American Spirit likes to suggest that Theresa Heinz-Kerry is an enthusiastic tax payer. The available evidence suggests otherwise.
According to Mr. Spirit:
Responsible rich people know taxes are part of their patriotic duty. People like Kerry-Heinz...
However, it is impossible to know if Ms. Heinz-Kerry is actually paying her fair share because she will not release her full returns. We do, however, have a hint.
johnkerry.com
Mrs. Heinz Kerry paid approximately $750,000 towards her 2003 federal, state and local income tax liability at the time of the extension filing.
If you add the gross taxable income of $2,338,000 and the tax exempt income of $2,777,000 you get a total of $5,115,000. In other words, the real tax rate on her income is only 14.7%.
Of course it is perfectly legal to shelter your assets in tax exempt securities. However, such passive investments do not add much to the productivity of the economy. At least Bill Gates recycles his money.
Another thought. Her assets are estimated at $850 million to $1 billion. Only $750,000 in taxes! She should be writing a book on tax strategies. Imagine what an education it would be if the American people could see those tax returns. |
