John Kerry Tax Troubles

August 3, 2010

AOL News

By Tom Diemer

Sen. John Kerry, who took a beating from rivals in his 2004 presidential campaign because he was viewed as an indecisive flip-flopper, acted swiftly this week to defuse a tax controversy over his family’s luxury yacht. Kerry has agreed to voluntarily to pay the state of Massachusetts $500,000 in taxes on the Isabel, even though the 76-foot sloop is currently berthed at the Newport Shipyard in neighboring (and tax-friendly) Rhode Island.

On Tuesday, the Democratic senator short-circuited pesky questions about whether he was avoiding stiff taxes on the yacht in his home state after a tax agency began looking into reports that the $7 million craft has been seen repeatedly in Massachusetts waters, despite being docked in Newport, R.I., the Boston Globe reported.

“We’ve reached out to the Massachusetts Department of Revenue and made clear that, whether owed or not, we intend to pay the equivalent taxes as if the boat’s home port were currently in Massachusetts,” Kerry said. “That payment is being made promptly.”

Massachusetts residents who purchase boats in other states but plan to sail them in Massachusetts must file forms in the state and pay the equivalent of a sales tax and annual excise taxes, according to the state agency. Kerry apparently had not filed the required form, and the presence of the family yacht in the Newport boatyard led to a flurry of media reports, suggesting he was trying to avoid paying Massachusetts taxes on the Isabel.

Click here for the full report.

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Who Wants to be a Billionaire?

October 14, 2009

Forbes.com

By Duncan Greenberg

Are billionaires born or made? What are the common attributes among the uber-wealthy? Are there any true secrets of the self-made?

We get these questions a lot, and decided it was time to go beyond the broad answers of smarts, ambition and luck by sorting through our database of wealthy individuals in search of bona fide trends. We analyzed everything from the billionaires’ parents’ professions to where they went to school, their track records in the early stages of their careers and other experiences that may have put them on the path to extreme wealth.

Our admittedly unscientific study of the 657 self-made billionaires we counted in February for our list of the World’s Billionaires yielded some interesting results.

First, a significant percentage of billionaires had parents with a high aptitude for math. The ability to crunch numbers is crucial to becoming a billionaire, and mathematical prowess is hereditary. Some of the most common professions among the parents of American billionaires (for whom we could find the information) were engineer, accountant and small-business owner.

Consistent with the rest of the population, more American billionaires were born in the fall than in any other season. However, relatively few billionaires were born in December, traditionally the month with the eighth highest birth rate. This anomaly holds true among billionaires in the U.S. and abroad.

More than 20% of the 292 of the self-made American billionaires on the most recent list of the World’s Billionaires have either never started or never completed college. This is especially true of those destined for careers as technology entrepreneurs: Bill Gates (Microsoft), Steve Jobs (Apple), Michael Dell (Dell, Larry Ellison (Oracle), and Theodore Waitt (Gateway).

Billionaires who derive their fortunes from finance make up one of the most highly educated sub-groups: More than 55% of them have graduate degrees. Nearly 90% of those with M.B.A.s obtained their master’s degree from one of three Ivy League schools: Harvard, Columbia or U. Penn’s Wharton School of Business.

Goldman Sachs has attracted a large share of hungry minds that went on to garner 10-figure fortunes. At least 11 current and recent billionaire financiers worked at Goldman early in their careers, including Edward Lampert, Daniel Och, Tom Steyer and Richard Perry.

Several billionaires suffered a bitter professional setback early in their careers that heightened their fear of failure. Pharmaceutical tycoon R.J. Kirk’s first venture was a flop–an experience he regrets but appreciates. “Failure early on is a necessary condition for success, though not a sufficient one,” he told Forbes in 2007.(See “Flying Solo.”)

According to a statement read by Phil Falcone during a congressional hearing in November, his botched buyout of a company in Newark in the early 1990s taught him “several valuable lessons that have had a profound impact upon my success as a hedge fund manager.”

Several current and former billionaires rounded out their Yale careers as members of Skull and Bones, the secret society portrayed with enigmatic relish by Hollywood in movies like The Skulls and W. Among those who were inducted: investor Edward Lampert, Blackstone co-founder Steven Schwarzman, and FedEx founder Frederick Smith.

Click here for the full report.

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