by Terresa Monroe-Hamilton | September 23, 2016 11:36 am
There shouldn’t be an estate tax period. Right now the rate stands at 40%. If Hillary Clinton gets her way, she’ll raise it to a whopping 65% and I would not be surprised to see it go even higher. We are being taxed to death and Hillary loves taxes. Taxation equals slavery… it is enforced compliance and I view it as unconstitutional.
But these rules don’t apply to elitists such as the Clintons who are now definitely in the top 1% of the wealthy out there. They have several tax shelters that keep this from applying to them. Isn’t that nice? I guess when they kick off, they want to make sure that Chelsea gets their wealth. But it isn’t just the estate tax with these people… they have accounting methods that shield them from almost all taxation.
Hillary Clinton wants to increase the estate tax to 65 percent on the wealthiest Americans, according to her latest tax plan.
The Clinton campaign estimates that the increase would raise an addition $75 billion in revenue over the next decade. The current rate maxes out at 40 percent.
But Hillary Clinton and her husband Bill have created a number of tax shelters in recent years to dramatically limit their payment of the very same tax. As Bloomberg reported back in 2014: “To reduce the tax pinch, the Clintons are using financial planning strategies befitting the top 1 percent of U.S. households in wealth.”
In 2010 the Clinton created “residential trusts” and the following year moved their Chappaqua estate into the trust, according to their financial records. As David Scott Sloan, a partner at the firm Holland Knight explained the Clinton trust to CBS News, “You’re creating things that are going to be on the nontaxable side of the balance sheet when they die.”
The move will save the Clintons hundreds of thousands of dollars in estate taxes, according to accountants quoted by Bloomberg.
These types of taxation shelters are common among the wealthy. They do not typically apply to the rest of us. If Clinton could get away with it, she would impose a 100% tax rate. In essence, they are already doing that by using multiple layers of taxation.
Creative accounting seems to only apply to the wealthy. Those who see themselves as above the rule of law. Just as Clinton skated on the email scandal and other felonies, she has found a way to shelter her wealth. She’s also adept at money laundering. She’s a multi-talented corrupt barracuda and should be in prison, not running for the presidency.
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