You and I can give our kids $13,000 a year free of gift taxes. RMoney can give $100,000,000 free of taxes to his kids
- From: Kickin' Ass and Takin' Names <PopUlist349@xxxxxxxxxxx>
- Date: Thu, 02 Feb 2012 21:11:11 -0500
The idea that someone could pay zero gift taxes on contributions to a
$100 million trust fund may surprise people who have heard arguments
that the wealthy are overburdened by gift and estate taxes. But the
Romneys? gift-tax avoidance strategy is perfectly legal.
The explanation may stem from how the Romneys were able to value the
assets put into the trust. If I?m right, it involves a special tax
deal that Congress gives to people who manage investment partnerships,
as Romney did at Bain Capital from 1984 to 1999.
This deal allows these managers to receive a kind of compensation
known as ?carried interest.? As the tax law sees it, carried interest
does not represent ownership of stock or other securities, only the
right to receive future profits. Because there is no ownership, the
IRS lets people value their carried interest at zero for gift tax
purposes if they meet certain technical rules.
Most Americans can't avoid paying taxes on gifts to their family
members above $13,000 (for 2011). But as F. Scott Fitzgerald wrote in
his story "The Rich Boy" ''Let me tell you about the very rich. They
are different from you and me.''
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20 January 2013:
"I, Barack Hussein Obama, do solemnly swear . . . "
And the nation cheers!!!!
.
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