(Bloomberg) -- Bill and Hillary Clinton have long supported an estate tax to prevent the U.S. from being dominated by inherited wealth. That doesn’t mean they want to pay it.
To reduce the tax pinch, the Clintons are using financial planning strategies befitting the top one percent of U.S. households in wealth. These moves, common among multimillionaires, will help shield some of their estate from the tax that now tops out at 40 percent of assets upon death.
Without the estate tax, Hillary Clinton said, the country could become “dominated by inherited wealth.”
“If you’re serious about wanting to deal with the problems that estate tax presents, let’s get after it and solve them,” he said on Aug. 31, 2000. “But we have to proceed on grounds of fiscal responsibility and fairness.”
“You try to do things that can reduce the value of what you’ve given,” he said.
Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.