Clintons Dodge Taxes Like 1 Percenters

    Former U.S. President Bill Clinton sits with his wife former U.S. Secretary of State and former U.S. Senator from New York Hillary Clinton during the dedication ceremony at the National September 11 Memorial Museum in New York, May 15, 2014. The museum, commemorating the Sept. 11, 2001 attacks on New York and Washington opens to the public on May 21, with wrenchingly familiar sights as well as artifacts never before on public display.  REUTERS/Mike Segar (UNITED STATES - Tags: DISASTER POLITICS) - RTR3PDUT

    Mike Segar/Reuters

    The Clintons appear to have a “do as I say, not as I do” approach to taxes. Bloomberg uncovered that the Clintons have employed a variety of financial strategies that help shield multimillionaires from the estate tax, which they publicly support. Bill and Hillary created resident trusts in 2010 and have saved hundreds of thousands of dollars in taxes by shifting their New York home into them. The Clintons split their home into 50 shares and placed them into trusts. As a result, they can assume discounted housing values for tax purposes, and any increase in the house’s value will occur outside their estate. While these moves can be construed as hypocritical based on both Clintons’ record toward taxes, they are perfectly legal. “If you’re the Clintons and you live in a fishbowl,”  said tax lawyer Ken Brier said, “you’re not going to push the envelope in doing cutting-edge planning.”

    Read it at Bloomberg