Thursday, July 15, 2004

U.S.: High taxes for thee, but nor for me

Thus saith John F'fin Kerry.

Tax legislation proposed 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 companies like 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.

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