Kerry’s federal tax rate 23 percent

/ Source: The Associated Press

Democratic presidential candidate Sen. John Kerry paid $90,575 in federal taxes on $395,338 in adjusted gross income last year, according to copies of his federal returns released Tuesday by his presidential campaign.

The federal tax bill amounted to about 23 percent of his income. Kerry also gave $43,735 to charity.

The Massachusetts senator and presumed Democratic presidential nominee is married to Teresa Heinz Kerry, heiress to the $500 million Heinz Co. food fortune. He files his income tax returns separately.

Kerry reported $147,818 in wages, and a capital gain of $145,805 from the sale of a painting in which he had a half interest, his campaign said. Kerry’s portion of the capital gain was $175,000, which was offset by other losses, the campaign said.

Book sales, trusts
Kerry also reported $89,220 from various trusts, along with dividend income of $11,141. Kerry has four trusts, including three inherited from his mother, Rosemary Forbes Kerry.

Kerry reported $89,000 in proceeds from sales of his book, “A Call to Service.” Kerry uses those proceeds to pay taxes on income earned from the book, but donates the remainder to charity.

Other minor adjusments affected Kerry’s income.

Kerry’s 2003 income was substantially better than the year before, when he reported $111,540 in taxable income and paid $29,946 in federal taxes.

Home mortgage bolstered campaign
In helping finance his presidential bid, Kerry lent his campaign about $6 million that was financed by mortgaging the multimillion-dollar home the couple owns in the tony Beacon Hill section of Boston.

In financial disclosure forms filed with the Senate last year, Kerry reported investments valued at up to $2.4 million and another $600,000 owned jointly with his wife.

Campaign finance laws prohibit Kerry from using his wife’s resources to finance his campaign. She was married to the Sen. John Heinz, heir to the Heinz food fortune. He was killed in a 1991 airplane crash.