Editor:
According to HUD, the median family income for the US for 2003 was $56,500. After applying the standard deduction of $9500 for married filing jointly we end up with a taxable income of $47,000. This puts the average family in the 15% tax bracket. Kerry’s wife, using tax shelters, managed to pay only an effective federal tax rate of 11.5%, compared with the top federal income tax rate of 35%. She paid $587,000 on an income of $5.1M.
If Kerry wants the rich to pay more he should start with his wife.
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