The Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death (Refer to Form 706 (PDF)). The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them. The total of all of these items is your “Gross Estate.” The includible property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets.- Compliments of the IRS
Bill and Hillary Clinton are big fans of the estate tax. They support it and push it every chance they get.
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… “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.
So what’s the problem?
The Clintons created residence trusts in 2010 and shifted ownership of their New York house into them in 2011, according to federal financial disclosures and local property records.
Among the tax advantages of such trusts is that any appreciation in the house’s value can happen outside their taxable estate. The move could save the Clintons hundreds of thousands of dollars in estate taxes, said David Scott Sloan, a partner at Holland & Knight LLP in Boston.
The Clinton’s have done everything they can do to get out of it.
Real leaders, don’t ” Do as I say not as I do “.
Real leaders lead by example!