POLITICS: The Kennedy 1040

For incumbents and campaigning hopefuls, 1974 has become the Year of Financial Disclosure. So far, 85 members of Congress have made their tax returns public or revealed their net financial worth; others say they are preparing to open their books to the public or are considering doing so. Last week Massachusetts Senator Edward M. Kennedy released his U.S. tax return for 1973, thereby displaying what will surely be a political asset: he paid a lot of taxes.

On a total income of $461,444, the Senator paid almost half—$217,844—in federal taxes. The bulk of the income, $418,004, came from four of...