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View Full Version : The rich should pay their fair share! (except for DUHresa)


Cochise
10-18-2004, 10:17 AM
Heinz Kerry Paid Lower Tax Rate Than Most Taxpayers
Mon Oct 18 2004 10:20:34 ET

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 form -- 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 form 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 reform 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."

Developing...

DUHresa and her boytoy call people who earn $200,000 the "rich" and want to hike their taxes because they supposedly aren't paying their fair share. But, it doesn't look like DUHresa is interested in paying her fair share either, due to the use of the aforementioned tax shelters.

Does it make sense for someone who has used tax loopholes to bring her tax rate down to 12% to go around pimping a huge tax hike on the rich? People who earn less than one percent of what she does?

And does she expect that they'll willfully submit to the taxation without using loopholes to hide their wealth? :hmmm:

2bikemike
10-18-2004, 04:17 PM
I was in the 12% range last year on a low 6 figure income. My kids were in the 4% range on about 20K. I think that if most people were to sit down and figure their effective tax rate it would be considerably less than the published rates.

OldTownChief
10-18-2004, 04:30 PM
John and DUHresa will look you in the eye and tell you they did not deserve any tax cuts but they failed to check the little box to give it back.

Amnorix
10-18-2004, 04:42 PM
This thread is a joke.

Tax exempt bonds. That's the evil investment that the Kerrys are making? Tax exempt bonds? That's a fugging joke. Any idiot who can find their local bank can make a tax exempt investment in bonds. HELL, IN TIMES OF WAR IT'S PATRIOTIC, ISN'T IT?!

I repeat, this thread is a joke. I thought it'd be about some offshore investment or something... Investing in oil drilling and taking the loss to offset gains elsewhere or some other tricks that used to be common. Nope. Tax exempt bonds. Those evil neer'do'wells.... :shake: :rolleyes:

Loki
10-18-2004, 05:02 PM
This thread is a joke.

Tax exempt bonds. That's the evil investment that the Kerrys are making? Tax exempt bonds? That's a fugging joke. Any idiot who can find their local bank can make a tax exempt investment in bonds. HELL, IN TIMES OF WAR IT'S PATRIOTIC, ISN'T IT?!

I repeat, this thread is a joke. I thought it'd be about some offshore investment or something... Investing in oil drilling and taking the loss to offset gains elsewhere or some other tricks that used to be common. Nope. Tax exempt bonds. Those evil neer'do'wells.... :shake: :rolleyes:

must have been one of those "made you look" threads. :p

Cochise
10-18-2004, 05:03 PM
John and DUHresa will look you in the eye and tell you they did not deserve any tax cuts but they failed to check the little box to give it back.

That's the point of it. They are doing what everyone does... but if it's so wrong then why?

RINGLEADER
10-18-2004, 05:10 PM
This thread is a joke.

Tax exempt bonds. That's the evil investment that the Kerrys are making? Tax exempt bonds? That's a fugging joke. Any idiot who can find their local bank can make a tax exempt investment in bonds. HELL, IN TIMES OF WAR IT'S PATRIOTIC, ISN'T IT?!

I repeat, this thread is a joke. I thought it'd be about some offshore investment or something... Investing in oil drilling and taking the loss to offset gains elsewhere or some other tricks that used to be common. Nope. Tax exempt bonds. Those evil neer'do'wells.... :shake: :rolleyes:


Hey, there's nothing wrong with munis...but your reply sort of underscores the fallacy of Kerry's arguments. His tax will hit payroll and investment (through higher income, payroll and capital gains taxes), not the savings of rich people. If you want a big health care entitlement then Kerry's plan is for you. But if you want to stimulate the economy AND grow tax revenues then a tax increase is just about the stupidest thing you can do. Unless you can bank on another dot-com boom to throw $300 billion into the coffers every year.

OldTownChief
10-18-2004, 05:19 PM
That's the point of it. They are doing what everyone does... but if it's so wrong then why?

I never looked anyone in the eye and told them I didnt deserve a tax cut.

Calcountry
10-19-2004, 12:17 PM
This thread is a joke.

Tax exempt bonds. That's the evil investment that the Kerrys are making? Tax exempt bonds? That's a fugging joke. Any idiot who can find their local bank can make a tax exempt investment in bonds. HELL, IN TIMES OF WAR IT'S PATRIOTIC, ISN'T IT?!

I repeat, this thread is a joke. I thought it'd be about some offshore investment or something... Investing in oil drilling and taking the loss to offset gains elsewhere or some other tricks that used to be common. Nope. Tax exempt bonds. Those evil neer'do'wells.... :shake: :rolleyes:
The rich shouldn't be able to make tax free money, period. THEY ARE TOO DAMN RICH TO BEGIN WITH. We need to just TAKE THEIR FUGGIN MONEY, all of it, and give it to the fuggin bum on the corner.