In a bit of news that went relatively unnoticed amongst the bevy of small tire fires set by Donald Trump and stoked by the media, Hillary Clinton announced a radical and nasty change to tax policy: she wants to raise the estate tax.
The estate tax is disgusting. It’s the government ghoulishly waiting for you to die, then IRS agents crashing into your house and rifling your safe. You’ve already paid taxes on that money, of course – the government has already taken its chunk. Now it wants a second slice of the pie, in order to deprive your mourning children of their inheritance.
So naturally, Hillary wants to jack up that government theft. Right now, estates worth over $5.45 million are exempt from estate tax, but after that, they’re taxed at 40 percent. Hillary wants that tax increased to 45 percent, and drop the exemption to $3.5 million. Trump wants to get rid of the estate tax totally.
Trump is right; Hillary’s not just wrong, she’s morally wrong. And Hillary knows it, which is why she stuffs her $1.8 million Chappaqua, New York home into residence trusts to avoid the estate tax.
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2 comments:
Trusts are the only way to go.
If you don't know about it, or are too lazy to research it, you will be fleeced.
Rather, your inheritance will be fleeced.
Evil and corrupt government.
Residence trust are very common. My brothers have done "owned" my Mom's house for 20 years. It is simple estate planning.
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