Lottery Post Journal

Teresa the hypocrite

Heinz Kerry Paid Lower Tax Rate Than Most Taxpayers

The Kerry campaign finally released Teresa Heinz Kerry's 2003 tax return, or rather two pages of it, late last Friday, the WALL STREET JOURNAL details.

"We think she ought to release the rest of her return, since her wealth was crucial to salvaging her husband's struggling campaign during the Democratic primaries in 2003."

"But even this minimal disclosure deserves more attention in light of John Kerry's pledge to raise tax rates. In 2003, Mrs. Kerry -- or Teresa Heinz, as she declared herself on her IRS 1040 norm -- earned $5.07 million, hardly a surprising income for someone estimated to be worth nearly $1 billion.

"The news is that $2.78 million of that income came in the norm of tax- exempt interest from what the Kerry campaign's press release attributed to investments in 'state, municipal and public entity bonds.' What the campaign didn't say is that these are the kind of investments that rich people can afford to hire lawyers and accountants to steer their money into."

On her "remaining 'taxable' income of $2.29 million, Mrs. Kerry paid $627,150 in taxes, for an overall average federal tax rate of only 12.4% on her $5.07 million in total income." This "puts Mrs. Kerry's tax rate at well below that of other filers in her super-rich neighborhood. But it also means she is paying a lower average rate than nearly all middle- class taxpayers paid in 2001, the last year for which the IRS has published the data.

The top 50% of all federal filers contributed 96.1% of all federal income taxes in 2001, and they paid an average income-tax rate of 15.9%. That's 3.5-percentage points more than Mrs. Kerry paid in 2003." At the "very least, Mrs. Kerry's tax returns are a screaming illustration of the need for renorm to make the tax code simpler and fairer. But they also show that Senator Kerry's proposed tax increases are much more about a revenue grab than they are about tax justice."

2 Comments:

  • Don't you think hypocrite is going a bit far? If you look at her taxable income she paid 27% which is a fairly high number. We all know the tax code is leaky for those in the high bracket, this is hardly a surprise. Nor is this supposed secret of the rich of tax free municipal bonds, anyone who has looked into the subject like I imagine most of us in this forum have should know about these. Her money goes to help improve roads, public works, etc. Where is the crime in this?

    By Babel, at 2:50 AM

  • No, hypocrite is not going too far. She and her husband want to impose monumental taxes on the "rich" to give to the poor, and she is getting away with paying less taxes than 99% of the country, and thus being a hypocrite.

    I really wonder how ANYONE can post anything supportive of this woman. She's the lowest of the low. This is a woman who is using the profits of a great American businessman, who believed in traditional values, to support an ultra-liberal for president who is looking to soak the very people who made this country great. And she married the jerk to boot.

    By Todd, at 8:02 AM

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