"War is an ugly thing, but not the ugliest of things: the decayed and degraded state of moral and patriotic feeling which thinks nothing worth a war, is worse." --John Stuart Mill (1806 - 1873)

Sunday, October 17, 2004

Tax Breaks For The Rich

Around tax time this year, taxpayers George W. Bush and John F. Kerry released their 1040s. Or, to be more specific, George and Laura Bush released their return (they filed jointly) and John Kerry released his (he filed individually, as a "kept man").

The Bushes' taxable income was $822,126 and their taxes were $227,490; the effective tax rate was therefore 27.7%.

The senator's taxable income was $395,000, and he paid $90,575 in taxes; the effective tax rate was 22.9%.

Now, with Tuh-RAY-zuh's limited release of information from her filings (hat tip to Stephen Moore), we know that jointly the Kerrys' income was $5.5 million, and they paid $704,227 in taxes; the effective tax rate was 12.8%.

As Moore points out, "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."

By the way, Kerry and his wife own five homes worth a total of approximately $29 million. The President and the First Lady own one home with a value of about $1.5 million.