Hillary Proposes 65% Top Estate Tax Rate to Support Her Big Government Waste
This is absolutely ridiculous. So the moment someone in this estate tax category dies, they give 65% to Hillary to waste on big government programs while only 35% go to their children. This is communist thinking and is completely unacceptable.
The Wall Street Journal Reports
Democratic presidential candidate Hillary Clinton would levy a 65% tax on the largest estates and make it harder for wealthy people to pass appreciated assets to their heirs without paying taxes, expanding the list of tax increases she would impose on the top sliver of America’s affluent.
The estate-tax increase and other new proposals that Mrs. Clinton detailed on Thursday would generate $260 billion over the next decade, enough to pay for her plans to simplify small business taxes and expand the child tax credit, according to the nonpartisan Committee for a Responsible Federal Budget, which advocates fiscal restraint.
In all, Mrs. Clinton would increase taxes by about $1.5 trillion over the next decade
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All I can say is ( I pray Donald Trump becomes our 45th President of the United States of America)
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.
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.
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Translation: You will lose 65% of all you have. YOU WILL.
She knows by saying this, the poor voters will believe she is against the rich and for the poor… I call bullshit! When has the Clintons done anything that doesn’t benefit their bottom line. Believe this crap and I’ll sell you some swamp land by making it appear to sound like prime real estate. The rich will simply find a way to move their riches around in some sort of tax shelters or by giving their kids a large chunk of their estates before they pass away.