exposed to income taxes ... 628,000 is paltry compared to what she "lives" on ... it's a sham!
How do you know what she's paying AMT on? It might be private activity bond interest. But it could also be on differences in depletion and other methods of stating income for AMT versus income tax purposes on her oil, gas and timber investments, which are legal tax shelters.
NY Times article is here:
http://www.freerepublic.com/focus/f-news/1246838/posts
I would urge a lot of caution here. Unless one of us is a CPA with access to the Heinz Kerry books I would say that we are not qualified...and neither is NEWSMAX to make this call.
Dear conservative in nyc,
I don't know what she's paying AMT on. I only assumed it might be on tax-exempts that lose their status under AMT because I've read elsewhere she has a lot of tax-exempt bonds. But I can't tell you that's true or not.
In any event, she reports, I think, about $2.8 million in tax-free income, and has to pay AMT of a bit more than $300K.
Of course, if the source of these are investments that appreciate, all the better for her.
sitetest
The problem is that there are many freepers (the flight 800/Oklahoma City/Vince Foster crowd) that will be complaining in short order about why AG Ashcroft isn't prosecuting the poodle and his keeper for income tax evasion.
elitist rats who bleed America, and tell the little people to "go naked"...
BTT
btt
I whole heartily agree. Besides the muni bonds a good deal of her wealth in the form of trust and such.
I have no issues with Ms. Heinz and her money.
"I'm a little leery of taking Newsmax too literally."
Tell me, do you know of occasions when NewsMax has deliberately mislead the public in ways similar to the well documented lies put forth by MSNBC, CNN, CBS, ABC, Newsweek, Time, The New York Times, and so on? Or are you just buying the liberal litany that any one that disagrees with them (the libs) is a liar and a racist? NewsMax and other conservative outlets are constantly disparaged right here on this conservative site by conservative posters, and I find it puzzling. I understand that NewsMax and so on may be, on occasion, over the top, but are they comparable in that regard to the members of the preceeding list? Honest question. I really want to know if there is sufficient reason to dismiss NewsMax the way that you and others have, or have you inadvertantly drunk the liberal kool aid?
You obviously do not know me.
"You obviously do not know me."
True. But you haven't answered my question. What is the basis for the dismissive opinion you seem to hold regarding NewsMax? Did you catch them in a deliberate lie? Are they even more sloppy (if you can call it that) than CNN and gang? Or did you just hear somewhere that they were full of it?
I don’t keep a catalogue of mistakes Newsmax may have made over the years, but my experience has been that they tend to exaggerate. They are in the pocket of conservatives--just like the MSM is in the pockets of liberals. So, I question what I read.
NY Times: If the trusts are as large as reported - and the Kerry campaign has not challenged the billion dollar estimate - then even a modest 5 percent return would have generated $50 million of income, 10 times what was on the two pages released by Ms. Heinz Kerry.
Newsmax didn't quite get it right here. The NY Times estimates 50 million, and Newsmax reports it as if the Times stated a fact. Not a huge deal, but they are fudging. That's why I asked.
You asked earlier if I had drunk the kool aid. I'll submit that if you don't read EVERYTHING critically, they you are drinking the kool aid.
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