2010 Clinton finances revealed that the two split ownership of their multimillion-dollar New York home and placed the shares into two residence trusts, in an effort to prevent any house value increases from being taxable by estate tax standards. This could save them “hundreds of thousands of dollars in estate taxes,” an expert said. On top of this, they created a life insurance trust to lower their tax liability. Here’s Hillary’s opinion of the estate tax: In her last campaign, Clinton supported making wealthier people pay more estate tax by capping the per-person exemption at $3.5 million and setting the top rate at 45 percent, a policy Obama still supports. Congress decided to go in the other direction and Obama went along as part of a broader compromise. The per-person exemption is now $5.34 million. “The estate tax has been historically part of our very fundamental belief that we should have a meritocracy,” Hillary Clinton said at a December 2007 appearance with billionaire investor Warren Buffett, who supports estate taxes and is using charitable donations to reduce his eventual bill. Without the estate tax, Hillary Clinton said, the country could become “dominated by inherited wealth.”
Posted on: Wed, 25 Jun 2014 01:00:28 +0000
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