Heinz Kerry Releases Personal Tax Info

FoxNews.com ^ | 5/11/04 | FOX News

[NYC Republican]

Teresa Heinz Kerry (search) may be the richest potential first lady ever to hit the campaign trail, having earned more than $5 million in taxable and non-taxable income last year.

The campaign of her husband, Massachusetts Sen. John Kerry (search), released Heinz Kerry's personal tax information on Tuesday, after revealing that she received an extension to file her 2003 federal income tax return.

Heinz Kerry, who files her returns separately from her husband, said she will make available the first two pages of her 1040 when it's filed in October.

Of the $5.115 million in income, about $2.3 million of dividend and interest income was taxable while another $2.7 million came from tax-exempt state, municipal and other public entity bonds.

Heinz Kerry paid $750,000 toward her 2003 federal, state and local income tax liability at the time of the extension filing, or about 32 percent of her gross taxable income.

Of that sum, $587,000 is estimated for federal income taxes; $162,777 is estimated for state and local income taxes, and Heinz Kerry paid an additional $280,000 towards expected 2003 and 2004 federal tax liability.

Heinz Kerry had resisted releasing her tax filings, saying most of her income is in trust funds with her children's names on them and it would be unfair to them to reveal their wealth.

"While I am not a candidate for any public office, a great deal of my financial information has been disclosed for many years on my husband's Senate Ethics Disclosure, and now that he is a presidential candidate, with the Office of Government Ethics," she said. "John and I believe this strikes a balance between my family's privacy and the media's requests for more financial information."

Kerry, who mortgaged their Boston townhome to keep him in the Democratic primary race last winter, paid $90,575 in federal taxes on $395,338 in adjusted gross income last year, according to copies of his federal returns released last month by his presidential campaign.

Heinz Kerry's exact wealth is not known, but has been estimated to be upwards of $500 million. She is the heiress of the Heinz Co. fortune, and runs the Heinz Family Foundation (search), which distributed $4.6 million in charitable contributions last year. Heinz Kerry runs the non-profit corporation, which she and her late husband, Pennsylvania Republican Sen. John Heinz, created before his death in 1991.

[NYC Republican]

If anyone had any doubt on how slimey SKerry and Te-RAY-sah are, check this out... she releases her tax returns when there will be NO media attention whatsoever... She waited until the news will get muffled out by bigger stories, just as SKerry did, with his partial/incomplete/bogus military records...

[pogo101]

But she didn't even release her RETURNS. Just "tax info," and a promise to release the first 2 pages (of hundreds) of her 1040 in October. How about doing what John Zaccaro did: RELEASE THE RETURNS.

[NYC Republican]

Typical lib media bias at work. Both release partial mis-leading information, and there's NO accountability from the media. No one holds their feet to the fire... As for President Bush, they go as far as obtaining his dental records!

[areafiftyone]

She filed for an extension so this is just her tax info that she released - her returns are not filed yet. I wonder what Theresa and Kerry are hiding.

[b4its2late]

I wonder what Theresa and Kerry are hiding.

Worth $500 million, there's got to be alot to hide....

[NYC Republican]

That's good through 8/15, right? Or, can she file for another extension after that, until after the elections, and just pay the interest?

[weegee]

In part it is the list of liberal organizations she funds.

Another aspect is that it is difficult for billionaires to play the role of "being for the little guy".

[pogo101]

In the meantime, she could release her returns for the last 5-7 years. (7 years is, as I understand matters, the limitations period after which the IRS can't audit ya; until then, I think you can amend your return.)

[hershey]

They're hiding lots of stuff the average American would be ticked off to hear. She's pulled the extension trick every year that Botoxboy's run for office.

[OneTimeLurker]

She's probably hiding the same thing as I am (haven't filed my returns yet either)....procrastination!

[Howlin]

she releases her tax returns when there will be NO media attention whatsoever...

The proverbial Friday afternoon news dump.

Freepers NEVER forget.

Bookmarked.

[Peter vE]

Worth $500 million, there's got to be alot to hide.... If she's really only getting a 1% return, she needs new financial advisors. Why do I suspect that she's got the same offshore hiding places in the Cayman Islands as those "Evil People" offshoring jobs. Has she spoken to her husband about this?

[southernnorthcarolina]

An extension through 8/15 is automatic upon request. Of course, you must pay your estimated tax liability by 4/15, and if it turns out you underpaid, you are liable for interest and maybe penalties.

A further extension "for cause" -- such as not having received K-1s from corporations or partnerships you may be involved with -- is available until 10/15. Evidently, Teresa has already received a "for cause" extension.

I think a 2002 return -- which would have been made out before she knew it would be subject to scrutiny -- might be interesting as well.

[keysguy]

These people are nothing short of slick. Notice the timing and the content of what they released when. They gave up next to nothing, just enough to claim "we have complied," whether they have or not and the timing is spectacular. At a time when the media will never cover it, due to terrorism news. Slick, slick, slick.

[hchutch]

I would NOT object to $5 million per year.

Heck, I juts might plop down for that Su-30 I've always wanted...

[Night Hides Not]

No, I'm sure she has many interests in partnerships and other entities. Her tax accountants won't receive all of that information (called a Schedule K-1) for at least another month.

What I would really like to see is her Schedule H, which lists the total salaries and payroll taxes paid on her household employees. I'd be willing to bet that Effin's manservant/sandwich provider comes from her income.

[NYC Republican]

Freepers NEVER forget

EXACTLY!

[NYC Republican]

I don't think any of us hold her in contempt for how much money she has... It's what she's hiding, what she used the money for (lib causes, illegal/shady funding of these groups), the hypocrisy in portraying themselves as the "common" man/woman.

[ken5050]

Good points..but it won't be enough I'd take a shot and guess her 1040 is over 100 pages, easy..and you are correct that will have to release the COMPLETE returns for the prevous 3-4 years....

[lilylangtree]

What kind of identifying info is on the first 2 pages? The public needs the whole return to glean info on twerpy tee-RAY-za.