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Friday, February 3, 2012

1% Breaks #Reuters : #Romney ’s gift from Congress By David Cay #Johnston 1/31/2012

David Cay Johnston writes ...

When the Romney campaign disclosed in December that the couple’s five sons had a $100 million trust fund, I suspected that, in setting up the fund, the Romneys used a tax strategy that allows some very rich people to avoid paying gift taxes. But it was impossible to know if this was the case without seeing their tax returns going back years.
 This is a rather factual and educational supposed opinion piece.  Until now, and I'm still pessimistic, I feared the 99% would never catch on having been sold the "anybody can do it narrative."

Under tax rules, wealthy people must pay a gift tax of 35 percent on gifts above a lifetime limit known as the “unified estate tax credit.” That limit was $1.2 million for a married couple in 1995 when the sons’ trust was created and $2 million in 2009, but is now $10 million.
So, if the limit is, at most, $10 million, how did the Romneys create this $100 million fund without paying gift taxes?

WI 1848 Forward: #1% Breaks #Reuters : #Romney ’s gift from Congress By David Cay #Johnston 1/31/2012 vs #47%

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