Rational Nation USA
Purveyor of Truth
It is one thing to advocate for an estate tax to keep the nation from eventually (possibly) being heavily influenced by inherited wealth as the Clinton's have done. Apparently it is quite another to actually pay them, at least for Bill and Hillary. They are taking full advantage of financial strategies that benefit the top 1 percent of the nation. You know, those individuals that liberals love to hate. Well, when it seems politically expedient to do so.
Don't get me wrong, personally the death tax rubs me the wrong. But really, wouldn't it make sense for those advocating hefty estate taxes to at least opt out of the very benefits you have politically and publicly been against? I mean if you're wanting to be a leader shouldn't you set an example? Somehow do as I say, not as I do just doesn't cut it. Or at least it shouldn't.
Bloomberg - Bill and Hillary Clinton have long supported an estate tax to prevent the U.S. from being dominated by inherited wealth. That doesn’t mean they want to pay it.
To reduce the tax pinch, the Clintons are using financial planning strategies befitting the top 1 percent of U.S. households in wealth. These moves, common among multimillionaires, will help shield some of their estate from the tax that now tops out at 40 percent of assets upon death.
The Clintons created residence trusts in 2010 and shifted ownership of their New York house into them in 2011, according to federal financial disclosures and local property records.
Among the tax advantages of such trusts is that any appreciation in the house’s value can happen outside their taxable estate. The move could save the Clintons hundreds of thousands of dollars in estate taxes, said David Scott Sloan, a partner at Holland & Knight LLP in Boston.
“The goal is really be thoughtful and try to build up the nontaxable estate, and that’s really what this is,” Sloan said. “You’re creating things that are going to be on the nontaxable side of the balance sheet when they die.”
The Clintons’ finances are receiving attention as Hillary Clinton tours the country promoting her book, “Hard Choices.” She said in an interview on ABC television that the couple was “dead broke” and in debt when they left the White House in early 2001. After being criticized for her comments, she told ABC’s “Good Morning America” that she understood the financial struggles of Americans.
I won't judge their integrity on this but...
Read the full story BELOW THE FOLD