For 2003, it appears that Heinz Kerry paid tax of about $23,333 (Heinz Kerry's marginal AMT rate of 28 percent multiplied by $83,333) because she owned "AMT bonds" (i.e., private activity muni bonds). Heinz Kerry would have been better off if she owned non-AMT muni bonds instead of the AMT bonds. If we assume that she would have received 25 fewer basis points of interest if she owned non-AMT bonds, Heinz Kerry would have been approximately $20,000 richer at the end of 2003. Heinz Kerry was caught by the tax trap of owning AMT bonds when she was subject to the AMT.