Have you ever wondered what wealthy democrats do when tax laws they support and vote for come back to apply to them? Although people typically associate being wealthy with republicans, there are plenty of rich democrats in the nations’ capitol as well. So just what do they do when the taxes they push so hard for take aim at them?
It’s likely that every situation is different, but lets take Bill and Hilary Clinton for example. Although the Clintons have been long-time proponents of an estate tax aimed at preventing the U.S. from being taken over by inherited money, they never said anything about wanting to pay that tax as it applies to them.
That’s why the Clinton’s are using some helpful financial planning strategies that are aimed to assist the wealthiest 1 percent of U.S. households. America’s richest people commonly use these strategies in order to protect them from this estate tax that has now topped out at 40 percent of one’s assets when they die.
The Clinton’s are no different and they have made several moves to help them possibly save hundreds of thousands of dollars. That’s very interesting, since Mr. Clinton vetoed a bill to repeal this very tax back in 2000 when he was the president.
At GROCO, we also understand how these and other valuable tax planning strategies work and we can help you make them work to your benefit as well, just like the Clintons are doing. Just call us at 1-877-CPA-2006 or click here to contact us.