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Clinton’s Estate Tax Plan To Close “Loopholes” The One Her Family Uses

- January 17, 2016

Clinton's Plan Would Raise The Rate To 45% And Make Any Estates Over $3.5 Million Taxable

On Tuesday, Hillary Clinton Called For Both Raising The Estate Tax And Making More Estates Subject To That Tax. "Clinton on Tuesday proposed making more estates taxable -- those worth more than $3.5 million per person or $7 million per couple. She also wants to raise the rate to 45 percent. The increased tax would apply to four out of every 1,000 estates in the country and raise $200 billion over 10 years, according to a Clinton campaign aide who asked not to be named." (Lynnley Browning, "Clinton's Estate-Tax Plan Doesn't Address Her Own Tax Planning," Bloomberg , 1/13/16)

"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." (Richard Rubin, "Wealthy Clintons Use Trusts To Limit Estate Tax They Back," Bloomberg, 1/17/14)

"Without The Estate Tax, Hillary Clinton Said, The Country Could Become 'Dominated By Inherited Wealth.'" "'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. Without the estate tax, Hillary Clinton said, the country could become 'dominated by inherited wealth.'" (Richard Rubin, "Wealthy Clintons Use Trusts To Limit Estate Tax They Back," Bloomberg, 1/17/14)

But Clinton's Plan Fails To Address The Estate Tax Loophole Her Family Is Exploiting

The Clintons, Who Are In Top .01 Percent Of Income Earners, Have A Minimum Net Worth Of $11 Million. "The minimum value of the Clintons' financial assets is $11 million, according to Hillary Clinton's most recent campaign disclosure, which requires reporting within broad ranges of value. The couple has earned at least $30 million since January 2014, according to the disclosure. That income places them among the top .01 percent of American taxpayers, based on Internal Revenue Service data. Campaign disclosures show that the Clintons also own life insurance trusts, which can also reduce estate-tax bills." (Richard Rubin, "Wealthy Clintons Use Trusts To Limit Estate Tax They Back," Bloomberg, 1/17/14)

Clinton's Call To Raise The Estate Tax And Close Loopholes Failed To Address Techniques Used By The Clintons To Shield Their Own Estate From The Estate Tax. "Democratic presidential candidate Hillary Clinton's call Tuesday to increase taxes on the wealthy and close 'loopholes' didn't address the candidate's own moves to shield at least part of the value of her New York home from the estate tax." ( Lynnley Browning, "Clinton's Estate-Tax Plan Doesn't Address Her Own Tax Planning," Bloomberg , 1/13/16)


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