From an article in the 10/11/04 issue of the Wall Street Journal, “A Wild and Crazy Guy”:
THAT’S RICHSomehow, “interesting” doesn’t quite cover it.
Who’s Not Paying Their Fair Share?
2003 EFFECTIVE TAX RATE
George and Laura Bush: 30.4%
Typical Middle Class Families: 20%
John and Teresa Kerry: 12.8%The Kerrys have unwittingly made the case for what George W. Bush says he wants to do: radically simplify and flatten out the tax code. Dick Armey and Steve Forbes have persuasively argued over the years that America should have a flat tax with a rate of 17% to 19%. John Kerry has consistently opposed a flat tax, because he says it would be a tax break for the rich. But the truth is with a 19% flat tax, some rich people with lavish tax shelters, like John Kerry, would pay more taxes. I calculate that the Kerrys would pay another $500,000 of taxes if we had a flat tax.
