Skip to comments.Revealed: Hillary and Bill Exploited Tax Loopholes To Keep More Money
Posted on 07/02/2014 7:49:31 AM PDT by COUNTrecount
Hillary Clinton likes to promote herself as a populist.
If you listen to her speeches, she often breathes the fire of a dyed-in-the-wool socialist.
The perfect example is her position on the estate tax
Shes an outspoken advocate of using the estate tax to keep families from passing wealth from one generation to the next.
In fact, her support of the estate tax is so strong that you might get the idea that she doesnt have any money to her name.
Of course, we all know thats not the case.
If you recall, she made big news recently when she announced to ABC that she and Bill were dead broke upon leaving the White House. Yet she was quickly forced to backtrack.
Ironically, the Clintons have accumulated so much wealth that theyre now devising ways to evade the same taxes Hillary has supported so stridently!
The good news is, you can employ these strategies, too
A Secret Hiding in Plain Sight
The dreaded death tax doesnt affect any individual who tries to leave $5.34 million less to their loved ones.
But together, the Clintons boast a net worth of at least $25 million. Heck, some estimates put their combined wealth at greater than $100 million!
Dont worry about them, though.
Theyre already mitigating their eventual estate tax penalty by placing their New York home into a residence trust. This shields any increase in value from the tax man.
Something tells me it wont be the last trust they set up, either.
You see, the Clintons like the Waltons, Rockefellers, and Kennedys before them understand something that most Americans dont: With effective tax planning, estate taxes might as well be voluntary.
In reality, the estate tax has been a much greater burden for ordinary estate owners like family farmers, successful small businessmen, and small investors with highly illiquid assets.
Unlike the fabulously wealthy, most average Americans dont have tax advisors showing them how to achieve huge amounts of tax savings.
In the end, though, there are simple solutions for us regular folks, too.
Tax Loopholes for Everyday Americans
The key is to give your assets to the next generation as soon as possible!
Its no coincidence that, in the time between the passage of the estate tax and it becoming law, John D. Rockefeller gave his son hundreds of millions of dollars.
And the Clintons, by putting their home in New York in two trusts, are similarly transferring the value of the home to their daughter, Chelsea Clinton. When the home finally transfers, the increase in value will be her windfall, not part of the taxable estate at the Clintons deaths.
Of course, there are more loopholes than just the real estate trust.
One of the most popular is a device called the Walton GRAT.
The beauty of the GRAT (grantor retained annuity trust) is that its battle-tested in court, having won the blessing of the U.S. Tax Court in 2000 despite protests by the IRS.
Bottom line: Extraordinarily wealthy or not, any individual can put these loopholes to work with the right planning. Either way, if you believe your estate is worth more than $5.34 million, you owe it to yourself to seek advice from a qualified attorney.
Every tax law was written to satisfy someone’s special interest.
Laws and rules are made for the peasants, not the ruling class.
Liar and hypocrite is all Hildbeest needs on her resume.
Once a hypocrite, always a hypocrite. Slick Willie and the Hilldebeest are professionally rated liars!
They needed every cent they could keep. They were PISS BROKE coming out of the WH!!
Of course they did. Political elitists always come up with ways of avoiding taxes for them while blaming the rest of us for not paying our fair share.
Every tax law was written with loopholes for those who write the law.
Bill and Hillary Clinton raised from $2-3 billion in the two decades theyve been prominent on the national stage, according to the Wall Street Journal.
The Journal tallied the Clintons speaking fees, fundraising for their foundation and the sums raised for Bill Clintons two presidential campaigns, for the Democratic National Committee while he was in office and for Hillary Clintons Senate and presidential campaigns.
Between $1.3-2 billion came from U.S. companies and industry sources, making up at least 75 percent of the sum more than the 60 percent industry sources contributed to the two Bushes political operations.
The Journal reports that if Hillary Clinton runs for president in 2016, as expected, she could return such donors to the Democratic Party, a source of concern for Republican fundraisers as they gear up for whats expected to be the most expensive presidential election in history.
Overall, the Clintons political operations raised $1.2 billion, their nonprofit drew between $750 million and $1.7 billion and they made about $100 million in speaking fees. --SNIP--
The tax-exempt, nonprofit Clinton foundation lists Brunei along with Kuwait, Oman and Qatar (new home of the Gitmo Five) as donors that gave between $1 million and $5 million through last year.
The Clinton foundation itself confirmed the 2002 Brunei donation: "The Clinton Foundation's impact would not be possible without the generous support of our donors," the foundation's website reads. "Their contributions have made a difference in the lives of tens of millions across the world." Read more at foxnews.com ...
W/ a straight face, Hillary recently told Greta the Gitmo Five are NOT a problem to the US. BUT...due to her "concussion" (cackle) she completely forgot to mention the Quatar donation.
There’s nothing wrong with using tax laws to lower the amount of taxes you have to pay, but these two—`Billary’— are emblematic of the hypocrisy of the Democratic party: they attack `fat cats’ for their riches and for abusing tax laws/sneekig loopholes—while doing the same themselves.
Like Barbara Streisand and algore demanding climate change/global warming legislation, while paying more for water than most people do for their mortgage and driving (evil) SUVs, floating their huge pontoon boats, jetting in Gulf Streams and making their daily bread in Hollywood, the second greatest polluter in CA.
Like liberal actors in Hollywood decrying gun violence, then showing up at work and strapping on their prop guns.
Give us a break from the left’s tired, weak B.S.