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GannettUSA Today

Friday, October 20, 2006

A silver spoon moment squandered

There were only two major surprises in the Gannett New Jersey U.S. Senate debate Thursday with Bob Menendez and Tom Kean Jr. First, they didn't try to gouge each other's eyes out. Second, Menendez made no reference to Kean's recently released tax returns, despite his frequent, thinly veiled allusions to Kean having been born with a silver spoon in his mouth while he had to lift himself up by his bootstraps.
Kean, whose only salaried job is state senator, which pays $49,000 a year, reported an income last year of $202,000, most of which came from stock dividends, trust holdings and capital gains from the sale of stocks. He received a $23,000 income tax return, making his effective federal income tax about $8,000. That works out to 4 percent of his income. I need to find a new tax accountant.
When Kean was questioned about his income taxes at a press conference with his dad earlier in the week, he said, "I think my tax burden is too high."
I'm amazed Menendez didn't exploit that opportunity to color Kean as an-out-of-touch kid of privilege.

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