JOHN KERRY PROVIDED BIG OVERSEAS TAX LOOPHOLE FOR HEINZ CORPORATION

WMCA-NY ^ | 7.15.2004

[KMC1]

NEW YORK - In recent days, at every campaign stop John Kerry talks more and more about the evils of allowing companies to take advantages of overseas tax breaks.

According to Senate legislation and the public record John Kerry believes in punishing companies who ship operations off of American shores - as long as he or his wife does not benefit from it personally.

According to reports, John Kerry, personally worked on tax legislation that was designed to punish companies for moving off shore. Kerry then pushed for a major loophole that would exempt the HEINZ corporation from the same penalties.

Donald Luskin who serves as Chief Investment Officer of Trend Macrolytics LLC made the issue public in a report on Wednesday.

Luskin contended, "Kerry's economic proposals seem tuned to serve his wife's economic interests. His proposal last March to end tax breaks for U.S. corporations that do business overseas was designed with a loophole that would allow the H.J. Heinz company keep its overseas tax breaks and get a lower domestic tax rate at the same time."

Reportedly Luskin went on to press for full disclosure of Ms. Heinz Kerry's tax records before the election. Luskin reported that with known information of what Ms. Heinz Kerry's worth is (upwards of 3.2 billion) her reported income for 2003 of only 5 million is laughable.

The speculation is that she is the worst investment manager of all time or she is quite adept at hiding investments.

[conservative in nyc]

No question Tuh-ray-zuh should release her full tax returns, with all schedules and attachments, just like her husband, President Bush and VP Cheney. That she steadfastly refuses to do so makes me think she's hiding something --- questionably legal estate tax planning, tax shelters or charitable contributions to leftist causes. We can't tell what she's hiding until she releases her returns.

And Breck Girl needs to release his full tax returns too. He has engaged in a questionable (but arguably legal) S corporation medicare tax shelter in the past.

I have my suspicions about what Tuh-ray-zuh's hiding, but no proof.

[I-53]

I have my suspicions about what Tuh-ray-zuh's hiding, but no proof.

So you just have a weird feeling about it. Well, that's how I feel about the tuna plants that were dumped in 2002.

What's the difference?

[I-53]

BUMP

[conservative in nyc]

The difference is that Tuh-ray-zuh doesn't have voting control or influence over R.J. Heinz Co. -- she's just a shareholder. And the DelMonte sale didn't even require Heinz shareholder approval.

I have no doubt Heinz's decision to dump its Starkist division (including the American Samoa cannery) was based on a number of factors --- including the fact that it's not a growth industry and U.S. federal income tax credits that make the cannery profitable are set to expire soon. They may or may not be renewed. But I don't think you can directly blame Tuh-ray-zuh for it, since she doesn't control the company.

[I-53]

Blame her for what? You just said it's all up-and-up, and then you said she can't be blamed for "it." Curious.

[bray]

For the past 3 years we have heard nothing but "Tax Cuts for The Rich." Let's see if Yaaaawn puts his $$ where his piehole is??? We already know the answer, but let's see the proof.

Pray for W and Our Amazing Soldiers

[hershey]

Uh, if this were a Bush or Cheney 'faux pas', the Liberal press would have turned into a lynch mob. Cries for 'Independent investigation', prosecutors by the carload, etc.. But since this is business as usual for RATS, it's okay.

[FormerACLUmember]

Uh, if this were a Bush or Cheney 'faux pas', the Liberal press would have turned into a lynch mob. Cries for 'Independent investigation', prosecutors by the carload, etc.. But since this is business as usual for RATS, it's okay

Correct of course.

Rats are sociopaths who use massive projection: blaming others for their corruption, felonies, treason, etc, etc, etc.

[I-53]

Samoa about Samoa:

The Department of Labor reports that from 1986 to 2000, the American Samoa Consumer Price Index rose 54 percent. During the same period, the tuna industry minimum wage rose only 12 percent. Figure 19 in Section Three of the Department of Labor’s 2001 Economic Report shows the “widening cumulative gap between the tuna cannery minimum wage and the cost of living in American Samoa.” While production at the canneries increased during this period, “6 out of 10 American Samoa residents were living below the poverty line, according to the 1990 U.S. Census.”

Mr. FALEOMAVAEGA

[hershey]

Your point is well worth pondering. Kerry in particular has accomplished nothing. His entire life is a fraud, he's a social climbing, lying, arrogant gigilo whose every waking moment has been consumed with how to drag some rich, stupid woman to the altar. It's fitting that the party of deception and lies has Kerry as its figurehead. After Clinton, you'd think they couldn't get much lower, but with Kerry, it's laughable...they're scraping the bottom of the barrel. Until it's Hill's turn.

[drq]

btt

[greasepaint]

What is the 'Senate bill number' of this stuff?

[conservative in nyc]

I said Heinz' operations seem to be on the up-and-up legally; whether they are doing the right thing ethically or morally are separate issues. The "it" that I was referring to was the decision to sell the StarKist division, paying American Samoan workers less than those in other parts of the U.S. (regardless of minimum wage laws which allow it), taking advantage of a huge tax loophole so that virtually no U.S. or American Samoan income tax is paid on the cannery operations, and how Heinz ran their American Samoan operations generally.

You know that I've been looking into the StarKist sale, as well as Tuh-ray-zuh's finances generally. The DelMonte proxy with details of the StarKist sale is here. I wish it told me that Tuh-ray-zuh owned 100% of the American Samoa plant herself, was running the day-to-day operations there, and was taking advantage of tax credits to earn tax-free income. It doesn't. And Kerry's Senate disclosure forms don't show that she owned anything of the sort. Now, she could have could owned the American Samoa cannery through one of her hedge funds which doesn't list its assets, but I have no proof or reason to believe that the American Samoa operations were owned that way. That doesn't mean I haven't stopped looking.

[I-53]

...whether they are doing the right thing ethically or morally are separate issues.

No, in politics, ethics and morals are not separate issues. At least, they shouldn't be.

[conservative in nyc]

What is the 'Senate bill number' of this stuff?

Flip-Flop hasn't shown up enough in the Senate to introduce any tax bill. It's his campaign's tax plan. And a crappy one at that.

[conservative in nyc]

No, in politics, ethics and morals are not separate issues. At least, they shouldn't be.

You are absolutely correct. I apologize for my bad syntax --- I meant to say that just because something's legal doesn't make it ethical or moral.

[I-53]

It's his campaign's tax plan.

...and his family's SUV, and his wife's non-directly involved in the day-to-day affairs corporation, and his family's nine palatial mansions...

*narrows eyes*

[punster]

Some of the words, to describe John 'FUBAR' Kerry:

Crooked

Liar

Dishonest

Thief

Gigolo

Fraudulent

Prostitute

Whore

Political Whore

[AD from SpringBay]

I'll take news stories that PeterTomDan will never mention for $50,000 Alex.