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Politics : Don't Blame Me, I Voted For Kerry -- Ignore unavailable to you. Want to Upgrade?

To: JeffA who wrote (47696)	9/8/2004 8:53:16 AM
From: jttmab	Respond to of 81568

Heinz Kerry's Wealth Glimpsed Release Stops Short of Full Disclosure; GOP Seeks Broader Look By Jonathan Weisman Washington Post Staff Writer Wednesday, May 12, 2004; Page A06 Under pressure from Republicans, Teresa Heinz Kerry provided a glimpse of her considerable wealth yesterday, disclosing a 2003 income of $5.1 million, on which she has paid at least $587,000 in federal income taxes so far. The wife of likely Democratic presidential nominee John F. Kerry, Heinz Kerry inherited a $500 million fortune when her first husband, Sen. H. John Heinz III (R-Pa.), died in a plane crash. Last month, Sen. Kerry (Mass.) released his tax return, which he files separately from his wife, disclosing a $395,000 income that Republicans said belied the family's vast wealth. The Kerry campaign responded yesterday with a news release that stopped short of full disclosure. The campaign said Heinz Kerry had received an extension of the deadline for filing her 2003 federal income tax return, and would release the first two pages when it is ready in October. "Today I am making additional public disclosures by releasing my personal tax information," she said in a statement. "John and I believe this strikes a balance between my family's privacy and the media's request for more financial information." Heinz Kerry reported a taxable income of $2.3 million, primarily from dividends and interest on savings and investments. She earned an additional $2.8 million from tax-exempt bonds. So far, she has paid $587,000 in estimated federal taxes, an effective tax rate of 11.5 percent, compared with the top federal income tax rate of 35 percent. In April, she paid an additional $280,000 for her 2003 and 2004 federal tax liabilities. Kerry campaign spokesman Michael Meehan said he did not know how much of that payment was for 2003, so he could not say what her total tax liability will be. In addition, Heinz Kerry disclosed that she distributed more than $4.6 million in charitable contributions through the Heinz Family Foundation, which she and her late husband established. The disclosure is not likely to quell Republican calls for a broader look at Heinz Kerry's finances. Christine Iverson, a spokeswoman for the Republican National Committee, said the GOP will wait to see what comes out in October. "On many important occasions, the Kerry campaign has said one thing and done another," she said. "We'll see if this is another one of those occasions." But Meehan said Heinz Kerry has revealed more than can be expected of a private citizen with no designs on public office. George W. Bush also released a summary of his 1999 income and taxes when he was running for president, followed by a truncated tax release in October 2000, he said. "She's not a candidate for any office," he said. "He was running for president." Even from the information released, it is clear that Heinz Kerry was a major benefactor of the tax cut President Bush pushed through last year, which effectively lowered the tax rate on dividends -- her primary source of income -- from 38.6 percent to 15 percent. Heinz Kerry's effective tax rate is similar to Vice President Cheney's. He and his wife, Lynne V. Cheney, reported an income of $1.9 million in taxable and nontaxable income for 2003 and paid $253,067 in taxes, an effective tax rate of 13.3 percent. washingtonpost.com

To: JeffA who wrote (47696)	9/8/2004 8:55:33 AM
From: jttmab	Respond to of 81568

Teresa Heinz Kerry, through a network of investments in blue-chip corporations, venture capital funds and municipal bonds, controls a family fortune worth an estimated $1 billion, an examination of public records shows. The $1 billion figure is double the estimates of her wealth that are widely cited in news stories about her husband, Sen. John Kerry, the presumptive Democratic nominee for president. The couple would rank as the wealthiest to occupy the White House, far surpassing such storied presidential fortunes as the Kennedys'. Their assets are so vast and far-reaching that they mirror the U.S. economy, and will likely raise questions about conflicts of interest. "She represents a new ballgame in terms of her wealth and in terms of the wealth she controls," said Kevin Phillips, a political commentator and author of the history "Wealth and Democracy." Heinz Kerry's investments, worth an estimated $500 million in 1995, have grown over the last nine years to $1 billion or more, even accounting for large living expenses and charitable contributions, according to an analysis of Securities and Exchange Commission filings, Senate financial disclosure reports, probate documents and other public records. Since key details of Heinz Kerry's investments are not in the public record, a precise valuation is not possible. The Los Angeles Times' analysis produced estimates as low as $900 million and as high as $3.2 billion. Three senior executives at investment companies that handle accounts for wealthy clients reviewed the Times' study and said the $1 billion valuation was a fair and conservative estimate. Heinz Kerry has declined requests in recent months for interviews. Campaign representatives for Sen. Kerry and his wife said the couple regard their assets as private. Heinz Kerry's net worth is usually estimated at half a billion dollars, though these estimates are not explained in documentation. But the Times examined financial disclosures as far back as 1982 filed by Sen. John Heinz, R- Pa., and Kerry. In 1995, H.J. Heinz Co. filed an SEC document that showed Heinz Kerry was the beneficiary of trusts that held $400 million of Heinz stock. Separately in 1995, Kerry filed a Senate disclosure report that showed Heinz Kerry had other assets worth an estimated $100 million. The Times examined the portfolio of stocks and bonds for each year since 1995, and concluded that it grew to roughly $1.3 billion, in part by diversifying out of Heinz stock. Records and public statements show that charitable contributions and family living expenses could have drained no more than $300 million out of the trust fund. Last month, she disclosed that she had income of about $5.1 million in 2003, apparently representing some of the income generated by the trusts. "If you had $500 million in 1995, I don't see how you couldn't be close to $1 billion today with any reasonable equity strategy," said L. David Tisdale, chief executive of Starbuck, Tisdale & Associates, a Santa Barbara investment adviser who reviewed the Times' work. Heinz Kerry inherited a vast fortune from the late Sen. Heinz, who died in a 1991 private aircraft accident. Heinz, formally H.J. Heinz III, was the fourth generation of the Pittsburgh family famous for its ketchup and other food products. sfgate.com

To: JeffA who wrote (47696)	9/8/2004 9:00:19 AM
From: jttmab	Respond to of 81568

Citizens United TV ad calls Kerry a “rich, liberal elitist.” But Bush is rich, too. So was George Washington. March 10, 2004 Modified:March 10, 2004 Summary The conservative group Citizens United launched an ad March 8 mocking Kerry's expensive homes and habits, calling him “another rich, liberal elitist from Massachusetts who claims he's a 'man of the people.'” The ad gets the facts of Kerry's wealth pretty much right, but plenty of US presidents have been wealthy, including the incumbent. And who's “elitist” is, of course, a matter of opinion. Analysis It's no secret that Kerry and his wife Teresa Heinz have vast wealth, most of it from her previous marriage to the late Sen. John Heinz, heir to a pickle-and-ketchup fortune. Kerry's most recent financial disclosure shows the couple's assets worth between $198,794,683 and $839,038,000, mostly in his wife's name. Federal law does not require Kerry to report the exact value, only the general range of value into which each asset falls. And the totals don't include the value of personal residences (of which there are several) or personal property such as cars and boats, since federal law doesn't require Kerry to report them at all. Bush is also a multimillionaire, however. The President disclosed assets worth somewhere between $8,837,079 and $21,936,000 last year, according to the Center for Public Integrity. The facts stated in the ad are generally true. According to public records and numerous news accounts, Kerry has in the past worn expensive “designer shirts” from Turnbull & Asser, pays in the range of $75 for a haircut, and owns a 42-foot Hinckley powerboat that lists new for $695,000, stripped. Kerry also has use of multimillion-dollar homes in Boston, Washington, and Nantucket Island, a 90-acre estate near Pittsburgh and a ski lodge in Sun Valley, Idaho. The Boston home was valued recently at $12.8 million when Kerry took out a $6.4 million mortgage on it to finance his nomination campaign, and the home in the Georgetown neighborhood of Washington DC (owned by his wife) is valued at $4.3 million and has 10 bedrooms and seven fireplaces. But Bush has some nice real estate, too. His 1,583-acre ranch near Crawford, Texas has a man-made lake stocked with bass, seven canyons and miles of creekfront. Does Kerry's wealth make him an "elitist," as the ad states? That's a matter of opinion, not subject to being proven or disproved. Worth considering: Forbes magazine reported Feb. 13 that if Kerry is elected he would become the third-richest President in U.S. history (after adjustments for inflation.) That would put him ahead of Andrew Jackson (who was certainly no elitist) and Lyndon B. Johnson, but behind John F. Kennedy (the original rich liberal from Massachusetts). And according to Forbes, the richest President of all was -- George Washington. factcheck.org Good 'ol George Washington...a man of the people. I think John Hancock may have been richer than George. In 1763, John Hancock had inherited what was believed to be the greatest body of wealth in New England when his uncle died. boycottliberalism.com jttmab

To: JeffA who wrote (47696)	9/8/2004 9:49:13 AM
From: bentway	Read Replies (1) \| Respond to of 81568

Kerry's not as wealthy as Dumbya. Teresa is a billionaire, but has a pre-nup with Kerry. Make of that what you will. I would imagine most of Teresa's fortune goes to her children on the event of her death.

To: JeffA who wrote (47696)	9/8/2004 11:08:52 AM
From: stockman_scott	Read Replies (1) \| Respond to of 81568

<<...Why don't you post something about Kerry's incredible wealth?...>> John F. Kennedy was very wealthy and many feel he was an outstanding president...John F. Kerry has married a laddy who happens to be wealthy...Yet, The Bushes and Cheneys are very wealthy folks too -- in fact most of their decisions have benefitted the super wealthy citizens in our country (the top 2%)...Why have we seen an increase in the gap between the rich and the poor during GW Bush's tenure as President...? Why have our environmental laws not been enforced effectively during Mr. Bush's administration?...There are some wealthy folks who want clean air and water for ALL of our citizens...There are also many wealthy folks who are concerned about Mr. Bush's stewardship of our economy and the record deficits that we now have....My youngest uncle married into the family that founded Whirlpool Corporation -- He is now very well off BUT feels the country is on the wrong track...He and my cousins from that branch of the family ALL have given money to The Kerry Campaign since they feel another 4 years of the Bush/Cheney regime would devastate our country's environment...GW Bush is losing part of his base even if Karl Rove fails to admit that. -s2@RegimeChangeBeginsAtHome.com