MartiniPundit

Random thoughts and insights – always shaken, never stirred

Some Tax Records Released

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Teresa Heinz (Kerry) has finally released some of her tax records with less than three weeks to the election.

Mrs. Teresa Heinz Kerry announced today that she has filed her final 2003 federal tax forms and as she said promised last spring, has released the top two pages of her 1040 tax filings. Mrs. Heinz Kerry paid $798,820 in state and federal income taxes in 2003, approximately 35 percent of her gross taxable income, according to figures and federal tax forms she released today. Mrs. Heinz Kerry paid $627,150 in federal income taxes on gross taxable income of $2,291,137, primarily from dividends and interest she receives from Heinz family trusts.

In addition, she paid an additional $171,670 in state income taxes and had $2,781,791 of tax exempt interest income from state, municipal and public entity bonds. These taxes are separate from and in addition to the income taxes paid directly by the Heinz family trusts and by other beneficiaries who receive income from those trusts.

Indeed, the taxable rate is around 35%, but if one adds in the rest of her income the overall rate is about 16%. I paid around 24% last year – how did you do?

Meanwhile, this disclosure does not include the various trusts that Teresa controls and so fails to answer the question of whether or not they’re supporting 527 groups on behalf of John Kerry. Whichever of these two men ultimately win the election, it’s obvious that McCain-Feingold is an abysmal failure and needs to be repealed.

Update The New York Post has more detail, including this gem:

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.

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Written by martinipundit

October 16, 2004 at 11:43 am

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