Kerry's offshore investments and income taxes.

[Useruser666]

Offshore investments

http://www.boston.com/globe/nation/packages/kerry/images/day5/tax1.htm (http://)

Income taxes

Middle Class Said To Pay Higher Tax Rate Than Heinz Kerry And Kerry
Mon Oct 11 2004 10:22:17 ET

Stephen Moore, president of the Club for Growth, writes in the WALL STREET JOURNAL on Monday: "According to the Kerrys' own tax records, and they have not released all of them, the couple had a combined income of $6.8 million in income last year and paid $725,000 in income taxes. That means their effective tax rate was a whopping 12.8%.... "Under the current tax system the middle class pays far more than the Kerry tax rate. In fact, the average federal tax rate -- combined payroll and income tax -- for a middle-class family is closer to 20% or more. George W. and Laura Bush, who had an income one- tenth of the Kerrys', paid a tax rate of 30%. ...

"Here is the man who finds clever ways to reduce his own tax liability while voting for higher taxes on the middle class dozens of times in his Senate career. He even voted against the Bush tax cut that saves each middle-class family about $1,000." The Kerrys "have unwittingly made the case for what George W. Bush says he wants to do: radically simplify and flatten out the tax code. ... So before John Kerry is given the opportunity to raise taxes again on American workers, shouldn't he and Teresa at least pay their fair share?"


http://www.drudgereport.com/flash2.htm

[Yonivore]

"So, before John Kerry is given the opportunity to raise taxes again on American workers, shouldn't he and Teresa at least pay their fair share?"
Well, I certainly think so.

[Useruser666]

I wonder how Kerry would sleep at night after raising taxes on his wife? :sleep

[1369]

I wonder how Kerry would sleep at night after raising taxes on his wife?

Most likely in the servant's quarters.

[Yonivore]

Most likely in the servant's quarters.
:lmao

[Useruser666]

Probably in the 6 bedroom, 4 bath, 4 car garage dog house.

[SpursWoman]

Probably in the 6 bedroom, 4 bath, 4 car garage dog house.


:lol :lol

Although I'm thinking that the no-nookie doghouse wouldn't be that big of a punishment.

Cut off his credit cards, maybe? :wow :lol

[Bandit2981]

Stephen Moore, president of the Club for Growth, writes in the WALL STREET JOURNAL on Monday
the republicans' version of Moveon.org? it MUST be true! :lmao

[Yonivore]

the republicans' version of Moveon.org? it MUST be true! :lmao
Actually, I posted the same information back when the Bush's and Kerry's (abbreviated) tax returns were released.

The Kerry's pay a lower effective tax rate than most middle-income Americans. It's just the facts, Jack.

[spurster]

This doesn't say what their off-shore taxes are. Assuming that they are small, then this loophole should be closed up. Maybe Bush will bring it up in the next debate and something interesting will be said.

But isn't Kerry/Heinz doing doing what they are doing based on the incentives in the tax code? You Bushies ought to be happy that these rich folks are getting low taxes and thereby boosting the economy. Unless that equation only works for Republicans.

[SpursWoman]

The ultra-rich can afford to pay people to help them get away with shit like that. It's pretty common, Bandit...regardless of their political affiliations.

That's why I think that "Only jack up tax rates for the rich" is a joke. They'll find that they will have no where near their estimated income (because there will always be good accountants, tax attorneys & financial advisors out there to offset any *increase*) and then pass it on to the middle & lower classes. That's the way it was, is, and always will be.

[Yonivore]

This doesn't say what their off-shore taxes are. Assuming that they are small, then this loophole should be closed up. Maybe Bush will bring it up in the next debate and something interesting will be said.

But isn't Kerry/Heinz doing doing what they are doing based on the incentives in the tax code? You Bushies ought to be happy that these rich folks are getting low taxes and thereby boosting the economy. Unless that equation only works for Republicans.
President Bush's plan is a simplified tax structure -- without the loopholes -- and with a fair tax burden for all income brackets.

[whottt]

Spin it any way you want Spurster but the President and Wife paid 30% of their income and Kerry paid 12.8%.

Perhaps the reason Kerry has no problems raising taxes is because he has the legal acumen to circumvent his own plan. He is a lawyer you know, the live to find loopholes in the law.

You should be able to tell Kerry is lying when he says that tax cut only benfitted the top 1% of all Americans. I mean you file a tax return right?

It's is easy to say the rich are evil but the rich create jobs, the less money they have going into taxes the more they have to create jobs with. And Kerry's got more money that just about anyone in Washington. The difference is that he didn't build his fortune, he gigoloed it.

[Hook Dem]

Those that blindly support Kerry should take a long hard look at this. Are you paying his share for him????? I think so! :depressed

[Aggie Hoopsfan]

You should be able to tell Kerry is lying when he says that tax cut only benfitted the top 1% of all Americans.

I think it deserves to be pointed out that the top "1%", aka the rich Americans, pay 60% of all taxes in this country.

How much should they pay? 70%? 80%?

Still, it sucks that Kerry is paying so little in taxes (while he lectures about the travesty of cheating the tax code that is perpetrated by the evil Republicans).

[Nbadan]

What's the big fuss over? Do you really want a President who can't get out of paying Federal taxes?

:lol

[Nbadan]

According to the Kerrys' own tax records, and they have not released all of them, the couple had a combined income of $6.8 million in income last year and paid $725,000 in income taxes. That means their effective tax rate was a whopping 12.8%....

I'm not sure where this writer is getting his facts from, BUT...


In 2003, Sen. John Kerry had $395,000 in taxable income and paid $90,575 in federal income taxes. Kerry had $43,735 in charitable contributions.

Last year, Kerry wrote "A Call to Service," of which had $89,000 in proceeds. Kerry is paying the taxes on the proceeds from the book and is donating the balance to charity.

The tax return also shows $175,000 in capital gains, from the sale of one-half interest of a painting, which was reported last year.

US News Wire (http://releases.usnewswire.com/GetRelease.asp?id=28733)

[Nbadan]

Also,


Mrs. Heinz Kerry paid approximately $750,000 towards her 2003 federal, state and local income tax liability at the time of the extension filing. This represents approximately 32 percent of her gross taxable income. She paid $587,000 in estimated federal income taxes for 2003, and $162,777 in estimated state and local income taxes. In addition, in April she paid $280,000 towards expected additional 2003 and 2004 federal tax liability.

Based upon the information received to date concerning her investments, her advisers estimate that in 2003, Mrs. Heinz Kerry had gross taxable income of approximately $2,338,000, consisting primarily of dividends and interest, and tax exempt interest income of approximately $2,777,000 from state, municipal and other public entity bonds.

In 2003, Mrs. Heinz Kerry was responsible for over $4.6 million distributed as charitable contributions, primarily through charitable grants by the Heinz Family Foundation, a 501(c)(3) corporation Mrs. Heinz Kerry established with her late husband, Senator John Heinz, and later significantly expanded after his death in 1991 through her creation of the Teresa and H. John Heinz III Fund within that Foundation. The Heinz Family Foundation is principally funded by a charitable lead trust, the Teresa & H. John Heinz III Charitable Trust, established as a result of estate planning decisions made by Senator John Heinz and Mrs. Heinz Kerry before his death.

The Heinz Family Foundation is separate from the Howard Heinz Endowment, of which she is Chairman, and the Vira I. Heinz Endowment, of which she is a board member, both of which were established by earlier generations of the Heinz family and make significant annual charitable grants. None of these entities, nor Mrs. Heinz Kerry, nor any member of her family, has any managerial or other role with the H. J. Heinz Company or its company-directed foundation.

Mrs. Heinz Kerry stated that she will make available the first two pages of the Form 1040 for 2003 once it is prepared and filed in October. Mrs. Heinz Kerry files a separate tax return from her husband, Senator John Kerry.

“While I am not a candidate for any public office, a great deal of my financial information has been disclosed for many years on my husband’s Senate Ethics Disclosure and now that he is a presidential candidate, with the Office of Government Ethics,” she said.

“Today I am making additional public disclosures by releasing my personal tax information. I will make public my 1040 form when my personal tax returns are completed later this year. John and I believe this strikes a balance between my family’s privacy and the media’s requests for more financial information.”

In 2000, then-candidate George Bush filed an extension for his 1999 taxes, in the spring he released some tax information and then released his 1040 Form after he filed his taxes in October 2000.

John Kerry.com (http://www.johnkerry.com/pressroom/releases/pr_2004_0511b.html)

[whottt]

Oh hell , John Kerry.com...disregard the previous report, we have found a more credible source.

[Nbadan]

Oh hell , John Kerry.com...disregard the previous report, we have found a more credible source.

I think you will find that those numbers can be verified by the Kerry's actual 2003 tax return. There is no reason to believe the Kerry campaign would post inaccurate numbers.

[Useruser666]

I think you will find that those numbers can be verified by the Kerry's actual 2003 tax return. There is no reason to believe the Kerry campaign would post inaccurate numbers.

HA HA!!! Sorry, but that is funny! I had no reason to believe there was no such thing as Santa when my mommy said there was!

If you take $2,338,000 + $2,777,000 = $5,115,000

$750,000 / $5,115,000 = ~.1466 or approx. 15%

From these figures from the Kerry website, it means she paid 15% taxes on her income. That is of course total income, not taxable income. Now it also states that she made $4,600,000 in "...charitable contributions, primarily through charitable grants by the Heinz Family Foundation, a 501(c)(3) corporation Mrs. Heinz Kerry established with her late husband, Senator John Heinz...". It does not however state that any of amount of those donations came from her personal income from the 2003 tax year. I would personally like to see the orginal documents with out all the spin and "special" wording.

The one thing I would like to know is how less than half of your income is taxable when you make over $5,000,000 a year!!! She must not be using H&R Block!

[Aggie Hoopsfan]

There is no reason to believe the Kerry campaign would post inaccurate numbers.

Sorta like saying we've spent 200 billion in Iraq when everyone, even good old CBS, NBC, etc. have said that number is incorrect.

But hey, what's 80 billion anyway (besides enough bribe money to get France, etc. to pass our global test)?

[Yonivore]

What's the big fuss over? Do you really want a President who can't get out of paying Federal taxes?

:lol
That's the kind of statement that'll defeat Kerry. Keep it up.

Yes, I (and most people in the middle-class tax brackets) want a President that doesn't exploit the tax loopholes not available to them. A President that wants to reform the tax code and eliminate such loopholes for the Heinz-Kerry's among us.

There's a big difference between a person that can't take advantage of a tax loophole and one that won't take advantage of a tax loophole.

[Nbadan]

HA HA!!! Sorry, but that is funny! I had no reason to believe there was no such thing as Santa when my mommy said there was!

If you take $2,338,000 + $2,777,000 = $5,115,000

$750,000 / $5,115,000 = ~.1466 or approx. 15%

Hey Arthur Anderson, the devil is in the details...


tax exempt interest income of approximately $2,777,000 from state, municipal and other public entity bonds.


Now you want Mrs Kerry to start paying taxes that she doesn't even owe? You do know that Muni's are federally tax exempt, right?

[xrayzebra]

I wonder how Kerry would sleep at night after raising taxes on his wife? :sleep

That's all he could do...sleep...... :spin

[Useruser666]

Hey Arthur Anderson, the devil is in the details. Now you want Mrs Kerry to start paying taxes that she doesn't even owe? You do know that Muni's are federally tax exempt, right?

I'm sorry but I still don't understand how you can earn $5,000,000 dollars and only pay $750,000 in taxes. I wish I could tell the IRS that less than half my income was taxable. Are you a multi-millionaire Dan? I don't see how you can swallow those numbers so easily unless you were. I'm so sure that Mrs. Kerry has all that money tied up in mutual funds, or maybe her 401k plan?

[Marcus Bryant]

Do as I say not as I do.