Sign up FAST! Login

Romney ‘I Dig It’ Trust Gives Heirs Triple Benefit - Bloomberg

Stashed in: Wealth!, Obama!, inequality, Republicans

To save this post, select a stash from drop-down menu or type in a new one:

Intentionally defective grantor trusts explained…

The article is right that this is a laughable underestimate:

“People like Mitt Romney make a lot of money, but they pay very little income tax,” said Victor Fleischer, a tax law professor at the University of Colorado who has written extensively about private equity and taxes. “Then by dodging the estate and gift tax, they are able to build dynastic wealth. These DoubleClick documents really show that tax planning in action.”

The Obama administration estimates that closing the loophole Romney used would bring the federal government almost $1 billion in the coming decade.

No wonder Romney's so passionate about running for president.

There's a lot of money in blocking Obama from closing loopholes.

You May Also Like: