Saturday, October 16, 2004

Only the little people pay taxesNY Post: “John Kerry's near-billionaire wife, Teresa, reported more than $5 million in total income last year but paid only 12.5 percent in federal taxes — less than the average middle-class family — according to documents released yesterday by his campaign.”

2 comments:

Fausta said...

Let's also not ignore the fact, as Tax Prof Blog points out, that shereleased just the front two pages of Form 1040, as did Senator John & Elizabeth Edwards.

Greg said...

If I had "nearly a billion" dollars and only earned $5 million in one year I'd fire my accountant. (Actually, I guess if I were that rich I'd have them taken out and shot.) $5 million is 0.5% of a billion... not a very impressive use of resources.

By comparison, 0.5% of $40k (an averagish salary in the states) would be $200. If I had $40,000 worth of assets and capital lying around and my accountant could only earn me $200 in a full calendar year... My God! I mean, I could open a lemonade stand for practically no start-up costs, and with net earnings of $1 a day I'd have $365 at the end of the year! Hell, I could run the stand on a four-day work week and still beat that two-hundred mark.

Oh, wait— "reported" income... never mind...