John Kerry And Teresa Heinz Paid 10.6% [Average Families Pay 20%]

Useless-Knowledge (E-zine) ^ | October 12, 2004 | Ken Hughes

[The Loan Arranger]

John Kerry finally got something right. The Bush tax cuts are working for the rich and famous just as Kerry said they would. On an income of $6.8 million [that with an M] John Kerry and Teresa Heinz paid $725.000 [10.6 %]. The average family pays approximately 20 %. That means if Senator Kerry really wants to be fair he should pay 38% perhaps adjusted to something like 35%. Senator Kerry how about you’re sending the government an additional $ 2,307,500 in taxes just to keep it fair to the middle class.

George and Laura Bush paid a whopping 30% income tax on a tenth of the income the Kerry’s had in the same period. That shows you how dumb George Bush is he created the tax cuts and didn’t take advantage of them.

[Paleo Conservative]

John Kerry And Teresa Heinz Paid 10.6% [Average Families Pay 20%]

"Clothing is wonderful, but let them go naked for a while, at least the kids,"

Teresa Heinz Kerry
9/14/2004

[silverleaf]

The Bush tax cuts had little or nothing to do with the Kerry-Heinz tax rate- their rate of taxation has been reduced by their taking advantage of every shelter and loophole TerAYza's army of accountants can find in the unified tax code.

I have read that the State of Massachusetts has a "tax me more" optional higher tax rate election on their state tax forms- and that Senator Kerry has NEVER opted to pay the optional higher tax rate.

[libs_kma]

Kerry has to be beat over the head with this tomorrow night.

Beat hard and beat often. It was hard for Edwards to take when VP Dicke Cheney did this to him in their debate..

HEY LURCH!!! YOU CAN RUN, BUT YOU KNOW THE REST!!!

[Quilla]

I heard a clip of the President speaking at a campaign rally yesterday. He said the rich often pay accountants and attorneys to get out of paying their fair share of taxes. Apparently, he has the Kerry's pegged.

[stockstrader]

Just another reason why Kerry must release his wife's tax returns! How else can the public judge whether or not she is using those rich people's 'dreaded loopholes' that Kerry has railed against?

Where is the outrage at his unwillingness to release them?

[kittymyrib]

Yes, but he can't be pussy-footing around about those two tax-dodging hypocrits. He needs to tell the voters these very figures tomorrow night and let that botoxed corpse try to flip-flop his way out of the facts.

[DaveMSmith]

Earlier this week, Laura Inghram reported the Kerrys paid an effective rate of 12.8 in 2003.. now this? unreal

[Phantom Lord]

To be fair, the optional higher rate option didn't go into effect until 2003. So, he has only had one chance to utilize it. Which he did not.

[silverleaf]

State of Massachusetts Personal Income Tax Rates and Payments

Optional Tax Rate of 5.85%
For tax years beginning on or after January 1, 2002, taxpayers have the option to pay a higher tax rate on certain types of income. Taxpayers may pay 5.85% as opposed to 5.3% on the following types of income:

Form 1 or 1-NR/PY income after exemptions - Form 1, Line 19 or 1-NR/PY, Line 23;
Schedule B interest and dividend income - Form 1, Line 20 or 1-NR/PY, Line 24;
Schedule D net long-term capital gains on or after May 1, 2002 - Schedule D, Part 3, Line 23G.

The election to pay tax at the rate of 5.85% does not apply to items of income taxed at 12% (short-term capital gains and gains on collectibles and pre-1996 installment sales.)

2002 Law Change:
Recent legislation provides that personal income tax forms must provide an election to voluntarily pay tax at a rate of 5.85% on taxable income that would otherwise be taxed at a rate of 5.3%.

---

Massachusetts References:

M.G.L. Chapter 62, Section as amended by St. 2002, c. 300
TIR 02-18: Tax Changes Contained in "An Act Enhancing State Revenues" and Related Acts

It seems that Kerry has had two years to step up to the plate.

[Quilla]

What is a U.S. Senator's salary anyway? I'm thinking back to the second debate and Kerry's smarmy comment about only three in the room earning $200K plus. If he didn't count his wife's income, I don't think he'd fall into that category.

[ProudVet77]

Absolutely. Shows the hypocrisy of Kerry's position (or at least one of them).

[stockstrader]

Unless Kerry releases his wife's tax returns, the public will never know what 'loopholes' her tax lawyers and accountants have used.
The President should cite his unwillingess to release her returns as a perfect example of how the REALLY rich abuse the tax code!

[Phantom Lord]

It was passed in 2002 to start for the 2003 tax returns I believe. I could be wrong.

[Quilla]

Excellent point.

[newgeezer]

The average family pays approximately 20 %.

If this means federal income tax, I find that very hard to believe. First, as I understand it, nearly half of all "families" pay nothing.

Second, as a % of gross income, mine typically ends up paying less than 10% and we're nearly double the median income. Our only significant deductions are mortgage interest, charitable contributions, and two kids.

Sorry but, this doesn't pass the smell test. Maybe I'm missing something.

[newgeezer]

Oh, one more significant deduction: property taxes. Still, our taxable income is way above the median, and we pay less than half the 20% rate cited above for "average families."

[marmar]

We need more of a push to boycott Heinz products...

[Doctor Stochastic]

Only she bakes the cake.

[ken5050]

This doesn't make sense. The AMT will kick in..it's almost impossible to have a rate that low..