SCOURING TERESA'S TAXES

New York Post ^ | 10/16/04 | VINCENT MORRIS and DEBORAH ORIN

[kattracks]

October 16, 2004 -- John Kerry's near-billionaire wife, Teresa, reported more than $5 million in total income last year but paid only 12.5 percent in federal taxes — less than the average middle-class family — according to documents released yesterday by his campaign.

Teresa Heinz Kerry reported a total income of $5,072,533, including nearly $2.8 million that escaped all federal taxes because it was on interest-free investments from state, city and other public bonds.

She paid $628,401 in federal taxes, or a rate of 12.47 percent. The average middle-class family pays more than 20 percent.

Mrs. Kerry's rate is barely above the lowest rate of 10 percent for the lowest-income Americans subject to taxes.

President Bush and wife Laura reported paying $227,490 in federal taxes on income of $822,126 or a 27.7 percent rate — more than double the rate paid by Mrs. Kerry. The Bushes reported no tax-exempt interest income.

"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.

[snip]

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.

[Agrarian]

I'd like to hear more on just how much money it would actually take to sustain their lifestyle. And then, a la Watergate, "follow the money..."

[pray4liberty]

This proves that not only are these people hypocrites, we are in dire need of tax code reform. No more whittling at taxes. Tax me 10%, no deductions, and leave me alone!

President Bush would win the election if he would stress this particular point! With more money in your pocket, you can pay for your own health care and save for your kid's education. How complicated is that?

[NewMediaFan]

...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.

But Kerry's 'fighting' for the middle class, didn't ya know? :-)

 

[rolling_stone]

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.



Don't forget JFnKerry makes $1,000 an hour for his few days a year work in the Senate...

[MJY1288]

This is typical of a liberal and is proof of what George W. Bush has been saying when he said John Kerry is gonna stick it to the middle class. Here Kerry wants to tax the crap out of every bread winner and small business owner who grosses over $200,000. That would put everybody over 200K at a 35% tax rate (almost 3 times what TaRaZa paid)

Kerry's tax plan would cripple small business investment, and kill job growth.

Meanwhile Mrs. Heinz can write off all of her left wing special interest donations and reduce her tax liability to the same level as someone making $15,000 a year. So in reality, she short changes the federal treasury and the rest of us fund her left wing donations with what we send to the federal treasury

[libs_kma]

The hypocisy is disgusting. And I'm glad Dick Cheney called Breck Girl out on his s-chapter manipulation to prevent paying taxes on his income as well.

It wouldn't be hypocrisy if these guys were saying "The wealthy need to pay more taxes" and at the same time paying in at around the percentage they want folks making over 200K to pay. But they are clearly not.

[Positive]

As of today; 10 year US Treasury Bonds yield 4.25%, 10 year AAA Rated Municipal Bonds pay 3.7%.

This means that a person in the 33% Fed Tax bracket would net 2.85% after taxes.

In order to earn $2,800,000 per year on a 3.7% yield, you need to invest a mear $75,000,000. Of course if she had invested in T-Bonds she would have earned $3,187,500 and would then have had to pay about another million in Federal Taxes.

[Positive]

I just reversed the math on these numbers and found something interesting.

I have heard the momma t's wealth is nearly a $Billion; but if only half of it were invested in investments that yield income, a 4% yield would earn $20,000,000. She "only" reported $5,000,000.

So she is either heavily invested in none income yielding investments or there's a rat around here.

But of course, there is a rat!

[MJY1288]

I own a small business that is incorporated and was not effected by the Bush tax cuts, but my 941 payroll tax deposits sure went down. Down so much that I hired another employee. My neighbor is a LLC who pays his taxes at the individual rate and he has seen his taxes go down quite a bit. He is a 60's hippie who is a cabinet maker. He is as liberal as they get, but after 5 years of making little or no profit before the Bush tax cuts, he is now doing very well and will be voting for Bush in 18 days :-)

[mass55th]

I pay the same percentage rate in Federal taxes on a $2700 monthly pension check as Mrs. sKerry, but of course my earnings are a mere pittance of what she makes.

[pawdoggie]

I have a question. Over the last few days I've heard several usual Left-Democrat suspects (e.g. Molly Ivins, Mark Shields, Eleanor Clift) express their "fears" of a "Republican" attack against "Momma T". What does anyone know about this? Other than the fact that she's a dingbat who supports far Left causes, I haven't heard much of anything, nothing from the RNC in fact.

[kcvl]

bttt

[OESY]

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.

...

The Los Angeles Times, after a detailed study, last June concluded that Mrs. Kerry is almost certainly a billionaire, worth between $900 million and a staggering $3.2 billion. Forbes magazine has estimated her fortune at $700 million.

Teresa: "Cross my heart and
swear to (rhymes with die)."

Sounds to me like there's more to disclose.

[rocklobster11]

Nothing wrong with investing in Tax free munis. As for her other assets, she probably has alot invested in stocks, but doesn't show any income until sold.

[knuthom]

Over the last few days I've heard several usual Left-Democrat suspects (e.g. Molly Ivins, Mark Shields, Eleanor Clift) express their "fears" of a "Republican" attack against "Momma T".

Preemptive. They knew when her tax info was scheduled to be released and knew it would not help Kerry.

[pray4liberty]

Down so much that I hired another employee.

That's the idea, and good for you and your new employee.

You and your neighbor ought to make a campaign commercial for Bush, to counter all those nasty lies about how he doesn't help people like you and me.

My tax return paid the start-up costs for my online business (http://www.bdazzleddesigns.com). Maybe I ought to be in the commercial too. He needs real Americans to stump for him, that we're all not traditional Republican country-club rich, and some of us are minorities, too.

[Agrarian]

The tax cuts helped us expand and hire, too. Since I and my partners would be hit hard by Kerry's tax increases, it will of course hurt chances for any increased spending and hiring on our part.

Some way to increase federal revenues...

But then, liberal politics has always been about the super-rich manipulating the poor with the politics of envy, to the detriment of the middle classes, not about doing anything useful. Read the history of the late Roman Republic -- nothing new under the sun...

[mattdono]

Bump