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Monday, October 18, 2004

Click Here For Tax Cuts for the Wealthy

OpinionJournal - Extra: "Well, John Kerry has his own version. It goes like this: You can make a billion dollars and pay almost no taxes. First, marry a billionaire. Second, hire a gaggle of tax accountants and lawyers to bring your tax rate down to about half what many middle-income families pay. Except for John Kerry, this is no gag; it's reality. According to the Kerrys' own tax records, and they have not released all of them, the couple had a combined income of $5.51 million last year and paid $704,227 in income taxes. That means their effective tax rate was a whopping 12.8%. And it was all (presumably) done legally.

Now don't get me wrong: I'm not against people paying a 12.8% tax rate. Far from it. I just believe that all Americans--even those who can't afford to hire tax attorneys to set up complicated trusts and find legal ways to stash income in other tax-sheltered investments like municipal bonds--should have a shot at that kind of non-confiscatory tax rate."

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