[LRoggy]

After releasing a partial return of the family taxes, we were told that Teresa Heinz-Kerry's tax return indicated a paid rate of about 12% of income. What was missing was the non-taxable assets and a description of the spouse's balance sheet.

How much of the family's houses, plane, boats, etc. have been transferred to family partnerships and other trusts, including endowed trust funds that support a lifestyle not paid for by the candidate's family?

For example, do they get to live in the D.C. area house without paying anything? The income is only one side of the story. The use of family assets at no cost, that is the missing piece of how extravagant their life style is.

Until this family releases their entire balance sheet, including all trusts and family partnerships Teresa has effective control of, we will never know the true extent of their income. If there are any Estate Planning experts out there, please add to this thread.

[Cincinatus' Wife]

Heinz Kerry made $5.1m (Combined annual income $20 million)

[kattracks]

"It's clear that Mrs. Kerry has found every nook and cranny in the federal tax code to shelter her income," said Stephen Moore of the conservative Club for Growth.

Experts on lifestyles of the rich and famous say that $5 million in income wouldn't come close to covering the Kerrys' golden lifestyle with five estates, multiple cars, a $3.5 million Gulfstream V jet complete with plasma TV, gold fixtures and two bathrooms, a yacht worth $750,000 to $1 million and servants in every location.

SCOURING TERESA'S TAXES

[maryz]

How much of the family's houses, plane, boats, etc. have been transferred to family partnerships and other trusts,

I seem to recall that the Nantucket house belongs to a family trust. It came up on Howie Carr when he was trying to track down an SUV registration.

[stockpirate]

They plan to release all her tax returns the same day John signs the form 180 to release his military records, that is the same day hell freezes over.

[Glenn]

we will never know the true extent of their income.

This is America. The goal is to get rich. Enough with the strawman arguments. Unless they are cheating on their taxes, and I'm sure the IRS goes over them with a fine toothed comb, it's really none of our business. The money THK has was Republican money before it was Democrat money.

[atomicpossum]

Is Thereeeeeeeeesa going to put all her money in a blind trust should CadaverBoy squeak through?

[Casloy]

Furthermore, isn't it a little interesting that she released her 03 taxes in mid October after asking for a delay? I wonder if she paid that much in 02 or 01, or did she go ahead and pay a lot more this year just to make them look good?

[Saundra Duffy]

LOL

[GadareneDemoniac]

Right!!!!
Over the years I have had to explain to high-income workers ( doctors, lawyers, etc. ) that WORKING to earn $ 200K is qualitatively different from having enough RETURN ON CAPITAL to earn $ 200K.
You show me a family that has that kind of assets and any decent accountant can deploy those assets so as to minimize taxes. However, if you work and earn the money, you better get ready to pay the tax man.
That's one reason why jfk's proposal to tax people earning over $ 200K is so asinine - it won't apply to him or that nut he's married to.

[igoramus987]

Kerry and Theresa (since they are married) are clearly using Tax Loopholes such as trusts to avoid paying their fair share of taxes. Yet at the same time, Kerry wants to raise taxes on people that earn more than $200,000. That is hypocritical.

Assuming Theresa and Kerry (since they are married) has $1 Billion (which is a fairly conservative estimate because Theresa inherited $750 million when her first husband died) at 4% interest, they would be earning $40 million a year.

35% of $40 million = $14 million

So each year, they are short changing the IRS $13 million by using tax loopholes ... and since they have been married, you could say that they have short changed everyone else who pays their fair share of taxes at least $100 million dollars.