So while we’re on the subject of calling using the tax laws smartly “tax dodging,” as I’ve seen Donald Trump’s legal deductions referred to repeatedly, let’s duly note that the Clintons have done some massive legal tax avoidance themselves.
According to a June 2014 story in Bloomberg, Bill and Hillary Clinton dropped ownership of their expensive New York home into a “residence trust” in 2011, helping shield them from estate taxes that could gobble up 40 percent of their assets when they depart the earth.
The Clintons, of course, support the death tax as a way of bilking the one percent out of their capital. In fact, Hillary wants to raise it to a confiscatory 65 percent. But, as Bloomberg notes, that doesn’t mean she wants to pay it.
“Among the tax advantages of such trusts is that any appreciation in the house’s value can happen outside their taxable estate,” Bloomberg reported. “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.”
Of course, the Clintons would do much more tax finagling if they thought they could get away with it. But unlike Trump, they have known their tax returns would be in the public eye and that it would be unseemly to overdo it.
So congratulations to the Clintons on avoiding taxes they need not pay. And congratulations to them on their latest hypocrisy as well.
Here she is attacking Trump for wanting to end the estate tax. What she leaves out amidst her sanctimony is that she too wants to end it, but just for herself.