Aces High Bulletin Board
General Forums => The O' Club => Topic started by: Muckmaw1 on October 18, 2004, 10:48:28 AM
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Why did she even have to release this?
Anyway, there's a line in here that is total BS.
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."
That line is totally untrue. Anyone with $1000 can walk into any brokerage firm and buy a Muni bond. They are federally and in some cases triple tax free.
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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."
Any first year college student who had a class of finance can tell you that state,city and public bonds usually aren't taxable. You too can buy them, it doesn't take a laywer or an accountant. I guess in the silly world getting a Finance 101 level of advice is a crime.... :rolleyes:
Edit: wrote interest instrad of taxable. Silly me :)
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Originally posted by fd ski
Any first year college student who had a class of finance can tell you that state,city and public bonds usually don't bear interest. You too can buy them, it doesn't take a laywer or an accountant. I guess in the silly world getting a Finance 101 level of advice is a crime.... :rolleyes:
Acutally, State and City bonds, referred to as Muni's pay interest semi-annually, or in some cases monthly. The interest is reportable but not taxable.
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Tax-free bonds are more attractive to wealthy investors than normal folks because the rich face a higher marginal tax rate.
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Originally posted by -MZ-
Tax-free bonds are more attractive to wealthy investors than normal folks because the rich face a higher marginal tax rate.
Exactly correct.
But they are available to anyone with $1000 and Charles Schwabs Phone Numbers.
Anyone with more than $100,000 can call me..:D
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More importantly why is she paying 12%?
Originally posted by Muckmaw1
"
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."
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Originally posted by JBA
More importantly why is she paying 12%?
You noticed that huh?
Don't worry, when her husband is elected and raises all our taxes, she'll probably get lumped into the 15% bracket.
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the rich are rich enough to avoid paying their real rate in our present system
they are also rich enough to prevent a flat tax from ever replacing that system
if taxes are raised, it won't be the rich paying them....it'll be you and i either directly or through higher costs
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Originally posted by Muckmaw1
Why did she even have to release this?
Where did you find this stupid article anyway? Why not just post the original WSJ report?
A writer who whines about the complexity of the tax system should check out the lobbyist orgy of a corporate tax bill that passed last week.
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Originally posted by JBA
More importantly why is she paying 12%?
Deductions, my friend. Deductions. Note the term "overall average". It says nothing of what the actual rate is.
I really can't understand why The Kerry's are considered "filthy rich" and nothing is said about Bush and Cheney. Their portfolios dwarf Kerry's.
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LOL Eagler sounds to be a Commie.... rich people do this, rich people do that... :aok
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Originally posted by Staga
LOL Eagler sounds to be a Commie.... rich people do this, rich people do that... :aok
nope
skery's spew stating he'll raise the taxes of the rich is bs
invoking class envy to push his agenda of higher taxes for all of us - cept you cause you do not live here - LOL
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Interesting side note....if Kerry wants to stop outsourcing, perhaps Heinz can bring *back* all the jobs they sent overseas with ye old ketchup empire
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Originally posted by rpm
Deductions, my friend. Deductions. Note the term "overall average". It says nothing of what the actual rate is.
I really can't understand why The Kerry's are considered "filthy rich" and nothing is said about Bush and Cheney. Their portfolios dwarf Kerry's.
The stats I saw had Kerry as by far the wealthiest, followed by Edwards then Cheney then Bush.
I believe it was on CNN about 3 months ago.
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Originally posted by JBA
More importantly why is she paying 12%?
If ya crunch the numbers (I have'nt, I'm guessin here) She's payin %12 on her total income, which includes the interest on the tax free bonds, which does'nt count as taxable income, which is why the call them "Tax Free Bonds"
Went back and reread the first post.
Yeah, why is she only paying %12 ?
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She (or her specialists) know how to fill tax-form?
What's wrong with you? Are you jealous to her or are you just pissed because someone earns more money that you do and knows how to fill tax-form?
Comrades! Vive la Revolucion! :rofl
hehe frigging socialists :aok