Teresa Heinz's 12.3% EFFECTIVE tax rate

[Pollwatch99]

To lead America and serve in the Oval Office, you must be willing to live with the spirit of the laws not just the letter of them.  A President must be willing to pay a reasonable effective tax rate and offer no excuses.  Why should a rich President pay one of the lowest effective tax rates in America?  Such a person should not be the leader of this country. 

Teresa made well over 5 million last year.  Teresa paid an effective tax rate of 12.3%.  Why don't you all calculate your effective tax rate?  Divide the amount of tax on your 1040 over your gross income.  Gee, I paid a whole lot more than 12.3%.  I'll bet every person on this board paid more than 12.3% last year.  Be honest with yourself and try it.  The Bush's and the Cheney's paid reasonable effective tax rates( sorry don't remember the actual numbers).

Liz Cheney has it right, this is not a good man.  To run on a platform that we need to raise taxes on the rich (above 200K) while personally making extraordinary use of tax shelters to avoid paying a reasonable effective tax rate is simply unacceptable.  My god, at least pay a respectable effective tax rate of 20% or more.  THe man who wants to lead American and raise taxes has one of the lowest effective tax rates in the country.  This is disgusting.  You lead by example not just by words. 

     

[Pollwatch99]

Doesn't Teresa's low tax rate just show how much more important it is to raise taxes on the wealthy?  Why should we have a tax system where billionaires pay a much lower rate than the middle class?  Why should capital gains be taxed at a much lower rate than wages?   

The highest possible tax rate on capital gains is 15%, so it is not suprising that Teresa's rate is just under that.   You don't have to use tax shelters of any sort to get this low rate, you just have to make your income off of wealth rather than labor.  If you think the income tax rate for the wealthy should be at least 20%, then you have to raise the capital gains tax rate to at least this amount.  Plus, you don't even have to pay payroll taxes on capital gains!

Or are you saying Teresa should volutarily pay a higher tax rate just to show that she is a good person?  By this standard, almost everyone in America is "not a good man".

Did you calculate your own effective tax rate? 

So you think it would be a good idea for a potential President Kerry to be paying one of the lowest effective tax rates in the country as a multi-millionare( some say a billionaire)?

Then for him, to push legislation for others to pay more while he avoids the same taxes? 




 

[Pollwatch99]

Doesn't Teresa's low tax rate just show how much more important it is to raise taxes on the wealthy?  Why should we have a tax system where billionaires pay a much lower rate than the middle class?  Why should capital gains be taxed at a much lower rate than wages?   

The highest possible tax rate on capital gains is 15%, so it is not suprising that Teresa's rate is just under that.   You don't have to use tax shelters of any sort to get this low rate, you just have to make your income off of wealth rather than labor.  If you think the income tax rate for the wealthy should be at least 20%, then you have to raise the capital gains tax rate to at least this amount.  Plus, you don't even have to pay payroll taxes on capital gains!

Or are you saying Teresa should volutarily pay a higher tax rate just to show that she is a good person?  By this standard, almost everyone in America is "not a good man".

Did you calculate your own effective tax rate? 

So you think it would be a good idea for a potential President Kerry to be paying one of the lowest effective tax rates in the country as a multi-millionare( some say a billionaire)?

Then for him, to push legislation for others to pay more while he avoids the same taxes? 
 

I don't understand...do you object to the current capital gains tax rates, or to the fact that Teresa is not voluntarily paying more in taxes than she is supposed to?

Again, she is not utilizing any tax shelters...it just that the tax rate for capital gains is extraordinarily low.  And Kerry wants to increase it...and has many times said people in his situation should be paying more in taxes.

I think you've assummed it's the capital gain rate reduction which reduced her marginal tax rate.  Wrong guess.  But let's talk about capital gains tax changes.  50% of America is an investor class.  That change just doesn't effect 1% of America.  More Kerry double talk.

Teresa low effective rate is primarily investments in tax free bonds.  Whether the shelter should exist or not is open for discussion.

My point is that a potential future President using tax shelters to pay one of the lowest rates in the country is wrong.  You can try to debate the "fine" point but on the big picture, that dog doesn't hunt.

[Pollwatch99]

Doesn't Teresa's low tax rate just show how much more important it is to raise taxes on the wealthy?  Why should we have a tax system where billionaires pay a much lower rate than the middle class?  Why should capital gains be taxed at a much lower rate than wages?   

The highest possible tax rate on capital gains is 15%, so it is not suprising that Teresa's rate is just under that.   You don't have to use tax shelters of any sort to get this low rate, you just have to make your income off of wealth rather than labor.  If you think the income tax rate for the wealthy should be at least 20%, then you have to raise the capital gains tax rate to at least this amount.  Plus, you don't even have to pay payroll taxes on capital gains!

Or are you saying Teresa should volutarily pay a higher tax rate just to show that she is a good person?  By this standard, almost everyone in America is "not a good man".

Did you calculate your own effective tax rate? 

So you think it would be a good idea for a potential President Kerry to be paying one of the lowest effective tax rates in the country as a multi-millionare( some say a billionaire)?

Then for him, to push legislation for others to pay more while he avoids the same taxes? 
 

I don't understand...do you object to the current capital gains tax rates, or to the fact that Teresa is not voluntarily paying more in taxes than she is supposed to?

Again, she is not utilizing any tax shelters...it just that the tax rate for capital gains is extraordinarily low.  And Kerry wants to increase it...and has many times said people in his situation should be paying more in taxes.

I think you've assummed it's the capital gain rate reduction which reduced her marginal tax rate.  Wrong guess.  But let's talk about capital gains tax changes.  50% of America is an investor class.  That change just doesn't effect 1% of America.  More Kerry double talk.

Teresa low effective rate is primarily investments in tax free bonds.  Whether the shelter should exist or not is open for discussion.

My point is that a potential future President using tax shelters to pay one of the lowest rates in the country is wrong.  You can try to debate the "fine" point but on the big picture, that dog doesn't hunt.

To lead America and serve in the Oval Office, you must be willing to live with the spirit of the laws not just the letter of them.  A President must be willing to pay a reasonable effective tax rate and offer no excuses or they should not be given the highest office in our land.

[Pollwatch99]

You must be logged in to read this quote.

It is well within the spirit of the laws to buy tax-free government bonds; that is the only way our governments can even run deficits.  If you don't think that's right, then work to change the law.  Don't criticize people for following it.

You must be logged in to read this quote.

I criticize nobody for taking advantage of tax breaks.  I specifically criticize Kerry for wanting to lead this country while paying one of the lowest effective tax rates in the country. 

[Pollwatch99]

I just said I don't care that she's paying 12%. I care that she's paying 12% and at the same time her husband is trying to raise taxes on people like my family.

If you're family is making more than $200K per year, they should be paying more in taxes.  I think my parents should be paying more in taxes, and they agree with me (I don't think they make more than 200K either).  Expenditures like the current war should be paid for by those who can afford to do so, not left to our grandchildren who will have to pay the cost ten times over because of compounded interest on our national debt.

If Kerry wants Americans who earn more than 200K to pay more taxes, let him start with Teresa.  An American President paying the lowest effective tax rates would be a national disgrace.  He couldn't stand up to Dean in the debates, he cannot stand up to Teresa, and he doesn't deserve the right to be our President until he is willing to live with the spirit of the tax code.  We are not interested in excuses, he needs to be accountable for his personal actions.

[Pollwatch99]

You must be logged in to read this quote.

If Kerry wants Americans who earn more than 200K to pay more taxes, let him start with Teresa.  An American President paying the lowest effective tax rates would be a national disgrace.  He couldn't stand up to Dean in the debates, he cannot stand up to Teresa, and he doesn't deserve the right to be our President until he is willing to live with the spirit of the tax code.  We are not interested in excuses, he needs to be accountable for his personal actions.

You must be logged in to read this quote.

He's raising taxes on his wife, duh. What part of that don't you understand. You're applying different standards for Democrats and Republicans. Typical.

You must be logged in to read this quote.

Need we have math lessons?  When you start with that low an effective rate ( because so much is sheltered ) then you have a miniscule change compared to everybody starting at the high rate.  Duh ?

[Pollwatch99]

If Teresa paid a "reasonable" effective tax rate of say 20%, we are talking about a deficit reduction of about a half a million dollars. I believe the deficit is 413MM.  Gee, find 825 more of these people and we have no deficit.  I hope the democrats are still proud of Teresa.

[Pollwatch99]

If Teresa paid a "reasonable" effective tax rate of say 20%, we are talking about a deficit reduction of about a half a million dollars. I believe the deficit is 413MM.  Gee, find 825 more of these people and we have no deficit.  I hope the democrats are still proud of Teresa.

The deficit is $600 BILLION a year.

I stand corrected it's 413B.  I need to control my passion