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By Lynnley Browning, Bloomberg News (TNS)

NEW YORK — Democratic presidential candidate Hillary Clinton’s call this week 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.

Bloomberg News reported in 2014 that Hillary and Bill Clinton created residence trusts in 2010 and shifted ownership of their Chappaqua, N.Y., house into them in 2011, according to federal financial disclosures and local property records. Such trusts offer tax advantages, in which any increase in the house’s value can be excluded from the Clinton’s taxable estate. The trust could save the couple hundreds of thousands of dollars in future estate taxes, a tax specialist told Bloomberg News in 2014.

The trusts, as well as the “loopholes” she proposed closing in other areas on Tuesday, are legal under current tax rules.

Brian Fallon, a Hillary Clinton spokesman, said, “Their tax rate was over 35 percent in 2013, and she is proposing policies that would raise their taxes further.”

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.

Under current law, estates worth less than $5.45 million per person, or $10.9 million per married couple, are exempt from the 40 percent estate 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.

On Monday, Clinton proposed creating a 4 percent tax surcharge for people with annual incomes of $5 million or more, a measure that would target just .02 percent of U.S. taxpayers and raise $150 billion over 10 years, the aide said. Clinton also said Tuesday that she wants to close “loopholes” that create tax benefits for hedge-fund managers and the wealthy. Specifically, she wants to make it more difficult to build multi million-dollar individual retirement accounts, and prevent hedge funds from getting tax benefits by investing through Bermuda-based reinsurance companies.

(With assistance from Jennifer Epstein.)

©2016 Bloomberg News. Distributed by Tribune Content Agency, LLC.

Photo: U.S. Democratic presidential candidate Hillary Clinton addresses supporters at the Electric Park Ballroom in Waterloo, Iowa January 11, 2016. REUTERS/Aaron P. Bernstein

 

President Trump boards Air Force One for his return flight home from Florida on July 31, 2020

Official White House Photo by Joyce N. Boghosian

Reprinted with permission from Alternet

Florida senior residents have been reliable Republican voters for decades, but it looks like their political impact could shift in the upcoming 2020 election.

As Election Day approaches, Florida is becoming a major focal point. President Donald Trump is facing more of an uphill battle with maintaining the support of senior voters due to his handling of critical issues over the last several months. Several seniors, including some who voted for Trump in 2016, have explained why he will not receive their support in the November election.

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