Funny, you hear about all of those big, bad, wealthy
Republicans who are the sole benefactors of Bush's tax
cuts, yet they are silent on this matter......
This is too funny. I wonder how often the mainstream news
will report this connection when compared to the Cheney
Hallibuton ties? Also, what is John Kerry hiding in his
tax returns?? - From: Michael D. Cummings
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Kerry Carved Out Tax Loophole for Heinz Foods<font size=3>
Wednesday, July 14, 2004 7:35 p.m. EDT
newsmax.com
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Tax legislation proposed by Democratic presidential candidate John Kerry last year was designed to crackdown on companies doing business overseas - but the proposal had one giant loophole: an exemption for companies like the H.J. Heinz Foods Co., the source of his wife's vast fortune.
The stunning Kerry-Heinz conflict of interest came to light on Wednesday in a report by Donald Luskin, chief investment officer of Trend Macrolytics LLC, published in National Review Online.
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"Already Kerry's economic proposals seem tuned to serve his wife's economic interests,"<font color=black> Luskin contended.
<font color=blue>"His proposal last March to end tax breaks for U.S. corporations that do business overseas was designed with a loophole that would let the H.J. Heinz Company — the centerpiece of Mrs. Kerry's family fortune — keep its overseas tax breaks, and get a lower domestic tax rate at the same time."<font color=black>
Luskin cited Kerry's Heinz Foods tax loophole as just one
example of why it was absolutely imperative that his wife
unseal her tax returns before the election.
So far the prospective first lady has agreed to make just
two pages of her tax forms public - and then not until
October. Meanwhile, there are indications that she may
have significantly understated her income.
Limited tax information released by Mrs. Kerry in March put her annual 2003 income at $5 million. While the Heinz Kerrys refuse to reveal the full extent of their wealth, the Los Angeles Times valued her net worth last month at between $900 million and $3.2 billion.
Even if Heinz Kerry picked extremely conservative investments, Luskin said, her reported income was suspiciously low.
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"Let's put this in terms that people of less extreme wealth can relate to,"<font color=black> he wrote. <font color=blue>"If you had $100,000 invested last year and your investment income was only $500 - the same percentage as Mrs. Kerry's income - then something would be very much out of whack."<font color=black>
Luskin said that Heinz Kerry's financial figures, such as they're known to date, suggest that she is either <font color=blue>"the world's worst investor" or "Mrs. Kerry may be the world's greatest cheat."
"We can't know exactly what is out of whack with Mrs. Kerry's income, if anything, because ... [her] separate [tax] returns have never been made part of the public record,"<font color=black> Luskin said. |
