In the Wall Street Journal’s OpinionJournal today, Stephen Moores explains that Kerry and Heinz had a combined income of $5.51 million last year and paid $704,227 in income taxes.
That means their effective tax rate was a whopping 12.8%. And it was all (presumably) done legally. … the average federal tax rate—combined payroll and income tax—for a middle-class family is closer to 20% or more. George W. and Laura Bush, who had an income one-tenth of the Kerrys’, paid a tax rate of 30%.
…
The Kerrys have unwittingly made the case for what George W. Bush says he wants to do: radically simplify and flatten out the tax code. Dick Armey and Steve Forbes have persuasively argued over the years that America should have a flat tax with a rate of 17% to 19%. John Kerry has consistently opposed a flat tax, because he says it would be a tax break for the rich. But the truth is with a 19% flat tax, some rich people with lavish tax shelters, like John Kerry, would pay more taxes. I calculate that the Kerrys would pay another $500,000 of taxes if we had a flat tax.So before John Kerry is given the opportunity to raise taxes again on American workers, shouldn’t he and Teresa at least pay their fair share?
No wonder the Kerrys don’t want George Bush to win. It could cost them a half million dollars per year. That’s serious cash. They would have to seriously consider selling one of their five fabulous houses.
PTBC was founded by Mr. Johannesen in 2000.
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