Hillary Clinton has proposed raising the estate tax to 65 percent, which would make it more difficult for high-income individuals to pass on their wealth without paying taxes, the Wall Street Journal reported.
"The Clinton campaign changed its previous plan—which called for a 45% top rate—by adding three new tax brackets for adopting the structure proposed by Sen. Bernie Sanders of Vermont during the Democratic primaries," the article states. "She would impose a 50% rate that would apply to estates over $10 million a person, a 55% rate that starts at $50 million a person, and the top rate of 65%, which would affect only those with assets exceeding $500 million for a single person and $1 billion for married couples."
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According to the article, this estate-tax increase to 65 percent would be the highest rate seen since 1981.
While Clinton supports the estate tax, she has personally used financial planning strategies that would help shield some of her estate from taxes.
"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," Bloomberg reported. "Among the tax advantages of such trusts is that any appreciation in the house’s value can happen outside their taxable estate. The move could save the Clintons hundreds of thousands of dollars in estate taxes."
"It is the height of hypocrisy for Hillary Clinton to offer an even more dramatic hike in the death tax at the same time she uses exotic tax loopholes reserved for the very wealthy to exempt her Chappaqua estate," said Jason Miller, a spokesman for Donald Trump.