Surprise: Clintons exploiting loopholes to bypass high estate taxes — which they strongly support, natch

posted at 6:01 pm on June 17, 2014 by Guy Benson

Hillary and Bill Clinton — you know, those scrappy, once-impoverished president and first lady — are strong backers of confiscatory estate tax rates for wealthy people.  During her failed 2008 presidential run, Mrs. Clinton explained to voters in New Hampshire why she believed high death taxes on wealthy families’ estates are not only fair, but represent American values:

The first question from the audience after Clinton’s speech came from a woman who challenged her plan to pay for universal retirement accounts by freezing the estate tax at 2009 levels. The woman said the money from inheritance had already been taxed when it was earned and she felt taxing it again was the wrong way to fund Clinton’s plan. “People disagree about this, but the estate tax, which came into being by Republicans like Teddy Roosevelt and others, and has been part of our tax system for a very long time is there for a real simple reason: In America, we’ve never liked the idea of massive inherited wealth,” Clinton replied. “Part of the reason why America has always remained a meritocracy where you have to work for what you get, where you have to get out there, make your case to people, come up with a good idea, is that we never had a class of people sitting on generation after generation after generation of huge inherited wealth.”

“Massive inherited wealth” isn’t the American way, you see, and rich people ought to pay their fare share.  Plus, we earn our keep in this meritocracy of ours, thank you very much.  We don’t need huge sums being passed down through generations, especially when the federal government could use that money to spread its trademarked compassion via investments in our children’s future, etc.  Hillary expounded upon her populist tax policy message during a 2007 presidential debate:

[The Alternative Minimum Tax] was intended for people who were rich and evading taxes….I think that my husband was expressing an opinion that a lot of people who have been very fortunate and blessed over the last six-and-a-half years feel.  You know, we have not been asked to sacrifice anything…We have the average American family losing $1,000 in income, and George Bush and his cronies can’t figure out how they can give even more tax cuts to the wealthiest of Americans.  Now, I never thought Bill and I would be in that category, to be honest with you, so it’s kind of a new experience. But it’s not one that makes us very comfortable because [the government] should be investing in new energy. We should be investing in college affordability, universal pre-K…”

Right out of the gate, Hillary says she’s a “great admirer” of this man, before moving on to demand more tax “sacrifices” from rich people such as herself — particularly as average Americans struggled to make ends meet.  She never imagined she’d be uber-wealthy, she confesses, so her new reality makes her uncomfortable.  The government really needs more money from people like her to fund its myriad munificent “investments” on behalf of the little guy, she concludes.  How selfless.  Heroic, almost.  Over to you, Bloomberg News:

Bill and Hillary Clinton have long supported an estate tax to prevent the U.S. from being dominated by inherited wealth. That doesn’t mean they want to pay it. To reduce the tax pinch, the Clintons are using financial planning strategies befitting the top 1 percent of U.S. households in wealth. These moves, common among multimillionaires, will help shield some of their estate from the tax that now tops out at 40 percent of assets upon death. 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 goal is really be thoughtful and try to build up the nontaxable estate, and that’s really what this is,” Sloan said. “You’re creating things that are going to be on the nontaxable side of the balance sheet when they die.” … 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. 

Well, well, well.  The Hillary-Obama plan would have substantially lowered the exemption threshold to ensnare more people, in addition to hiking the rate even higher than it became after 2013′s fiscal cliff deal.  Fair shares, and all that.  But the Clintons’ wealth is different.  They’re more than happy to take advantage of financial planning strategies to shield as many of their assets from the federal government’s grasp as possible — or “evading taxes” as she called it in the clip above.  It seems as though Mrs. Clinton’s comfort level with being fabulously wealthy is on the rise, even as average Americans’ incomes declined during the recession, then flat-lined.  Maybe “massive inherited wealth” isn’t such a bad thing after all…if the beneficiaries are uniquely worthy, that is.  Like, say, Chelsea and family.  (Not that Chelsea has been hurting financially).  Plus, why should Uncle Sam get his grubby fingers on any more of this cash than he already has?  After all, as Hillary noted with Dianne Sawyer, she and her husband have already had to work twice as hard to amass their fortune because of all the existing taxes on the books.  It’s almost as if she thinks that a second round of taxation on her money would be unfair, so she’s paying high-powered accountants to protect as much of it as possible.  But what about all of those critical “investments” she urged so passionately on the campaign trail? Not to worry, those will be funded by others.  She’ll see to it when she’s president.

Exit question (Allahpundit™): Will this issue come up during Hillary’s half-hour interview on Fox News this evening?  For what it’s worth, the RNC will run this ad during her upcoming Fox and CNN appearances:

UPDATE – Remember this?


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In America, we’ve never liked the idea of massive inherited wealth

No, they’re in favor of sponging off rich FOBs and pulling shady deals.

formwiz on June 17, 2014 at 6:04 PM

Dems are above the law. They don’t have to follow the laws or pay the taxes that they impose on us serfs.

dentarthurdent on June 17, 2014 at 6:07 PM

The woman who magically turned a $10k investment into a $100k dividend, virtually overnight, never thought she’d be wealthy?

Left Coast Right Mind on June 17, 2014 at 6:08 PM

I actually saw a clip of her with that Christiane Amanpour gal, and Hillary was actually very jovial, blunt, and played the Gender card with the females in the audience, and they ATE IT UP.

The gop probably doesn’t have a prayer of beating her in 2016.

You put her and the little Castro up as her VP and it’s not going to be pretty for the republicans……….or for Meximerica (our new post Invasion name) either.

Hillary / Castro 2016. Just get it over with you Americanos

PappyD61 on June 17, 2014 at 6:09 PM

OT didn’t Hillary look and sound presidential at the Cnn town hall mtg…..she was fiesty
-wolfie

cmsinaz on June 17, 2014 at 6:09 PM

Hate is not a strong enough word.

John the Libertarian on June 17, 2014 at 6:09 PM

Loopholes are there to be taken - there are other reasons to anti Clinton

jake-the-goose on June 17, 2014 at 6:09 PM

Who is–or could be–surprised by this?

Laws are for serfs.

Axeman on June 17, 2014 at 6:10 PM

Hillary has shown on her book tour why she will NOT WIN in 2016.

The woman is NOT LIKABLE. She was not in 2008 – she is not today.

jake-the-goose on June 17, 2014 at 6:10 PM

In America, we’ve never liked the idea of massive inherited wealth,” Clinton replied.

Sure – like the Kennedys, Rockefellers, Heinze-Kerrys, Hearsts, and on and on and on.
Funny how most of them are Dems…..

dentarthurdent on June 17, 2014 at 6:10 PM

At least they aren’t still writing off their dirty underwear anymore.

JugEarsButtHurt on June 17, 2014 at 6:11 PM

A liberal hypocrite? Shocking!!

rmkdbq on June 17, 2014 at 6:11 PM

Hillary will be on Special Report live with Bret Baier and Greta van Susteren directly.

novaculus on June 17, 2014 at 6:12 PM

Hillary: Second Amendment Supporters “Terrorizing” The Nation…

Hillary Clinton: “I’m Still Looking For Answers” On Benghazi Terror Attack…

So are we, Hill. So are we.

Unfortunately, we peons don’t have access to Sandy Berger’s pants.

Resist We Much on June 17, 2014 at 6:13 PM

You put her and the little Castro up as her VP and it’s not going to be pretty for the republicans……….or for Meximerica (our new post Invasion name) either.

Its not going to be pretty for most of us.

hawkeye54 on June 17, 2014 at 6:13 PM

“I did not evade taxes with that man, Mr. Clinton.”

“That depends on what your definition of “taxes” is.”

BobMbx on June 17, 2014 at 6:14 PM

HilRod,..wrapping up TownHall Propaghanda Q@A:

https://twitter.com/CNNPR

CNN Public Relations @CNNPR · 29m

Just 10 minutes away! Don’t miss #CNNTownHall with @camanpour & @hillaryclinton.

canopfor on June 17, 2014 at 6:14 PM

we never had a class of people sitting on generation after generation after generation of huge inherited wealth.”

Oh? the name KENNEDY ring a bell?

They had Dear Old Rose declared a “resident of Florida” to avoid taxes. Rose hadn’t been to Florida in over 20 years. And was registered to vote in Massachusetts.

GarandFan on June 17, 2014 at 6:14 PM

“I wasn’t evading taxes. The taxes were evading me”

BobMbx on June 17, 2014 at 6:14 PM

A liberal hypocrite? Shocking!!

rmkdbq on June 17, 2014 at 6:11 PM

Its impossible for them to be hypocrites because rules never apply to them. No rules, therefore no hypocrisy.

hawkeye54 on June 17, 2014 at 6:15 PM

Hillary has shown on her book tour why she will NOT WIN in 2016.
The woman is NOT LIKABLE. She was not in 2008 – she is not today.

jake-the-goose on June 17, 2014 at 6:10 PM

How the people actually vote is no longer relevant.
The Dems now have control in a criminal dictatorship that is above the law. They will ensure the count goes her way – not the vote, the published count- and the media will cover it up, and the GOPe will do nothing.

dentarthurdent on June 17, 2014 at 6:15 PM

Hillary Clinton: “I’m Still Looking For Answers” On Benghazi Terror Attack…

So are we, Hill. So are we.

Unfortunately, we peons don’t have access to Sandy Berger’s pants.

Resist We Much on June 17, 2014 at 6:13 PM

RWM: You might find some of this interesting:)

https://twitter.com/CNNPR

CNN Public Relations @CNNPR · 1m

Stay w/CNN for post analysis with @WolfBlitzer and ICYMI any of the #CNNTownHall, watch replay tonight at 9pE.

canopfor on June 17, 2014 at 6:16 PM

we never had a class of people sitting on generation after generation after generation of huge inherited wealth.”

Oh? the name KENNEDY ring a bell?

They had Dear Old Rose declared a “resident of Florida” to avoid taxes. Rose hadn’t been to Florida in over 20 years. And was registered to vote in Massachusetts.

GarandFan on June 17, 2014 at 6:14 PM

Or Rockefeller? But that’s beside the point. Bringing up the subject of such families completely ruins the message.

hawkeye54 on June 17, 2014 at 6:16 PM

GarandFan on June 17, 2014 at 6:14 PM

Or Rockefeller? But that’s beside the point. Bringing up the subject of such families completely ruins the message.

hawkeye54 on June 17, 2014 at 6:16 PM

Never let facts get in the way of a good meme….

dentarthurdent on June 17, 2014 at 6:18 PM

The Clintons are ROYALTY. They aren’t like you and me. They are greater even than the NOBILITY.

It’s fine for them to amass wealth and pass it on to her daughter and her ROYAL HEIR.

You see, they are not like us ignorant peasants who never went to an Ivy League school, or traded in cattle futures, they are BETTER than us. They won’t amass wealth for greedy purposes, they only do so for ENLIGHTENED and WISE purposes you see.

ConstantineXI on June 17, 2014 at 6:19 PM

I do wonder, if that little luncheon with Hopey last week was
a coordination strategy session:

FoxNewsInsider @FoxNewsInsider · 3h

‘The Timing Stinks’: Benghazi Arrest Comes Right Before Hillary’s Fox Interview @GretchenCarlson @LarryOConnor http://foxnewsinsider.com/2014/06/17/timing-stinks-benghazi-arrest-news-comes-right-hillarys-fox-interview

canopfor on June 17, 2014 at 6:21 PM

I don’t care for the Clintons but the Estate Tax needs to be abolished. I would think most here agree.

celt on June 17, 2014 at 6:22 PM

HilRod,..wrapping up TownHall Propaghanda Q@A:

https://twitter.com/CNNPR

CNN Public Relations @CNNPR · 29m

Just 10 minutes away! Don’t miss #CNNTownHall with @camanpour & @hillaryclinton.

canopfor on June 17, 2014 at 6:14 PM

….and just stop and think about how capable the gop is at losing national elections and nominating poisonous nominees to the very base they supposedly represent.

The women are not threatened by her. Because most men are repulsed by her physical appearance. Palin?…..different story too hot for a lot of gals to support.

PappyD61 on June 17, 2014 at 6:22 PM

I don’t care for the Clintons but the Estate Tax needs to be abolished. I would think most here agree.

celt on June 17, 2014 at 6:22 PM

So should the income tax.

Taxes should only be applied where money is SPENT, not where it is earned, and not when it’s passed down through family.

ConstantineXI on June 17, 2014 at 6:24 PM

The women are not threatened by her. Because most men are repulsed by her physical appearance. Palin?…..different story too hot for a lot of gals to support.

PappyD61 on June 17, 2014 at 6:22 PM

That has always been my observation in the workplace. Women tend to be fine with women who are homely and thus, not competition. They tend to get the claws out against women they perceive as more attractive than them.

This is why most WOMEN prefer male bosses to female…

ConstantineXI on June 17, 2014 at 6:26 PM

If any of us see a loophole to pay less tax – and it is legal – don’t we take it?

Of course we do.

The difference is that we are not politicians, so we take it proudly – and then tell our friends and family how to take it.

Understand who Hillary is – and this issue is a wash.

jake-the-goose on June 17, 2014 at 6:27 PM

The woman who magically turned a $10k investment into a $100k dividend, virtually overnight, never thought she’d be wealthy?

Left Coast Right Mind on June 17, 2014 at 6:08 PM

I believe she started with a mere $1,000.

Hill60 on June 17, 2014 at 6:28 PM

OT: Anyone know when and which thread KoolAid2 got the hammer?

OmahaConservative on June 17, 2014 at 6:29 PM

OT: Anyone know when and which thread KoolAid2 got the hammer?

OmahaConservative on June 17, 2014 at 6:29 PM

Didn’t know he got the hammer…

NotCoach on June 17, 2014 at 6:30 PM

Will this issue come up during Hillary’s half-hour interview on Fox News this evening?

Nope, she’s there to gloat about how she personally jumped that muzzie in Benghazi , just in time for this ” interview “

burrata on June 17, 2014 at 6:32 PM

So should the income tax.

Taxes should only be applied where money is SPENT, not where it is earned, and not when it’s passed down through family.

ConstantineXI on June 17, 2014 at 6:24 PM

I’m for it. Especially since the income tax is a plank of the communist manifesto, much of which has been adopted by the dems. It was originally sold as a small tax effecting only the top few income earners so it was so easy to get support, ’cause after all, it wasn’t much and those greedy millionaires could afford it.

Suckers.

hawkeye54 on June 17, 2014 at 6:33 PM

US consulate attacked in Benghazi, Libya, Sept. 11, 2012
5m
Hillary Clinton says questions remain about Benghazi attack after ringleader captured – @NBCNews
Read more on nbcnews.com
=========================

http://www.nbcnews.com/politics/hillary-clinton/hillary-clinton-says-questions-remain-about-benghazi-attack-n133976

canopfor on June 17, 2014 at 6:34 PM

If any of us see a loophole to pay less tax – and it is legal – don’t we take it?

Of course we do.

The difference is that we are not politicians, so we take it proudly – and then tell our friends and family how to take it.

Understand who Hillary is – and this issue is a wash.

jake-the-goose

She’s a hypocrite. Stop slurping her BS.

xblade on June 17, 2014 at 6:39 PM

OT: Anyone know when and which thread KoolAid2 got the hammer?

OmahaConservative on June 17, 2014 at 6:29 PM

Oh no today?

CoffeeLover on June 17, 2014 at 6:39 PM

Now we know what was discuss in the meeting Hillary had with Barack. She told Barack to capture the ring leader of Benghazi right before her interview with Fox News.

BroncosRock on June 17, 2014 at 6:42 PM

Oh no today?

CoffeeLover on June 17, 2014 at 6:39 PM

See last night’s QOTD…

OmahaConservative on June 17, 2014 at 6:42 PM

She’s a hypocrite. Stop slurping her BS.

xblade on June 17, 2014 at 6:39 PM

No one dislikes Hillary more than me – my point is this issue is not an issue.

She is a hypocrite – DUH !!!

jake-the-goose on June 17, 2014 at 6:43 PM

Referring to gun restriction bills not becoming law, @HillaryClinton in town hall refers to minority that “terrorizes” the majority — Jake Tapper (@jaketapper) June 17, 2014

Akzed on June 17, 2014 at 6:47 PM

The Shrill one is getting interviewed on Fox by Brett (sp) and Greta.

Mark Boabaca on June 17, 2014 at 6:47 PM

HAHAHAHAHAHAHAHAHA

*cough cough*

HAHAHAHAHAHA…..aaaaaaahhhh my sides!

Lefties want to chime in on this one?

Bishop on June 17, 2014 at 6:48 PM

Bill and Hillary Clinton have long supported an estate tax to prevent the U.S. from being dominated by inherited wealth. That doesn’t mean they want to pay it.

Just another mighty fine example of liberals wanting others to do as liberals say, not as liberals do.

rukiddingme on June 17, 2014 at 6:49 PM

Didn’t know he got the hammer…

NotCoach on June 17, 2014 at 6:30 PM

Too many references to genitalia, I’m guessing.

Bishop on June 17, 2014 at 6:49 PM

No one dislikes Hillary more than me – my point is this issue is not an issue.

She is a hypocrite – DUH !!!

jake-the-goose on June 17, 2014 at 6:43 PM

OK – gotcha – but your post kinda left that open for interpretation. I saw it the same way xblade did.

dentarthurdent on June 17, 2014 at 6:50 PM

OT: Anyone know when and which thread KoolAid2 got the hammer?

OmahaConservative on June 17, 2014 at 6:29 PM

Seriously? Oh, wow.

Here’s to you, KoolAid2. Hope it’s short-lived.

Jaibones on June 17, 2014 at 6:50 PM

OT: Anyone know when and which thread KoolAid2 got the hammer?

OmahaConservative on June 17, 2014 at 6:29 PM

He was still on QOTD as of this morning. I have checked the other threads and don’t even see his name.

Resist We Much on June 17, 2014 at 6:51 PM

Here’s to you, KoolAid2. Hope it’s short-lived.

Jaibones on June 17, 2014 at 6:50 PM

Maybe KoolAid3 will show up next open reg – if he can’t get a pardon before then…..

dentarthurdent on June 17, 2014 at 6:55 PM

Too many references to genitalia, I’m guessing.

Bishop on June 17, 2014 at 6:49 PM

Isn’t that where non-Jews come from?
Why would that be a problem?…….

dentarthurdent on June 17, 2014 at 6:56 PM

Referring to gun restriction bills not becoming law, @HillaryClinton in town hall refers to minority that “terrorizes” the majority — Jake Tapper (@jaketapper) June 17, 2014

Akzed on June 17, 2014 at 6:47 PM

She obviously doesn’t comprehend that the Constitution is written as it is to not only protect citizens from the government, but the minority from the majority.

I bet that she supported the minority in Prop 8.

Resist We Much on June 17, 2014 at 7:00 PM

BREAKING: Witnesses: Explosion blasts World Cup viewing center in northeast Nigeria, many feared dead.

— The Associated Press (@AP) June 17, 2014

Hey, Hillary, do you still believe that Boko Haram isn’t a terrorist organisation?

Resist We Much on June 17, 2014 at 7:01 PM

Tapper busy whoring for Hillary on his facebook page. This guy is just more manipulative than the typical journo.

clnurnberg on June 17, 2014 at 7:04 PM

Hey, Hillary, do you still believe that Boko Haram isn’t a terrorist organisation?

Resist We Much on June 17, 2014 at 7:01 PM

Mooch has a new pic of her hashtag sign:

#BringBackOurLimbs

Bishop on June 17, 2014 at 7:06 PM

Noah is on a roll on Hillary at tweety. Funny!

Bmore on June 17, 2014 at 7:07 PM

If it weren’t for double standards, liberals would have no standards at all.

307wolverine on June 17, 2014 at 7:08 PM

OT didn’t Hillary look and sound presidential at the Cnn town hall mtg…..she was fiesty
-wolfie

cmsinaz on June 17, 2014 at 6:09 PM

On Fox she’s incredibly perky, so perky that I’m thinking she’s on something. I can’t suggest what because all those drug names are forbidden here.

That laugh she has makes the dog howl.

slickwillie2001 on June 17, 2014 at 7:11 PM

To summarize Hillary on the morals of taxation: “Do as I say, not as I do.”

Whenever the Democrats set their sights on the rich, they invariably miss, and hit the middle-class bystanders squarely in the gut.

Do not be deceived by their lies.

s1im on June 17, 2014 at 7:16 PM

She obviously doesn’t comprehend that the Constitution is written as it is to not only protect citizens from the government, but the minority from the majority. Resist We Much on June 17, 2014 at 7:00 PM

She comprehends it awright, she’s just a lying spawn of Satan.

Akzed on June 17, 2014 at 7:44 PM

Hillary: Sorry, Chelsea, you can’t have that house in Chappaqua when Dad and I die. But it would make a great nursery school !!!

Steve Z on June 17, 2014 at 7:45 PM

In Massachusetts, the woman we call Granny Warren, held up as the Real Deal on wisdom on wealth, and who “originated” “occupy Wallstreet,” the media claim is not like the Clintons, has the opportunity every year to pay an optional surcharge to assuage Liberal Guilt, and takes a pass. She never checks THAT box.

MA passed an optional surcharge on your income tax, for the loony birds, and hardly anyone chooses to pay it.

Fleuries on June 17, 2014 at 8:28 PM

Didn’t Obama once say that, at a certain point, you’ve got enough money?

Tzetzes on June 17, 2014 at 11:05 PM

I am not in favor of estate taxes being higher, but it is a bit misleading to say estate taxes are wrong because the money was already taxed when earned. That is not accurate with respect to assets with unrealized capital gain. Because such assets get a date-of-death basis step-up, any gain in value that happened before that escapes the income tax. So if your dad bought a house for $50,000 many years ago, then he dies when it’s worth $500,000, and you then sell it for that amount, the $450,000 in gain doesn’t get taxed.

acasilaco on June 18, 2014 at 1:13 AM