Editor’s note: Leona Helmsley” “We don’t pay taxes. Only the little people pay taxes.”
Bill and Hillary Clinton have been using a legal but dodgy tax loophole to evade the so-called ‘death tax’ that they both worked to raise, according to news reports published on Tuesday.
Despite Hillary’s frequent insistence that she has middle-class roots and identifies with ordinary Americans, she and her husband the former president have amassed a fortune likely valued in the tens of millions of dollars.
In order to shield that wealth from the federal government’s rapacious tax collectors at the IRS, they are using a financial planning strategy to shift ownership of their houses to a private trust, and then to their daughter Chelsea.
This leaves the power couple free to reap the tax advantage of making such a generous gift before they die, while they rent the property back from her at a bargain price.