portland independent media center  
images audio video
newswire article reposts global

economic justice | government selection 2004

Heinz Kerry Earned More Than $5 Million in 2003

Teresa Heinz Kerry, heiress to a Heinz ketchup fortune of more than $500 million, reported a estimated gross taxable income of nearly $2.4 million in 2003, with tax exempt interest income of nearly $2.8 million from state, municipal and other bonds.

Heinz Kerry's income was about 13 times what her husband made in 2003. His tax returns, which he filed separately from his wife and released to the public in April, showed that he paid $90,575 in federal taxes last year on income of $395,000.
Heinz Kerry Earned More Than $5 Million in 2003

Tue May 11, 2004 04:03 PM ET

By Adam Entous

LOUISVILLE, Ky. (Reuters) - Under political pressure, the wife of Democratic presidential candidate John Kerry disclosed details about her personal finances on Tuesday, estimating her income last year at more than $5 million.

Teresa Heinz Kerry, heiress to a Heinz ketchup fortune of more than $500 million, reported a gross taxable income of nearly $2.4 million in 2003, with tax exempt interest income of nearly $2.8 million from state, municipal and other bonds.

Heinz Kerry, who has rejected Republican calls for the release of her full federal income tax returns, said in a statement released by the campaign that she will make public the first two summary pages of her 2003 tax form once it is filed in October.

She received an extension on the April 15 filing deadline, and the statement said she paid about $750,000 toward her federal, state and local income tax liabilities when she filed for the extension.

In addition, she paid about $280,000 toward an expected 2003 and 2004 federal tax liability.

"While I am not a candidate for any public office, a great deal of my financial information has been disclosed for many years," Heinz Kerry, a favorite target of Republican critics, said in the statement.

"John and I believe this strikes a balance between my family's privacy and the media's requests for more financial information," she said.

Heinz Kerry's income was about 13 times what her husband made in 2003. His tax returns, which he filed separately from his wife and released to the public in April, showed that he paid $90,575 in federal taxes last year on income of $395,000.

According to the campaign statement, Heinz Kerry was responsible for more than $4.6 million distributed as charitable contributions through grants by the Heinz Family Foundation, which she established with her late husband, Sen. John Heinz, and expanded after his 1991 death in a helicopter crash.

Heinz Kerry, born in Mozambique and fluent in five languages, can be controversial and blunt. She publicly disclosed her Botox injections, her prenuptial agreement with Kerry and the fact he was in the shower when he got word of an early primary win.

On Monday, Kerry warned his political opponents against attacking his wife, saying, "They're going to have to go through me."

If they want to attack her, I'll be the first to defend anything she does. She doesn't pull her punches," Kerry said in a television interview when asked if Republicans were targeting his wife.
"I think that they're foolhardy to do it, personally, because I think that she's so down to earth and so straightforward," Kerry said. "I think people who meet her love her."

Kerry, who refused public funding for the primary campaign and the spending limits that go with it, is prohibited by law from using his wife's funds for his campaign but can use some joint investments.

He took out a second mortgage on his home in Boston's Beacon Hill neighborhood last year to loan his presidential campaign about $6 million.

The four-term Massachusetts senator, locked in a tight race with President Bush before the November election, has promised to repeal Bush's tax cuts for those making more than $200,000 a year.

homepage: homepage: http://www.reuters.com/newsArticle.jhtml?type=domesticNews&storyID=5108844
address: address: Reuters