Only the little people pay taxes – NY 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.”
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.
ReplyDeleteIf 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.
ReplyDeleteBy 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...