Scheming Bill & Hillary Clinton Caught Cheating the System

I helped a friend years ago set up a common law trust for her estate.  It is a legal way to get your money, property etc protected from the prying thieving hands of the IRS / government.  It’s legal, and I have no problem with people using trusts.  I do have a problem with politicians putting in huge death tax rates on American’s who do not understand these “loopholes” and yet these same politicians like the Clintons don’t pay their fair share!

It was believed back in the 80’s that while we understand the legal meaning in IRS title 26 code for the word “wage” is money earned from government service and therefore only government employees which includes congress, military and civil servants are legally obligated to pay income taxes on their “wages”, that then Senator Ted Kennedy actually had his trust sue him so he would not legally have to pay taxes on his congressional wages!  In fact, all Senator Kennedy had to do was not show up in court while his lawyer for HIS trust showed up and won the case, and thus garnished Senator Kennedy’s taxable earning.  Now, was I there? No I was not there, but that is how the story went, and just another example of how the big boys preach about us all paying our fair share while they wheel and deal to avoid paying anything!  So, what have the Clinton’s been up to?  You remember this when you think about voting for these so called bleeding heart liberals who have no problem telling everyone else to pay their fair share:

Tax-dodge road map for the 1 per cent: Hillary Clinton now a new impediment to her handlers' goal of positioning her as an everywoman in advance of the 2016 presidential campaign

Tax-dodge road map for the 1 per cent: Hillary Clinton now a new impediment to her handlers’ goal of positioning her as an every woman in advance of the 2016 presidential campaign

From Mail Online Uk

By David Martosko, U.s. Political Editor

Revealed: Bill and Hillary Clinton are dodging ‘death tax’ on their homes

despite campaigning to raise it

 

  • The Clinton employed a common tax-avoidance strategy in 2010 to shield their homes from the IRS when they die
  • Shifting ownership of real estate to ‘residence trusts’ excludes them from the calculations that determine how much estate tax Chelsea must pay
  • Hillary and Bill have both argued for higher estate taxes, and fought Republicans’ attempts to eliminate entirely what they call the ‘death tax’
  • A Bloomberg commentator said Tuesday that the move is legal and passes the ethics smell-test, but will be terrible optics for Hillary in 2016 
  • She and Bill, the former president, rake in $200,000 or more for every public speech they give

Bill and Hillary Clinton have been using a legal but dodgy tax loophole to evade the so-called ‘death tax’ that they both worked to raise, according to news reports published on Tuesday.

Despite Hillary’s frequent insistence that she has middle-class roots and identifies with ordinary Americans, she and her husband the former president have amassed a fortune likely valued in the tens of millions of dollars.

In order to shield that wealth from the federal government’s rapacious tax collectors at the IRS, they are using a financial planning strategy to shift ownership of their houses to a private trust, and then to their daughter Chelsea.

This leaves the power couple free to reap the tax advantage of making such a generous gift before they die, while they rent the property back from her at a bargain price.

She believes this because she can lie truthfully. She and Bill moved all their money into trusts, then cried “We’re broke!” This is how a sociopath thinks and acts, and this woman wants to run America further into the ground!

The scheme, now common among America’s famed ‘1 per cent,’ will put any increases in the properties’ value – so-called capital gains – outside of their estates, and therefore out of the IRS’s reach when they die.

It will also exclude most of the homes’ values from the IRS’s calculation that will determine how much of their estates is taxable.

Bloomberg News examined the Clintons’ financial disclosure statements and reported Tuesday that the couple made the move in 2010.

In their political lives, both Clintons have advocated for narrowing the loophole that they are now leveraging.

In August 2000, shortly before he left office, Bill Clinton vetoed a congressional bill that would have eliminated the estate tax. He insisted that Congress should ‘proceed on grounds of fiscal responsibility and fairness’ instead.

Hillary has been more direct, arguing during the 2008 presidential campaign season for a change in federal law that would expose more of wealthy Americans’ estates to the tax man.

Bloomberg TV’s Al Hunt rapped the quasi-populist Clintons on Tuesday – not for dodging taxes, but for being tone deaf to the image it projects to ordinary Americans.

‘Voters may have a problem with a potential presidential candidate who spends a lot of time talking about the problems of the middle class while hobnobbing with the “rich and privileged”,’ Hunt said.

‘It’s part of a larger problem that I think she has. … I don’t think there’s any ethical problem here. I think the optics are terrible, though.’

‘I think once you put that together with Hillary giving speeches for $200,000 to Goldman-Sachs, people start to say, “Wait a minute: Is she one of us or not?”‘

Beneficiary: Chelsea Clinton and her children will become ultra-wealthy and pay little in estate tax when her parents are deceased, thanks to a loophole that Bill and Hillary fought to eliminate

Beneficiary: Chelsea Clinton and her children will become ultra-wealthy and pay little in estate tax when her parents are deceased, thanks to a loophole that Bill and Hillary fought to eliminate.

 

POOR DEAD BROKE FAMILY!!!

 

Man of the people: Former President Bill Clinton and his wife are worth between $5 and $50 million -- the exact amount is unclear because the federal government allows politicians to disclose their finances in broad ranges of dollar amounts

Man of the people: Former President Bill Clinton and his wife are worth between $5 and $50 million — the exact amount is unclear because the federal government allows politicians to disclose their finances in broad ranges of dollar amounts

 

 

Federal estate taxes currently apply only to amounts over $5.34 million. Mrs. Clinton proposed lowering that cap to $3.5 million. She also argued that the top tax rate, paid only by the super-wealthy, should increase from 40 to 45 per cent.

President Obama has acquiesced to Congress, however, increasing the exemption amount to its current level and leaving rates alone.

Hillary Clinton’s 2007 position, that a high estate tax keeps America from becoming ‘dominated by inherited wealth,’ is ringing hollow in 2014, however.

After a guffaw-inducing gaffe in which she claimed she and President Clinton were ‘dead broke’ when they left the White House, her finances have been thrust into the national spotlight.

They both have raked in $200,000 or more per paid speech, and Hillary received a reported $14 million book-advance deal for her recent tome ‘Hard Choices,’ which has sold poorly.

The power couple have a net worth between $5 and $50 million. The exact amount is unclear because the federal government allows politicians to disclose their finances in broad ranges of dollar amounts.

The Republican Party is running a 30-second ad Tuesday on CNN during a broadcast town hall with Hillary Clinton. The ad focuses on her wealth.

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2 comments on “Scheming Bill & Hillary Clinton Caught Cheating the System

  1. Pingback: huttrivervalley | Come on Bill English, tax the rich…

  2. Pingback: The Nihilist Politics of Campaign FinanceBig Online News | Big Online News

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