The Clinton campaign estimates that the increase
would raise an addition $75 billion in revenue over the next decade. The
current rate maxes out at 40 percent.
But Hillary Clinton and her husband Bill have
created a number of tax shelters in recent years to dramatically limit their
payment of the very same tax. As Bloomberg reported back in 2014: “To reduce
the tax pinch, the Clintons are using financial planning strategies befitting
the top 1 percent of U.S. households in wealth.”
In 2010 the Clinton created “residential trusts”
and the following year moved their Chappaqua estate into the trust, according to their financial records. As
David Scott Sloan, a partner at the firm
Holland Knight explained the Clinton trust to CBS News, “You’re creating things
that are going to be on the nontaxable side of the balance sheet when they
die.”
The move will save the Clintons hundreds of thousands
of dollars in estate taxes, according to accountants quoted by Bloomberg.
Even more substantial, the Clintons created a life
insurance trust in 2010, which will shelter life insurance payments from estate
taxes. This is their second such trust. The first was created in 1996,
according to financial disclosures.
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