Hillary Clinton is sheltered from her proposed estate tax increases
Hillary Clinton has proposed raising the estate tax from 40% to 65% on the wealthiest Americans, here is more on the former Secretary of State’s proposal:
Democratic U.S. presidential nominee Hillary Clinton on Thursday proposed raising taxes on inherited property to 65% for the largest estates as she bolstered plans for tax hikes on the wealthiest Americans.
Known by conservative opponents as the “death tax,” the estate tax, levied on property such as cash, real estate, stock or other assets transferred from deceased persons to heirs, currently is imposed only on inherited assets worth $5.45 million or more for an individual.
Clinton’s plan, posted on her campaign’s website, would raise the estate tax from the current 40% to 45%, the rate that existed in 2009. But the biggest estates would face rates of up to 65% for property valued at more than $500 million for a single person or $1 billion per couple, under her proposal, an update of an earlier plan.
“Hillary Clinton has made a commitment throughout this campaign to make sure there is a plan to pay for the progressive policies we have laid out,” said Mike Shapiro, an economic adviser to Clinton.
So, Hillary Clinton has made a commitment to ensure there is a plan to pay for her policies, but according to this article that plan does not include her family sacrificing for the greater good because the Clinton’s have taken measures to shield themselves from her own proposed tax increases. Here is more:
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.
Even more substantial, the Clintons created a life insurance trust in 2010, which will shelter life insurance payments from estate taxes. This is their second such trust. The first was created in 1996, according to financial disclosures.
It can be reasonably assumed that if Hillary Clinton knows how to thwart the system that everyone else who this plan would affect would also know how to avoid the taxes, meaning this is a useless feel-good piece of legislation which will accomplish nothing other than deceiving the American people into believing that Hillary Clinton and her elitist ilk are being forced to pay their fair share while in reality nothing has changed.
This, in my opinion, makes Hillary Clinton more of a hypocrite than the others because while we know the other elitists are in it for themselves the former Secretary of State is claiming she understands ordinary Americans and is in the game for us yet she has protected herself from a policy she claims will help ordinary Americans.
A good leader leads by example and Hillary Clinton is not setting a good example because she believes she is above it all.
malo periculosam libertatem quam quietum servitium