The Kerry campaign has repeatedly criticized the President for his tax cut which they claim gave tax breaks to the wealthy. (Which they DESERVE, incidently). So what do we learn from Teresa Heinz-Kerry's release of her 2003 income tax report?
From Newsmax.com...
Heinz Kerry Hiding $45 Million in Income, Paid Just 1.2% in TaxesTeresa Heinz Kerry earns approximately $50 million in annual income, ten times what she revealed on tax forms released late Friday, according to the New York Times.
The staggering sum generated a mere 1.2 percent federal income tax liability, unless Heinz Kerry paid additional federal taxes not shown on the forms released Friday.
The average middle class American family pays 20 percent of their income in taxes, a rate 16 times higher than the would-be first family.
Noting that the Kerry campaign has not challenged an estimate earlier this year that Heinz Kerry's net worth is close to $1 billion, the Times said Saturday, "Even a modest 5 percent return would have generated $50 million of income." Tax forms released Friday show she paid a puny $628,000 in income taxes.
While that figure represents 12.3 percent of the $5 million annual income disclosed on the documents, that number would decline to 1.2 percent when calculated against the Times' income estimate for Heinz Kerry.
The $45 million in income not disclosed by Heinz Kerry was likely derived from Heinz family trusts that benefit the would-be first couple.
Portions of Heinz Kerry's tax return not made public would detail her personal investment accounts, accounts controlled by the family trust and any offshore investments she controls, the Times said.
Financial experts cited by the New York Post on Saturday said that the Kerry family's reported $5 million annual income wouldn't come close to covering their lavish lifestyle, which includes 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.
Blatant, unabashed hypocrisy. Yeah, these people really care about the American people. How come the mainstream media isn't picking this apart? After all, there is no bias. ;-)
It's Del.icio.us!
Furl It!
October 18, 2004 11:33 PM
Hi Joel,
And may I just add this little tidbit? Pittsburgh recently suffered very severe flooding...not far from the Kerry's 90 acre estate just outside of Pittburgh. This flooding happened right near Heinz Field and the place where Teresa Heinz Kerry's late husband grew up. Teresa was asked by reporters what she was going to do to aid those hit hardest by this flooding. With cameras on her and with reporters recording her words, she said: "I'm not in a position to do anything much other than to find out...I want to find out". Now, I'm not saying that the Kerry's are necessarily OBLIGATED to donate financial aid for the flood crisis in Pittsburgh. But let's review a couple of KEY facts: Her wealth is estimated at anywhere from 900 million to 3.2 billion dollars AND her husband just happens to be running for President of the United States. I would think that this woman who may turn out to be our next First Lady could have (and SHOULD have) come up with something a little better to tell those reporters than: "I'm not in a position to do anything much other than to find out...I want to find out".
The more I see and hear from the Kerry campaign, the more I am dumbfounded at the closeness of this race. We need to vote for George W. Bush if for no other reason than to ensure that Laura Bush remains as our First Lady. And besides, I don't know about the rest of you...but I really don't want a First Lady with two last names and five estates. I don't know...just leaves a bad taste in my mouth.
October 25, 2004 01:06 PM
can a trust hire servants for THK? why is there only $1,251 of Social Security tax paid on THK tax return (which computes to about $8,000 in wages for a 'household employee'?)
I can't find the answers to these questions