May 12, 2004 -- WASHINGTON - Democrat John Kerry's wife, Teresa - one of America's richest women - had over $5 million in income last year, but paid a lower tax rate than an ordinary person earning $50,000, according to a campaign statement released yesterday. The campaign said Mrs. Kerry, who files her returns separately from her husband, had $5.1 million in income and paid at least $587,000 in federal taxes - a rate of 11.5 percent. But the campaign didn't release any actual tax returns and provided little details on her holdings, capital gains, dividends or any tax shelters...
Now i did read in the USA today that she had 2 mil in interest income from municipal bonds... 3 million and you pay 587k in taxes. 20% in taxes!
Is this paying your fair share of taxes?
I know for a fact that once you clear clear 30k in adjusted gross income the tax rate is in the 20's.
maybe kerry should run on getting rid of some of his skank's tax shelters than the nominal rates.
Are her 3 suv's tax deductible? that would get her income down.
Full Version: The New 11% tax Rate
She's owes a debt of gratitude to the GOP for providing all those shelters. Hell, she used to be married to a Republican. Is it any wonder she's got good accountants? Based on your facts, I guess it's true that the rich get all the tax breaks. Thanks for bringing this to our attention posthaste.
How is it that Kerry can run on paying a "fair share" in taxes when his skank pay 11% of her total income to taxes?
Pick which figure you want... 11% or 20% she paid. That number does not change much if you increase the nominal tax rates by what was cut already.
Much like you can't go around screaming about oil when your hag owns 3 suv's.
Why dont they take a stand and pay their "fair share" which at 5 million is about eh 40%.
Pick which figure you want... 11% or 20% she paid. That number does not change much if you increase the nominal tax rates by what was cut already.
Much like you can't go around screaming about oil when your hag owns 3 suv's.
Why dont they take a stand and pay their "fair share" which at 5 million is about eh 40%.
BECAUSE, the IRS would just send it back. 
Horn, put down the paper bag and step away from the spray paint please...
As long as you put the crack pipe down first....
Seriously, it probably costs the IRS a huge amount of $$$ to process an overpayment.
[ May 12, 2004, 01:51 PM: Message edited by: HornFan ]
Seriously, it probably costs the IRS a huge amount of $$$ to process an overpayment.
[ May 12, 2004, 01:51 PM: Message edited by: HornFan ]
Tax cuts, it's the damn tax cuts! The enlightened have been bitching about the tax cuts for months and now you are saying the wealthy should be paying more taxes? Huh? Did the world just turn upside down? If you want Teresa Heinz Kerry to pay more taxes, vote for John Kerry! Simple as that. If you want Teresa to continue in the 11 percent bracket, vote for the flea-eater.
QUOTE
PhillyFan:
How is it that Kerry can run on paying a \"fair share\" in taxes when his skank pay 11% of her total income to taxes?
PF, must you use such degrading terms when referring to her? Seriously, you're stooping to childish levels here, something most liberals do with their juvenile name-calling. How is it that Kerry can run on paying a \"fair share\" in taxes when his skank pay 11% of her total income to taxes?
I just think such words are unnecessary.
QUOTE
...something most liberals do with their juvenile name-calling.
There's that BROAD BRUSH again, judge. (It is OK to call you judge, right?)
You know... Mrs. Kerry (just for you judge)..
Bobster please tell me where exactly the rate of 20% is listed on 2.8 million? Because based on your arguement that the W tax cuts allowed her to pay a scant 20% in taxes... i'm a bit confused. I thought they cut the tax rates like only 3-5%?
My tax rate is about 20%(top tier, if you know what that means) and she makes 65x my salary. I thought we were in a progressive tax system?
Bobster please tell me where exactly the rate of 20% is listed on 2.8 million? Because based on your arguement that the W tax cuts allowed her to pay a scant 20% in taxes... i'm a bit confused. I thought they cut the tax rates like only 3-5%?
My tax rate is about 20%(top tier, if you know what that means) and she makes 65x my salary. I thought we were in a progressive tax system?
Horn, you can call me whatever you wish. *smooch*
Why thank you Your Honor. *kiss* *kiss* ((hug)) 
PhillyFan, you need to put on your jackboots and call the IRS Fraud Activity line immediatley (1-800-829-0433). The Bushes are counting on you. Hurry!!!
PhillyFan, you need to put on your jackboots and call the IRS Fraud Activity line immediatley (1-800-829-0433). The Bushes are counting on you. Hurry!!!
At NO time did i say that this chic committed fraud.
This is like shooting fish in a barrell because her husband is running for president and saying he wants to RAISE the taxes on the rich. Yet, his wife turns around and has a 20% tax rate. LESS THAN HIM! SHE MADE 4X what he did! She got all her money from a company that is sending jobs overseas. She owns 3 suv's!
Folks, Kerry is married to everything he rails on about that he hates. Everything that is making america BAD!
Oh the .... come on Judge.
This is like shooting fish in a barrell because her husband is running for president and saying he wants to RAISE the taxes on the rich. Yet, his wife turns around and has a 20% tax rate. LESS THAN HIM! SHE MADE 4X what he did! She got all her money from a company that is sending jobs overseas. She owns 3 suv's!
Folks, Kerry is married to everything he rails on about that he hates. Everything that is making america BAD!
Oh the .... come on Judge.
Then PhillyFan, what is your freakin' point? Kerry loves his wife. His wife is breaking NO laws. She doesn't actually run the company she gets her $ from. Overseas jobs, not illegal. The SUV's were legally purchased and properly taxed or not taxed. What's the problem? No laws are being broken (especially GOP sponsored laws).
Kerry knows from where he speaks it appears. He's actually FOR taking some of the lining out of his own pockets (or his wife's), something your GOP brethren won't do. Again, thanks for bringing this to our attention.
Kerry knows from where he speaks it appears. He's actually FOR taking some of the lining out of his own pockets (or his wife's), something your GOP brethren won't do. Again, thanks for bringing this to our attention.
The man ir running around the country saying how bad the pollution is in this country and he owns 3 suv's?
The mans meal ticket came from a company who is sending jobs away from america, which he calls unpatriotic?
The man is saying how the rich dont pay any taxes, yet his chic uses every trick in the book to pay just about nuttun in taxes?
I am NOT even mentioning that when these things DO come out, we'll get to see what kind of wing-nut charities she gave all the money too....
Tell me, on what ground does this man stand on?
The mans meal ticket came from a company who is sending jobs away from america, which he calls unpatriotic?
The man is saying how the rich dont pay any taxes, yet his chic uses every trick in the book to pay just about nuttun in taxes?
I am NOT even mentioning that when these things DO come out, we'll get to see what kind of wing-nut charities she gave all the money too....
Tell me, on what ground does this man stand on?
Kerry doesn't own the SUV's and I doubt he drives much these days anyway.
Kerry could do quite well without his wife's money I would venture to guess.
His wife has not been indicted for tax evasion or breaking any tax laws or we would have heard about it by now.
Please, just for laughs, venture to guess what "wingnut" charities will come out. Don't hold back.
Again, Kerry actually wants to CHANGE some of these things that you are now railing about.
Your looking for dirt, not ground on which he stands. [yawn]
[ May 12, 2004, 04:57 PM: Message edited by: HornFan ]
Kerry could do quite well without his wife's money I would venture to guess.
His wife has not been indicted for tax evasion or breaking any tax laws or we would have heard about it by now.
Please, just for laughs, venture to guess what "wingnut" charities will come out. Don't hold back.
Again, Kerry actually wants to CHANGE some of these things that you are now railing about.
Your looking for dirt, not ground on which he stands. [yawn]
[ May 12, 2004, 04:57 PM: Message edited by: HornFan ]
Kerry wants to repeal the reduction of the nominal rate of tax. This has little effect on his wife's tax situation. Which would tell you that the nominal rate is not the problem he's crying about concerning taxation.
Please explain to me how this man does not own 3 suv's? YES HE DOES. He stays at all of his wives estates right? He took a loan out on the house she paid for.
This woman is worth 500 million bucks. How about they go ahead and take a moral stand, for once, and have her just pay taxes on what she made. That is what he says everyone should do.. it would be a good example to set for everyone.
Please explain to me how this man does not own 3 suv's? YES HE DOES. He stays at all of his wives estates right? He took a loan out on the house she paid for.
This woman is worth 500 million bucks. How about they go ahead and take a moral stand, for once, and have her just pay taxes on what she made. That is what he says everyone should do.. it would be a good example to set for everyone.
We're back to the IRS spending money processing an overpayment check to Mrs. Kerry.
Hornfan, I agree with everything you said 1000%. PF if you are so upset then why don't you contact your State Senator or Congressman or somebody...please.... 
Oh and MIB please expose exactly who does this so called liberal childish name calling that ruffles your feather please? Thank you!
[ May 12, 2004, 05:46 PM: Message edited by: puckman1 ]
Oh and MIB please expose exactly who does this so called liberal childish name calling that ruffles your feather please? Thank you!
[ May 12, 2004, 05:46 PM: Message edited by: puckman1 ]
Is this the same PhillyFan who made sure to tell us that people with low incomes shouldnt bitch about paying taxes? I think he did when I was complaining about what I owed and my much poorer boyfriend.
So this thread should be framed as the "PhillyFan is the biggest hypocrite" thread.
But I agree. The bitch needs to pay more than 11% and so should PhillyFan.
So this thread should be framed as the "PhillyFan is the biggest hypocrite" thread.
But I agree. The bitch needs to pay more than 11% and so should PhillyFan.
oh, this is all so unseemly -- all this kvetching about taxes. taxes, schmaxes! leona helmsley said it best: "only little people pay taxes!"
okay, okay, she said this just before they hauled her ass off to jail. but the gist of her statement is true. so either live with it, or change the tax code. and no, let's not revive the flat tax debate. (mib's national sales tax won that one.)
if you oppose theresa kerry's paying so little in taxes, then you also oppose president bush's tax cuts, because the bulk of those cuts went to people exactly like her.
and in fact, kerry has proposed rolling back some of the bush tax cuts for the wealthy. so that should make those railing against ms. kerry's tax situation, a john kerry supporter!
okay, okay, she said this just before they hauled her ass off to jail. but the gist of her statement is true. so either live with it, or change the tax code. and no, let's not revive the flat tax debate. (mib's national sales tax won that one.)
if you oppose theresa kerry's paying so little in taxes, then you also oppose president bush's tax cuts, because the bulk of those cuts went to people exactly like her.
and in fact, kerry has proposed rolling back some of the bush tax cuts for the wealthy. so that should make those railing against ms. kerry's tax situation, a john kerry supporter!
PhillyFan
How much taxes did your candidates wife pay?
How much taxes did your candidates wife pay?
If the Kerrys feel strongly that the rich pay too little in taxes, they could lead by example, and pay what they consider to be a fair percentage, 40% or whatever. This could be done easily without an "overpayment." Simply not itemize all the deductions that Ms. Kerry did. I somehow doubt the IRS would have a problem with this. And if the Kerrys, in fact, do own three SUVs, while campaigning about the need to protect the environment, I see a problem with this picture as well.
But I'm afraid hypocrisy is rampant in both political parties, and it will come up more during the campaign, along with all the other garbage that comes with it. Despite this example of hypocrisy by the Kerrys, as far as I know, nothing illegal was done. Also, W. Bush has, IMHO, just recently sealed the worst President ever title, so I will be supporting Kerry in November.
[ May 13, 2004, 06:48 AM: Message edited by: pat125 ]
But I'm afraid hypocrisy is rampant in both political parties, and it will come up more during the campaign, along with all the other garbage that comes with it. Despite this example of hypocrisy by the Kerrys, as far as I know, nothing illegal was done. Also, W. Bush has, IMHO, just recently sealed the worst President ever title, so I will be supporting Kerry in November.
[ May 13, 2004, 06:48 AM: Message edited by: pat125 ]
Dear Philly: the percentage rate we pay on taxes is based on TAXABLE INCOME, not TOTAL INCOME. Taxable income is total income minus deductions, such as CHARITABLE CONTRIBUTIONS. Mrs. Heinz Kerry is the head of numerous charitable foundations and is very generous with her money. Her TAXABLE INCOME last year was only $2,338,000 of which she paid $587,000 in federal taxes (and another $162,00 in state and local). That comes up to a federal tax rate of 25% paid by Mrs. Heinz Kerry, not 11% as you falsely claim.
Gosh, I wonder if Mrs. Kerry has paypal. I could get her to donate some $$$ to me. Of course all I would probably get is a case of katsup. That would be okay too. (mmmmm...katsup) You guys are trippin again!! LMAO!
Not to mention Ms. Kerry is unlikely to pay full Social Security and Medicare taxes on her money, because she made so much (another tax break for the wealthy).
And hasn't Kerry (or maybe it was Bill Clinton while appearing with Kerry) thanked George Bush for reducing their tax burden with his tax cuts?
And hasn't Kerry (or maybe it was Bill Clinton while appearing with Kerry) thanked George Bush for reducing their tax burden with his tax cuts?
Actually you lefties...
Let's say that her tax rate was not lowered. eh, i'd say in the 3-5% range. She would have paid 43-70k more in taxes.
If you close some of the loops holes she used to get rid of 886k in deduction of merely.. 200k of that and she would have paid 97k more in taxes. Which is at the current rate of 39%. So really, which is worse?
You see, i dont complain about who pays what in taxes. You folks do, so here is a clear cut full advantage of the tax system. Where is your outrage? Or shall you make an excuse jsut because it is kerry's wife?
and cpt SStax has been capped for quite a long time. That is not a loophole. No more than her municipal bond income being non taxable is a loophole.
Let's say that her tax rate was not lowered. eh, i'd say in the 3-5% range. She would have paid 43-70k more in taxes.
If you close some of the loops holes she used to get rid of 886k in deduction of merely.. 200k of that and she would have paid 97k more in taxes. Which is at the current rate of 39%. So really, which is worse?
You see, i dont complain about who pays what in taxes. You folks do, so here is a clear cut full advantage of the tax system. Where is your outrage? Or shall you make an excuse jsut because it is kerry's wife?
and cpt SStax has been capped for quite a long time. That is not a loophole. No more than her municipal bond income being non taxable is a loophole.
Sorry, I feel the proper target for my outrage is the system that allows people to get away with this, not for the individuals. As individuals, the rich are just doing what everybody else does--trying to pay as little in tax as they can. It would make as much (or as little sense) to direct the outrage at her financial adviser--presumably she doesn't do her own taxes and manage her own portfolio without assistance. But again, the adviser's paid to do his job, and he's doing the best he can at it. The system is at fault. Sure, they could make an example of themselves, but it would just be a gesture.
Anyway, PhillyFan, I thought you Repubs wanted to eliminate capital gains taxes altogether...and I'll bet that drops her taxes a whole lot more.
Anyway, PhillyFan, I thought you Repubs wanted to eliminate capital gains taxes altogether...and I'll bet that drops her taxes a whole lot more.
QUOTE
PhillyFan:
You see, i dont complain about who pays what in taxes. You folks do,...
PuFf, you are a total hypocrite and an outright liar. See your own 7 posts prior to this last one, including the one with which you opened the thread. Or do you not even bother to read your own unintelligible posts anymore? "Or shall you make an excuse jsut because it is kerry's wife?" You see, i dont complain about who pays what in taxes. You folks do,...
Actually Frenchie,
I find it quite funny because now you commie-pinko's gotta turn around and defend exactly what it is you hate. Why do you think they wont release these fully to the public?
Kerry can't really stand up and complain about taxes when this is his wife. Eveyone will laugh at him.
What i want to see is the wing-nut-strap-yourself-to-a-tree charities she gave money to.
Not to mention trying to explain that the REAL tax breaks are in the deductions, not the rate. I mean if you guys can't see that by now, well, you probably still can't figure that out.
You see, the community colleges in your local communities offer tax class, i'd encourage some of you to take them. Then you might figure out a little of what is BS and what is not BS when you see it on TV.
I find it quite funny because now you commie-pinko's gotta turn around and defend exactly what it is you hate. Why do you think they wont release these fully to the public?
Kerry can't really stand up and complain about taxes when this is his wife. Eveyone will laugh at him.
What i want to see is the wing-nut-strap-yourself-to-a-tree charities she gave money to.
Not to mention trying to explain that the REAL tax breaks are in the deductions, not the rate. I mean if you guys can't see that by now, well, you probably still can't figure that out.
You see, the community colleges in your local communities offer tax class, i'd encourage some of you to take them. Then you might figure out a little of what is BS and what is not BS when you see it on TV.
Tell you what PhillyFan, we'll all go take a tax class at the local community college as soon as you submit your certificate of completion for a Dale Carnegie course.
All your name-calling, lockstep Rove/Rush/Hannity rhetoric takes away from whatever point you are really trying to make and just falls on deaf ears. Bring out some rich GOP tax returns for all of us to analyze. Mrs. Heinz Kerry is living the American dream as legislated by your GOP brethren. She got rich by being married to a Republican. How do you have the audacity to even question it when there have been absolutely no laws broken? Name all the rich Republicans making donations to the Federal Government.
Again, John Kerry wants to actually CHANGE the things you rail against. Vote for him or shut up!
All your name-calling, lockstep Rove/Rush/Hannity rhetoric takes away from whatever point you are really trying to make and just falls on deaf ears. Bring out some rich GOP tax returns for all of us to analyze. Mrs. Heinz Kerry is living the American dream as legislated by your GOP brethren. She got rich by being married to a Republican. How do you have the audacity to even question it when there have been absolutely no laws broken? Name all the rich Republicans making donations to the Federal Government.
Again, John Kerry wants to actually CHANGE the things you rail against. Vote for him or shut up!
uh Horn,
Doesnt Kerry need congress to take the tax cuts back? Doesnt Kerry need congress to change the tax system? Last I checked, the GOP was in charge there.
But hey horn, dont let reality stand in your way.
Doesnt Kerry need congress to take the tax cuts back? Doesnt Kerry need congress to change the tax system? Last I checked, the GOP was in charge there.
But hey horn, dont let reality stand in your way.
Veto.
Well, I do have to thank Shrub for one thing.
I've managed to have my new SUV completely paid for by the rest of the people. Including the readers of this blog.
It's a complicated loophole in Shrub's tax reform. I knew nothing about it until I went into the dealer to trade in my last gas-guzzler. But, Lo and behold, they had this article pasted up on the sticker that was published in Economist or some other rag which was complaining about how some folks would be able to completely write off the cost of an SUV.
My salesman was quick to note how I could get my new vehicle paid for in 3 years. Completely at the cost of you people.
I'd like to personally thank GeeDubya for making this possible.
Oh... just venture into Baystate Lincoln-Mercury in Framingham, Mass if you want the same deal. They'll point you to the right vehicle and explain it all.
Thanks George.
I've managed to have my new SUV completely paid for by the rest of the people. Including the readers of this blog.
It's a complicated loophole in Shrub's tax reform. I knew nothing about it until I went into the dealer to trade in my last gas-guzzler. But, Lo and behold, they had this article pasted up on the sticker that was published in Economist or some other rag which was complaining about how some folks would be able to completely write off the cost of an SUV.
My salesman was quick to note how I could get my new vehicle paid for in 3 years. Completely at the cost of you people.
I'd like to personally thank GeeDubya for making this possible.
Oh... just venture into Baystate Lincoln-Mercury in Framingham, Mass if you want the same deal. They'll point you to the right vehicle and explain it all.
Thanks George.
PuFfy, I don't think we have any disagreement that the tax laws in the U.S. are inequitable. That is your point, isn't it? I work as a financial planner in Canada, so I don't need a class at the local community college (but thanks for the most helpful suggestion ), but I'm not entirely familiar with all the rules & regulations of the IRS. JC mentions above that there's now a right-wing-fascist-nutso proposal (your boys, right?) to eliminate the capital gains tax entirely. To me, that, in the current environment, is obscene, but then those who write/vote for these changes are generally wealthy and have much to gain from such a measure; "Joe Ordinary American," hmm, not so much.
I'll back up puckman's fine suggestion that you write your Rep. if you think the tax system is unjust. We'll all get behind you on that initiative. But to single out Mrs. Kerry as being a "skank" because she takes full advantage of the tax laws on the books is just pettiness on your part. (And then to claim that you're not singling her out is sheer hypocrisy, I'll mention again). Also, her choice of charities to which she donates her money is her business and hers alone. So why all the rage, man? Are you really upset with her because she's doing better than you? Girlfriend is living the American Dream, baby!
), but I'm not entirely familiar with all the rules & regulations of the IRS. JC mentions above that there's now a right-wing-fascist-nutso proposal (your boys, right?) to eliminate the capital gains tax entirely. To me, that, in the current environment, is obscene, but then those who write/vote for these changes are generally wealthy and have much to gain from such a measure; "Joe Ordinary American," hmm, not so much.I'll back up puckman's fine suggestion that you write your Rep. if you think the tax system is unjust. We'll all get behind you on that initiative. But to single out Mrs. Kerry as being a "skank" because she takes full advantage of the tax laws on the books is just pettiness on your part. (And then to claim that you're not singling her out is sheer hypocrisy, I'll mention again). Also, her choice of charities to which she donates her money is her business and hers alone. So why all the rage, man? Are you really upset with her because she's doing better than you? Girlfriend is living the American Dream, baby!
Actually, your little spout about the capital gains taxes. I 100% agree that reducing the LT capital gains tax is a good thing.
It would encourage investment in start up companies, rather than what ms. mustard did with the bonds. Investments in the stock market, rather than all the little tricks. The money would go more directly into the economy...
Then again, If the frenchies would ever use some soap.... Dail would be trading at 550.00 a share...
It would encourage investment in start up companies, rather than what ms. mustard did with the bonds. Investments in the stock market, rather than all the little tricks. The money would go more directly into the economy...
Then again, If the frenchies would ever use some soap.... Dail would be trading at 550.00 a share...
That's all neither here nor there, PuFf. Of course, different investment vehicles are taxed at different rates, but let's not be naïve; do you really think that Mrs. K. holds only government bonds in her portfolio? (And since when are government bonds (or any other debt instrument) considered to be "little tricks?" If you have a balanced portfolio, chances are you own bonds, either directly, or indirectly through mutual funds.)
I'm pretty sure Mrs. K. has some kick-ass investment managers and tax preparers guiding some of her funds toward profit-making companies, which will not only help drive the economy (you may thank her now), but make her even more income, which she then will report on her tax return. Just like any other good American from either side of the aisle who takes advantage of any deductions, investment schemes, loopholes, etc., the IRS allows. So get off your high horse.
Also, I'm entirely unsure as to how the price of soap, the French, and something called "Dail" make it into the equation. Just another racist jab from the safety of your hole, I guess?
[ May 13, 2004, 03:56 PM: Message edited by: Seph ]
I'm pretty sure Mrs. K. has some kick-ass investment managers and tax preparers guiding some of her funds toward profit-making companies, which will not only help drive the economy (you may thank her now), but make her even more income, which she then will report on her tax return. Just like any other good American from either side of the aisle who takes advantage of any deductions, investment schemes, loopholes, etc., the IRS allows. So get off your high horse.
Also, I'm entirely unsure as to how the price of soap, the French, and something called "Dail" make it into the equation. Just another racist jab from the safety of your hole, I guess?
[ May 13, 2004, 03:56 PM: Message edited by: Seph ]
He just doesn't like her because she's African!*
*Actually she's Portuguese-Swiss-French-Maltese, born in Mozambique, speaks multiple languages, like her hubby, including Spanish, Italian and French fluently, and probably will give you some of those Heinz millions if you go do something valuable for your community. She's big on that kind of thing. Go Maria Teresa Thierstein Simões-Ferreira Heinz Kerry, with ya' bad, superrich self!
[ May 13, 2004, 04:06 PM: Message edited by: fantomas ]
*Actually she's Portuguese-Swiss-French-Maltese, born in Mozambique, speaks multiple languages, like her hubby, including Spanish, Italian and French fluently, and probably will give you some of those Heinz millions if you go do something valuable for your community. She's big on that kind of thing. Go Maria Teresa Thierstein Simões-Ferreira Heinz Kerry, with ya' bad, superrich self!
[ May 13, 2004, 04:06 PM: Message edited by: fantomas ]
I've never said that the hooker shouldnt make money. More power to her.
I fight against INCREASED taxes. You folks are the ones who think the govt knows how to spend your money better than you can yourself.
And yes, i think that the majority if not all of the time you have municipal bonds, they are non taxable. Your income is crappy tho.
Since when is making fun of Frenchies Racist? Thats news to me. I'm simply pointing out all the frechies are like cats around soap and water... Whats wrong with speaking the truth?
I fight against INCREASED taxes. You folks are the ones who think the govt knows how to spend your money better than you can yourself.
And yes, i think that the majority if not all of the time you have municipal bonds, they are non taxable. Your income is crappy tho.
Since when is making fun of Frenchies Racist? Thats news to me. I'm simply pointing out all the frechies are like cats around soap and water... Whats wrong with speaking the truth?
QUOTE
PhillyFan:
I fight against INCREASED taxes. You folks are the ones who think the govt knows how to spend your money better than you can yourself.
Not to change the topic, but thanks to W, we have the largest budget deficit in history. Even ignoring the cost of his crusade in Iraq, it's obscene.I fight against INCREASED taxes. You folks are the ones who think the govt knows how to spend your money better than you can yourself.
As for Mrs. Kerry, it makes me sick that she paid so little in taxes. But getting mad at HER is really jealousy, not justifiable anger. She's only doing what all of us, rich and poor, Dems and Repubs alike, do every April - milk the system for every deduction we can. Doing anything less amounts to a donation to the Federal government. It's our money. Not getting every cent back that we can is the same as giving it away. The problem is that those with the most money also have the resources to work the system better - both in terms of filing taxes and in terms of influencing laws.
[ May 13, 2004, 06:43 PM: Message edited by: beachjock73 ]
QUOTE
GoForITGuy
I've managed to have my new SUV completely paid for by the rest of the people....I knew nothing about it until I went into the dealer to trade in my last gas-guzzler.
You could have read about it here six months ago.I've managed to have my new SUV completely paid for by the rest of the people....I knew nothing about it until I went into the dealer to trade in my last gas-guzzler.
Outsports Thread \\"Businesses Jump on an SUV Loophole\\"
Businesses Jump on an SUV Loophole
QUOTE
Suddenly $100,000 Tax Deduction Proves a Marketing Bonanza
By Jonathan Weisman
Washington Post Staff Writer
Friday, November 7, 2003; Page A01
When Congress this year decided to allow small-business owners, doctors, lawyers and real estate salespeople to deduct up to $100,000 from their taxable income for the purchase of a luxury SUV, Texas car-dealership magnate Jerry Reynolds could hardly believe his good fortune.
....
When lawmakers began writing this year's $350 billion tax-cut plan, they looked for ways to help the economy by encouraging small businesses to invest in new equipment, which could include computers, rotary saws or photocopiers. Congress raised the maximum annual value of the deduction to $100,000, through 2005. At the time, environmentalists implored tax writers to disqualify SUVs, but lawmakers declined. With the top business tax rate at 35 percent, Washington effectively cut $18,900 from the price of a $54,000 Escalade, bringing its cost more in line with an Oldsmobile Aurora sedan.
The windfall is starting to get notice.
\"Buy Yourself an SUV for Christmas,\" encourages RIA, a New York-based tax information firm.
\"Bigger Depreciation/Expensing Deductions for Autos, Trucks, SUVs and Vans,\" advises a newsletter from Dallas accountant Barry N. Finkelstein.
\"Write-Off 100% of Your New SUV? Yes,\" blares a flier from Dugan & Lopatka, an accounting firm in the Chicago suburb of Wheaton, Ill.
....
So many new models are just over 6,000 pounds that Reynolds suspects that automakers have their eyes on the tax code. A 2003 two-wheel-drive Dodge Durango weighs 6,050 pounds.
\"It's not really a loophole per se,\" Massoth said. \"It's just that a lot of these vehicles are getting to the size where they no longer qualify as passenger vehicles under the Internal Revenue Code.\"
When the equipment write-off was limited to $25,000, it was not very attractive to car buyers, said Bob Trinz, a senior tax analyst at RIA. A radiologist could easily purchase that much X-ray equipment in a year, using up the allotted tax break.
But now, Trinz said, there's plenty of room left for that $65,000 Porsche Cayenne. \"The tax breaks have never been more compelling than they are this year,\" Trinz said.
....
Pay particular attention to this: "With the top business tax rate at 35 percent, Washington effectively cut $18,900 from the price of a $54,000 Escalade, bringing its cost more in line with an Oldsmobile Aurora sedan."By Jonathan Weisman
Washington Post Staff Writer
Friday, November 7, 2003; Page A01
When Congress this year decided to allow small-business owners, doctors, lawyers and real estate salespeople to deduct up to $100,000 from their taxable income for the purchase of a luxury SUV, Texas car-dealership magnate Jerry Reynolds could hardly believe his good fortune.
....
When lawmakers began writing this year's $350 billion tax-cut plan, they looked for ways to help the economy by encouraging small businesses to invest in new equipment, which could include computers, rotary saws or photocopiers. Congress raised the maximum annual value of the deduction to $100,000, through 2005. At the time, environmentalists implored tax writers to disqualify SUVs, but lawmakers declined. With the top business tax rate at 35 percent, Washington effectively cut $18,900 from the price of a $54,000 Escalade, bringing its cost more in line with an Oldsmobile Aurora sedan.
The windfall is starting to get notice.
\"Buy Yourself an SUV for Christmas,\" encourages RIA, a New York-based tax information firm.
\"Bigger Depreciation/Expensing Deductions for Autos, Trucks, SUVs and Vans,\" advises a newsletter from Dallas accountant Barry N. Finkelstein.
\"Write-Off 100% of Your New SUV? Yes,\" blares a flier from Dugan & Lopatka, an accounting firm in the Chicago suburb of Wheaton, Ill.
....
So many new models are just over 6,000 pounds that Reynolds suspects that automakers have their eyes on the tax code. A 2003 two-wheel-drive Dodge Durango weighs 6,050 pounds.
\"It's not really a loophole per se,\" Massoth said. \"It's just that a lot of these vehicles are getting to the size where they no longer qualify as passenger vehicles under the Internal Revenue Code.\"
When the equipment write-off was limited to $25,000, it was not very attractive to car buyers, said Bob Trinz, a senior tax analyst at RIA. A radiologist could easily purchase that much X-ray equipment in a year, using up the allotted tax break.
But now, Trinz said, there's plenty of room left for that $65,000 Porsche Cayenne. \"The tax breaks have never been more compelling than they are this year,\" Trinz said.
....
$54,000 - $18,900 = $35,100. Are you sure that you've managed to have your "new SUV completely paid for by the rest of the people?"
[ May 14, 2004, 06:46 AM: Message edited by: twin58 ]
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