(ed: the same/similar rorts by the rich are also used in new zealand..(trusts..?..anyone..?..)
White House National Economic Council director Gary Cohn – former president of Goldman Sachs – said recently that ‘only morons pay the estate tax’.
‘I’m reminded of Donald Trump’s comment that he didn’t pay federal income taxes because he was ‘smart’.
And billionaire Leona Helmsley’s ‘only the little people pay taxes’.
What Cohn was getting at is how easy it is nowadays for the wealthy to pass their fortunes to their children – tax-free.