WSJ: Teresa's Fair Share -- How a mega-millionaire pays a lower rate than the middle class

Wall Street Journal ^ | October 18, 2004 | Editorial

[blanknoone]

hardly a surprising income for someone estimated to be worth nearly $1 billion.

Hey WSJ, you're supposed to be the financial types. A 0.5% return is certainly VERY surprising, especially since Ms. Heinz is credited with expanding the wealth she inherited. It would be very conservative to estimate her actual returns on that wealth to be somewhere in the $50 million to $100 million range. (5% to 10% return). $627,150 in taxes on fifty to one hundred million in income is certainly a clue to how little of her 'fair share' she pays. I know people who paid more in taxes on one five hundreth of her wealth.

[dodger]

There is a story here, in fact more than one.

First of all, this clearly exemplifies Kerry's hypocracy. Secondly, HRH Teresa has as yet deigned to release only two (2) pages of her presumably voluminous tax returns. Thirdly, were this tax shoe on a Republican foot the MSM would be screeching to the high heavens. Fourthly, ....

[Atlas Sneezed]

Bout time we hammered the rich to pay their fair share and get rid of these loopholes.

---

You think that the tax-free treatment of muni bonds is a "loophole"?

Buy them yourself. You won't like the rate of return you get, but you'll be helping out municipalities.

[Ditto]

For most of us, $5 million sure is a lot of money. But income like that would not be even close enough to maintain 5 homes with servents, a yacht, and a Gulf Stream jet with crew.

I'd like to know if Teresa is paying for all those lifestyle comforts out of her savings, or are they being picked up by one of her many "Foundations."

[handy]

There is a story here. You see, I am not disturbed by Terayzah paying 12.4%. Frankly bless her pointy little head that she can reduce her tax burden.

However, saying that, my family is fortunate enough to be patr of that 200k income rate and with all my reductions I will still pay over 20%.

That is the story.

Exactly. The story is that wage earners like me get taxed on our W2 wages. The Uber-Rich people get to invest their money in municipals & have access to other shelters we do not. So when Senator Kerry says he wants to tax the "rich", what he means is tax people who are earning wages (in my case commissions). Really Rich people don't have jobs, ergo they don't get taxed at the rate I do.

I have no problem with THK owning munis, I do have a problem with having my tax rate jacked up when she won't be affected.

[EQAndyBuzz]

I totally agree

[beachn4fun]

Well, isn't this the big promise of JKerry?

BTW, dont forget it is the rich that keep the economy going. They have money to spend when the rest of us don't

[DJ MacWoW]

There is no story here unless we want to be like the Democrats and inflame people based on sensational headlines.

Unless you consider these figures:
The Bushes reported income of $727,083, and paid $227,490 in taxes -- 30.4% of their income.

[xzins]

There is a story here, but it is not about the rate Heinz paid.

It is about Kerry's pandering over "taxing the rich."

We now know that that is political rhetoric for him and not personal belief. In other words, they're hypocrites.

I'm all for paying less tax. Personally, I don't think anyone should pay a lower or higher rate than anyone else, but that's just me. And I'll tell you that in public.

NRST.

[tdadams]

It is about Kerry's pandering over "taxing the rich." We now know that that is political rhetoric for him and not personal belief. In other words, they're hypocrites.

Now that I agree with. I don't fault them for paying as little tax as the law will allow, I do the same. But whining about how the rich aren't paying their fair share when they're part of that equation takes some chutzpah.

[dannyboy72]

The point is that he says that the tax cuts went to the rich and that they should be revoked to pay for new programs. Now, if Ms. Heinz is paying less than me in taxes, then we can simply have her and the other "rich" people to pay the taxes they already owe and that can fund these wonderful giveaways.

A Flat Tax stops all of this and gives everyone a fair shake in life and taxes.

[sinkspur]

There was a story here Saturday that the New York Times estimated Heinz-Kerry's REAL income at $50 million, not the $5 million we see here. IOW, she's not telling the entire story. There is simply no way to maintain her lifestyle on $5 million (which includes a Gulfstream that burns fuel at the rate of $10K per hour).

On $50 million, her measly tax rate becomes 1.2 percent.

[xzins]

Kerry is a slick opportunist.

[happygrl]

Kerry is a slick opportunist.

Yeah, that and a giggilo.

[xzins]

That's giving him too much credit.

I prefer to think of him as a leach.

Lurch the leach