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Politics : View from the Center and Left

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From: JohnM	12/18/2013 11:42:27 AM
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Doesn't this just make you feel warm all over!!. From Mike Allen's morning newsletter. ---------------------------------------------------- Meanwhile, a loophole in the estate tax saves the wealthy $100 billion. "Federal law requires billionaires such as Adelson who want to leave fortunes to their children to pay estate or gift taxes of 40 percent on those assets. Adelson has blunted that bite by exploiting a loophole that Congress unintentionally created and that the Internal Revenue Service unsuccessfully challenged. By shuffling his company stock in and out of more than 30 trusts, he's given at least $7.9 billion to his heirs while legally avoiding about $2.8 billion in U.S. gift taxes since 2010, according to calculations based on data in Adelson's U.S. Securities and Exchange Commission filings...Hundreds of executives have used the technique, SEC filings show. These tax shelters may have cost the federal government more than $100 billion since 2000, says Richard Covey, the lawyer who pioneered the maneuver." Zachary R. Mider in Bloomberg.

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