when his wife “paid only 11 percent in 2003 on her $5 million income”? Isn’t this wrong?
http://www.nytimes.com/2004/10/11/opinion/11safire.html?oref=login&hp
Well, I think one would have to look in more detail at her financial statement. Here is something that I found
And, she paid $750,000 in taxes, which is not a low rate on the taxable income. The point is, however, that she had lots of government bonds that are tax-exempt…On the other hand, my vague impression is such bonds are a more conservative investment approach that is available to everybody if they are willing to forego the potential higher rate of return on non-governmental bonds. (I must admit that I am sort of winging it here as I am not very financially-savvy, so someone who knows more, feel free to correct me!)
What would be interesting, however, would be to compare the taxes she’d pay under Kerry’s proposals and under Bush’s (as well as under the pre-Bush tax code). If she would pay more under Kerry’s proposal, which I hope she would, then I wouldn’t call it hypocritical at all.
Why the hell should they not pay the least amount they could, just like every other American does? In fact, I would think that they are in a better position to see the inequities than those of us in the middle class.
I can’t think of a better example of pointing out how the rich avoid paying taxes.
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On a mainly-unrelated note since you forced me to read that Safire column: I didn’t realize how deceptive Safire had become. Anyone who can take Bush’s lame response when Kerry clearly explained why he voted against the partial birth abortion ban and make it sound like it was a banner moment for Bush is a pretty amazing spinner! Here is the full exchange:
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If Kerry’s proposing a tax plan that might require his wife (and himself) to pay more taxes than she (and he) has been paying under Bush’s policies – where’s the hypocrisy in that? What we’re talking about is the exact opposite of hypocrisy.
And somehow, I don’t think she’s going to make a fuss about the extra bite. Not even behind closed doors. She got plenty, and she spends a lot of it on philanthropic causes anyway.
My Dad is very into municipal bonds, and you are right. They are very safe, many of them are insured, but they don’t pay all that much. (Of course their effective interest rate is higher considering her tax rate.) In a sense she is supporting state and local governments by buying them, since with the financial advisers she can afford she could do better.
It is likely that Ms. Kerry has triple exempt bonds - exempt from Federal, State and Local taxes. These government bonds are available to anyone with the cash. Interest rates are very low.
My tax bracket should make me a die hard Bush voter. My economics and business background tell me that these targeted tax cuts for the rich are going to cost the average tax payer a lot of money in the long run when the bill comes due. I want a fiscally conservative government…and it is painfully obvious that despite labels which candidate is not fiscally conservative.
Actually, it is the very opposite of being hypocritical. “You keep using that word, I do not think it means what you think it means”. :dubious:
Wow…I got it right. I should try winging it more often. 
Another quibble that occurred to me as I was going to sleep last night: Safire claims her overall tax rate was 11% but according to the cite I dug up, it’s 15%. Don’t know where Safire’s numbers came from as he doesn’t say.