Saturday, October 16, 2004

Teresa Heinz Kerry Paid An Effective Tax Rate of 12.47%

The billionaire wife of John Kerry released part of her tax returns yesterday. Her tax records show that she reported over $5 million in income last year but paid less than 12.5% in taxes, much less than the average of 20% paid by most middle class families. Deborah Orin and Vincent Morris have reported on the Kerry's income tax records, part of which Mrs. Hienz Kerry released yesterday. From the article:

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.

"For a couple that keep insisting the rich should pay their fair share, it's pretty clear that the Kerrys don't pay their fair share," Moore added.

The hypocrisy on the part of the Kerrys is staggering. John Kerry repeatedly stands before America and insists that the rich pay their fair share of taxes. He is running on a promise to raise taxes on the "wealthy", which would include 900,000 small businesses. Yet his billionaire wife paid almost the same tax rate as the lowest income Americans who have to pay taxes.

Be sure to check the current posts for updates.