Skip to comments.Kerry Carved Out Tax Loophole for Heinz Foods
Posted on 07/14/2004 5:53:22 PM PDT by wagglebee
Tax legislation proposed in the Senate by Democratic presidential candidate John Kerry last year was designed to crackdown on companies doing business overseas - but the proposal had one giant loophole: an exemption for the H.J. Heinz Foods Co., the source of his wife's vast fortune.
The stunning Kerry-Heinz conflict of interest came to light on Wednesday in a report by Donald Luskin, chief investment officer of Trend Macrolytics LLC, published in National Review Online.
"Already Kerry's economic proposals seem tuned to serve his wife's economic interests," Luskin contended. "His proposal last March to end tax breaks for U.S. corporations that do business overseas was designed with a loophole that would let the H. J. Heinz Company the centerpiece of Mrs. Kerry's family fortune keep its overseas tax breaks, and get a lower domestic tax rate at the same time."
Luskin cited Kerry's Heinz Foods tax loophole as just one example of why it was absolutely imperative that his wife unseal her tax returns before the election.
So far the prospective first lady has agreed to make just two pages of her tax forms public - and then not until October. Meanwhile, there are indications that she may have significantly understated her income.
Limited tax information released by Mrs. Kerry in March put her annual 2003 income at $5 million. While the Heinz Kerrys refuse to reveal the full extent of their wealth, the Los Angeles Times valued her net worth last month at between $900 million and $3.2 billion.
Even if Heinz kerry picked extremely conservative investments, Luskin said her reported income was suspiciously low.
"Let's put this in terms that people of less extreme wealth can relate to," he wrote. "If you had $100,000 invested last year and your investment income was only $500 -- the same percentage as Mrs. Kerry's income -- then something would be very much out of whack."
Luskin said that Heinz Kerry's financial figures, such as they're known to date, suggest that she is either "the world's worst investor" or "Mrs. Kerry may be the world's greatest cheat."
"We can't know exactly what is out of whack with Mrs. Kerry's income, if anything, because . . . [her] separate [tax] returns have never been made part of the public record," Luskin said.
if only we had Rollins. Nofsziger and Atwater - we could rock and roll with a story like this.
Sounds like Hillary & Co. are starting up the smear machine
What are the chances of THIS making the alphabet networks? I say zero and Z E R O!
That's why Hillary is not scheduled to speak? She wants to be begged to replace Kerry? And then replace him?
My guess is you're right. But I still think Hitlery is going to wait until 2008 to run.
Open the returns Efiin!
I guess we know what the next Bush internet ad is going to be.
Bookmarked! This is going to be very useful information!
Maybe, but I somehow doubt you'll hear this from Brokaw, Rather or Jennings or even little Ms. Couric.
Sounds like something that Rush & Hannity would latch onto and run with - that could force this onto the mainscreen.
Demorats are frauds. They are the definition of the word hypocrite!
Before getting too worked up over this, I'd like to know what exactly Kerry did legislatively, and how specific to H.J. Heinz Foods the exemption was.
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