Tuesday, May 10, 2005

Ted K's Tax Loophole


TedK
Originally uploaded by punditreview.

Boston Herald

Ted K’s big fat tax loophole: Millionaire blames windfall on ‘error’

Sen. Edward M. Kennedy got hefty tax breaks on his $4.5 million Washington, D.C., mansion for at least two years - even though he never met the basic residency requirement for the deductions.

While Kennedy resides in Massachusetts, he received property tax credits in 2003 and 2004 on his home in a tony Washington neighborhood that were meant only
for homeowners who call D.C. their principal residence.

Of 22 senators who took the deduction, Kennedy stood to save the most money
in the coming tax year - about $7,700 off the tax bill for his $4.5 million
home, according to a review by the Kansas City Star of tax and real estate
records.

Called on the issue yesterday, the Bay State senator's staff said Washington
officials gave him the deductions in error and without his knowledge - and vowed
he will reimburse the D.C. government for the property tax breaks. His
staff did not provide specifics on how much he owes or why he had failed to
previously notice the deductions being made.

Ted Kennedy on Tax Reform
Voted NO on $350 billion in tax breaks over 11 years. (May 2003)
Voted NO on cutting taxes by $1.35 trillion over 11 years. (May 2001)
Voted NO on eliminating the 'marriage penalty'. (Jul 2000)
Voted NO on across-the-board spending cut. (Oct 1999)
Voted NO on $792B tax cuts. (Jul 1999)
Voted NO on requiring super-majority for raising taxes. (Apr 1998)
Voted NO on FY99 tax cuts. (Apr 1998)
Rated 17% by NTU, indicating a "Big Spender" on tax votes. (Dec 2003)