[Too_Bad]

SCOFFLAW

[bcoffey]

And we're supposed to trust this man with our tax money????

[goldstategop]

Hehehe... and John F. Seinfeld says the rich don't pay enough in taxes. So how much did Seinfeld pay in incomes taxes in 2003? *NOTHING* Not a penny. Keep that in mind the next time you hear him play the Class Warfare Card.

[deport]

That Kerry is a taxing fellar............

[socal_parrot]

John Kerry will not stand for you calling him unpatriotic.

You must be a Republican.

Who did you vote for in the last election?

John Kerry paid those taxes, before he decided to not pay them.


Taxes are for little people.

[jonsie]

Hillary, is that you?

[rs79bm]

If this would have been President Bush Brokaw, Rather & Jennings would still be talking about it.

[forYourChildrenVote4Bush]

Go ahead America, vote for a liberal/socialist (A.K.A. Carter administration, the worst government in American History) Kerry government that will turn your military into scraps of meat and get a health care service that has you waiting 7 hours in the emergency room to see a doctor (It might be free but it sucks). Don't get sick up here, you might not make it. I LOVE America, I wish I were American....

http://www.flipflopper.com/

http://www.gop.com/kerryvskerry/

[mtbopfuyn]

But, but that wasn't his fault, it was that blankety-blank accountant that pushed him to sign a faulty tax return.

[M Kehoe]

I wonder if Teresa's money is funding John's campaign.

Then again probably not. She probably gave the max. $2500, right. She wouldn't break any laws. I'm sure of it.

Right? Teresa. Heck, you can put all this to rest by disclosing your deductions on the various schedules. You don't have to release everything (e.g. Gross Income). I got an idea. Maybe the Ferraros could give some helpful tax advice.

Right Teresa. Teresa...Teresa?

W. is lookin' tough mom. 8^)

5.56mm

[binger]

[sandbar]

No wonder Kerry is opposed to tax relief, he doesn't pay any so what's it to him?

[litany_of_lies]

If you look at his 2002 return, Kerry's total tax bill was $29,946.

I know for sure that he is NOT required to make quarterly payments if his withholdings are at least the amount of last year's tax. His 2003 withholdings of $27,277 happen to be almost exactly 90% of his 2002 tax, so I'm guessing that paying in 90% is actually the rule for avoiding penalty and interest. You still have to fill out the Form 2210 to prove that you don't owe penalty and interest, but it appears that he doesn't.

As to the capital gain issue, I don't think the CPA is correct. I believe all Kerry would have to do is argue that the painting is held as an investment and that he is not in the business of collectibles (i.e., he isn't a dealer), and capital gains treatment is OK.

I don't think there is a problem here, despite initial appearances.

I would even go so far as to suggest that the Admin Moderator pull this thread if I am indeed correct.

[SGCOS]

Do you think Kerry even cares?

[P-Marlowe]

Not paying estimated taxes is not a crime. It merely subjects you to a penalty. And often the penalty is less than the amount of return on investment that you could get by investing the money rather than giving it to the IRS to draw interest on for a year.

I support Kerry's decision to refuse to send in estimated taxes. Now his mis-classification of the capital gains could get him into a lot of trouble if the IRS determines the painting proceeds were fraudulently misclassified. That's cheating.

[RBroadfoot]

The account is absolutely correct. Collectibles don't get the reduced LTCG rate.

IRS should audit his return completely.

[RBroadfoot]

The account is absolutely correct. Collectibles don't get the reduced LTCG rate.

IRS should audit his return completely.

[RBroadfoot]

"A Kerry campaign aide declined to refute the potential discrepancy ... Kerry’s Boston tax return preparers, Federal Street Capital Partners, declined to comment."

Future press conference questions if the media were fair and balanced:

Senator Kerry, in retrospect, recognizing that you have failed to comply with a relatively simple income tax return, do you think that the tax code should be overhauled?

Senator Kerry, what do you think is the greater mistake in your income tax return? The failure to pay estimated taxes on a timely basis, or underreporting the tax due on your profits from the $675,000 painting you sold?

Senator Kerry, your incompetence is plain for everybody to see. How can we be sure that there are no other substantial errors and omissions are in your return?

Senator Kerry, the public perceives that you are a tax evader, and this certainly creates an overwhelming argument that Ms. Heinz Ketchup Kerry must release her return also. When will HER income tax return be released?

Senator Kerry, don't you think an APOLOGY is in order?

[Moonman62]

SCOFFLAW

Oh please. Not paying estimated taxes is not a big deal. The penalty is like paying interest on a loan. The real outrage is the federal tax system.

[Poodlebrain]

I quickly glanced at Kerry's 2003 return and I noticed the following oddities.

Kerry paid $9,025 in medical expenses. Don't members of Congress have 100% coverage for all medically necessary treatment? If so, was the $9,025 for elective treatment provided to Kerry?

Kerry claimed a mortgage interest deduction of $3,326 on the Boston property he reports as his residence. He claimed no deduction for property taxes on his residence so I'm assuming that Teresa reported a deduction for the property taxes. I can understand this since there would have been no tax benefit due to his AMT liability. However, I noticed identical reporting for 2002 when Kerry was not in AMT. There is nothing wrong with this from a tax standpoint, but if I were Teresa's attorney I'd have some concerns about mingling of community and separate assets and the impact of any mingling on the prenuptial agreement.

Kerry reported $3,000 of Sec. 162(A) expenses as miscellaneous itemized deductions not subject to the 2% of AGI limitation for 2003. On his 2002 return Kerry reported $3,000 of Sec. 162 expenses as miscellaneous itemized deductions subject to the 2% of AGI limitation. Why the inconsistent reporting?

Is Form 6251 mathematically correct? It does not appear that the amount reported on Line 28 is the sum of the entries on Lines 1 through 27, and there is no explanation for the discrepency. The apparent error is unfavorable to Kerry.

[Dan from Michigan]

I paid quarterly for a couple of years in the late 90's. If I had to, I know DAMN WELL than Johnny STILL has to, since if I was a 'thousandaire' and had to pay it........