"The Romneys gave $100 million to their sons and paid not one penny of gift tax. They were able to take assets they have that are producing enormous income and, under the law, give that money to their children and not pay any taxes on it."
Via Alexander Ryking
Welcome to the wonderful world of estate planning for the super wealthy. The Romney kids will have to pay taxes when they start taking income from the trust their father set up for them — at the usual 15% rate paid by millionaires, of course — but the inheritance itself is blissfully tax free. It’s just another of the many benefits of running a private equity firm.
(Source: ryking)
Posted on Wednesday January 25th
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