
Their money is locked up in Trusts, or something.
But apparently real estate taxes can still take a big bite. [link|http://www.sptimes.com/2004/04/16/Columns/Tax_returns_show_Chen.shtml|SP Times]:
As several publications, including the National Review, note, Kerry's 2003 tax return shows how deeply the candidate's standard of living is bolstered by his wife's wealth. The most obvious example? Kerry's $147,818 salary as a U.S. senator last year was not enough to cover the property taxes on multiple homes owned by the couple.
~ $150,000+ in property taxes? A year? The Boston real estate tax rate is [link|http://www.cityofboston.gov/trac/faq03.asp?ID=6|1.073%]. Sure the rates vary, but a 1% rate would mean their properties were assessed at at least $15M. They don't need a mortgage interest deduction.
Why the Republican blue bloods in the red states? Well, it usually takes money to make serious money. Thus one starts where the money is - meaning the NE, Florida, Texas, California. Political change happens more rapidly (a couple of generations) than changes in huge fortunes (maybe 3-6 generations or so). That's my thinking, anyway.
Cheers,
Scott.