Presidential Personal Finances

[ForThePeople]

I know nothing about taxes or the tax system. I just know that these are available on the internet, at http://www.taxhistory.org, and therefore I could do some calculations. In each case I looked only at the 2003 form and I merely divided the "Total Tax" (line 60) into the "Adjusted Gross Income" (line 34).

As far as Heinz Kerry it is self-reported so I don't trust it very much.

Here are the rankings.

Most Income:

1) Teresa Heinz Kerry, $ 2,338,000
2) Dick Cheney, $ 1,267,915
3) George W Bush, $ 822,126
4) John Kerry, $ 395,338
5) John Edwards, $ 305,836

Highest Tax Paid:

1) Teresa Heinz Kerry, 32
2) George W Bush, 27.6
3) John Kerry, 23.01
4) Dick Cheney, 19.9
5) John Edwards, 7.2

If there are some real tax experts out there I am sure that we'd like to here your opinion.


John Kerry

$ 395,338 Adjusted Gross Income
$ 90,975 Tax

23.01%

John Kerry 2003 1040 Form

Teresa Heinz Kerry
$ 2,338,000 Adjusted Gross Income
$ 587,000 Tax

32% (Self Reported)

Mrs. Heinz Kerry paid approximately $750,000 towards her 2003 federal, state and local income tax liability at the time of the extension filing. This represents approximately 32 percent of her gross taxable income. She paid $587,000 in estimated federal income taxes for 2003, and $162,777 in estimated state and local income taxes. In addition, in April she paid $280,000 towards expected additional 2003 and 2004 federal tax liability.

Based upon the information received to date concerning her investments, her advisers estimate that in 2003, Mrs. Heinz Kerry had gross taxable income of approximately $2,338,000, consisting primarily of dividends and interest, and tax exempt interest income of approximately $2,777,000 from state, municipal and other public entity bonds.

Statement from Kerry Campaign on Heinz Kerry Income

John Edwards

$ 305,836 Adjusted Gross Income
$ 22,223 Tax

7.2%

John Edwards 2003 1040 Form



George W Bush

$ 822,126 Adjusted Gross Income
$ 227,490 Tax

27.6% Tax

George W Bush 2003 1040 Form



Dick Cheney

$ 1,267,915 Adjusted Gross Income
$ 253,067 Tax

19.9% Tax

Dick Cheney 2003 1040 Form

 

[Todd33]

Fisrt it was Edwards paying 30%, now it's 7%. Why don't we just say they all pay what is required by law and move on?

 

[Hossenfeffer]

Seriously, unless they're being unlawful or indeed unethical, why the hell does this matter?

 

[Darkhawk28]

Originally posted by: Hossenfeffer
Seriously, unless they're being unlawful or indeed unethical, why the hell does this matter?

It doesn't matter at all. If they follow the law and find the loopholes to pay less tax, more power to them. The trick is, if you have a problem with the amount that they do pay, change the tax law and remove the loopholes.

 

[heartsurgeon]

John Edwards

$ 305,836 Adjusted Gross Income
$ 22,223 Tax

7.2%

John Edwards 2003 1040 Form

that motherf#cker isn't paying his fair share,that's for darn sure.

 

[Gravity]

An attorney paying his fair share? Have you gone mad?

 

[Darkhawk28]

LOL, Ross Perot only paid like 3% on his taxes.