Politics

Clintons Trying to Avoid Estate Tax They Helped Create

| by Paul Brown

Hillary, who is a frontrunner for the democratic presidential nomination in 2016, is now catching quite a bit of heat for what is being deemed an act of hypocrisy by many of her critics. While the political celebrity believes wholeheartedly in the estate tax for other Americans, it seems she and her husband do not believe in applying it to themselves.

Throughout their respective political careers, The Clintons have tried to appeal to the average, working class American. In the 1990's, when they were perhaps the most powerful couple in the world, both Bill and Hillary championed the controversial estate tax (otherwise known as the death tax).

The tax, which is applied to the estate of recently deceased persons before the estate is distributed amongst the person's heirs, has long been touted by the Democratic Party as a fair and just method of helping to reduce income inequality in the United States.

“The estate tax has been historically part of our very fundamental belief that we should have a meritocracy,” said Hillary Clinton in 2007 with billionaire Warren Buffett at her side. This statement was a direct knock on the heirs of wealthy estates, and clearly in support of an estate tax.

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According to a Bloomberg News report, however, "The Clintons created residence trusts in 2010 and shifted ownership of their New York house into them in 2011, according to federal financial disclosures and local property records."

Hillary, who described her family as “dead broke” and "in debt" upon exiting the White House in 2001, has an estimated net worth hovering around $25 million. This is according to taxes she filed in 2013.

Nevertheless, the prestigious Clinton couple is attempting to dodge the very taxes they claim to support. The New York Post contends that these moves are likely saving the Clintons hundreds of thousands of dollars at least.