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| Hillary Clinton Wants Higher Estate Taxes, But Not on Her Family |
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| James:
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. http://www.breitbart.com/2016-presidential-race/2016/09/23/hillary-clinton-wants-higher-estate-taxes-but-not-on-her-family/ |
| timfogarty:
The purpose of an estate tax is to prevent an aristocracy from developing. It encourages rich people to give their fortune to charities and trusts before they die. Adjusted for inflation, John D Rockefeller is considered the richest person of all time. Today, many of his descendants are well off, but they're not super rich. They're not part of an aristocracy. J P Getty was once the richest person in the world. His descendants (one of who was my student when I was a TA at USC) live comfortable lives, but are not aristocracy. Bill Gates has said he's leaving very little of his fortune to his children, having already moved most of it to the Bill & Melinda Gates Foundation, a trust. Same with most other billionaires. Hillary Clinton's plan "would impose a 50% rate that would apply to estates over $10 million a person, a 55% rate that starts at $50 million a person, and the top rate of 65%, which would affect only those with assets exceeding $500 million for a single person and $1 billion for married couples." Are you really that concerned about Ivanka's great grandchildren? |
| Dos Equis:
--- Quote from: timfogarty on September 23, 2016, 05:06:51 PM ---The purpose of an estate tax is to prevent an aristocracy from developing. It encourages rich people to give their fortune to charities and trusts before they die. Adjusted for inflation, John D Rockefeller is considered the richest person of all time. Today, many of his descendants are well off, but they're not super rich. They're not part of an aristocracy. J P Getty was once the richest person in the world. His descendants (one of who was my student when I was a TA at USC) live comfortable lives, but are not aristocracy. Bill Gates has said he's leaving very little of his fortune to his children, having already moved most of it to the Bill & Melinda Gates Foundation, a trust. Same with most other billionaires. Hillary Clinton's plan "would impose a 50% rate that would apply to estates over $10 million a person, a 55% rate that starts at $50 million a person, and the top rate of 65%, which would affect only those with assets exceeding $500 million for a single person and $1 billion for married couples." Are you really that concerned about Ivanka's great grandchildren? --- End quote --- If someone wants to donate, fine. If they want to keep it in the family, fine. What business does the government have telling people what to do with their property and money? |
| timfogarty:
--- Quote from: Dos Equis on September 23, 2016, 05:18:08 PM ---If someone wants to donate, fine. If they want to keep it in the family, fine. What business does the government have telling people what to do with their property and money? --- End quote --- One of the things the American colonies were rebelling against was the aristocracy. "All men are created equal" |
| Dos Equis:
--- Quote from: timfogarty on September 23, 2016, 05:51:14 PM ---One of the things the American colonies were rebelling against was the aristocracy. "All men are created equal" --- End quote --- That doesn't mean the government dictates what happens with private wealth. |
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