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Tax loophole saved $100 billion for richest Americans

341196_Sheldon Adelson
Zionist billionaire Sheldon Adelson
Press TV – December 21, 2013

The wealthiest Americans are exploiting a tax loophole to avoid paying billions in estate or gift taxes, contributing to the soaring income inequality in the United States, according to a report.

The loophole has cost the US government more than $100 billion since 2000, the Bloomberg reported.

The popularity of the tax avoidance maneuver, known as the Walton grantor retained annuity trust, or GRAT, shows how easy it is for the wealthy to bypass estate and gift taxes, the report said.

Even Richard Covey, the lawyer who pioneered the tax maneuver, which involves rapidly churning assets into and out of trusts, says it makes a mockery of the US tax code.

“You can certainly say we can’t let this keep going if we’re going to have a sound system,” Covey said.

Covey’s technique is one of several common devices that together make the estate tax system essentially ineffective as a brake on soaring economic inequality, says Edward McCaffery, a professor at the University of Southern California’s Gould School of Law.

Zionist billionaire Sheldon Adelson has given at least $7.9 billion to his heirs while legally avoiding about $2.8 billion in US gift taxes since 2010, according to calculations based on data in Adelson’s US Securities and Exchange Commission filings.

Shares of Adelson’s Las Vegas Sands Corp. are at a five-year high, making the gambling billionaire one of the world’s richest men in the world, worth more than $30 billion.

Since 2009, President Barack Obama and some Democratic lawmakers have made fruitless proposals to narrow the GRAT loophole.

Covey has suggested one reason for the lack of action is that wealthy campaign donors and politicians want to keep the loophole in place.

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December 21, 2013 Posted by | Corruption, Economics, Progressive Hypocrite | , , , , | Leave a comment

Zionist Jews biggest donors to presidential bids of Obama, Romney

Press TV – October 20, 2012

Zionist Jews are the biggest donors that finance the US presidential election campaign of both the Democratic President Barack Obama as well as his Republican challenger, Mitt Romney.

The leading declared financier of US election campaigns in 2012 is casino tycoon Sheldon Adelson, who has so far donated $34.2 million to Republican Political Action Committees that support Romney’s publicity bid to win enough votes to move to the White House, the Associated Press reported Friday.

A staunch supporter of Israel, says the report, “he also is a contributor to the Republican Jewish Coalition, which spent $920,000 since 2002 backing bills aimed at pressuring Iran and enhancing US security cooperation with Israel.”

In Israel, meanwhile, Adelson owns the widely circulated, pro-Benjamin Netanyahu free daily paper Israel Hayom.

Worth an estimated $25 billion, Adelson oversees the Las Vegas Sands Corp., which runs casino and resort interests in Las Vegas, Singapore, and Pennsylvania, and Sands China Ltd., a bunch of casinos operating in China’s Macau territory.

According to the report, the wealthy Jewish donors and others are financing this year’s US presidential election, on track to cost a whopping $2 billion, with funding of individual Democratic and Republican campaigns as well as independent, “super” political action committees working on the campaigns’ behalf.

In exchange for their financial support, these pro-Israeli donors can gain major influence, says the report. They are often invited to state dinners at the White House and other events with the US president.

These financiers may also be consulted on policy making, particularly if it impacts their financial interests. And the ranks of ambassadors, advisory panels, and other government jobs traditionally are filled with those who have made generous donations during the election campaign, the report adds.

The largest donor to Democratic Political Action Committees that support Obama’s reelection campaign is Hollywood film producer Jeffrey Katzenberg, who has so far given nearly $2.6 million for the cause.

Other major Jewish donors that support Democratic organizations and Obama’s reelection bid are: Irwin Jacobs, founder and ex-chairman of Qualcomm, contributing $2.122 million so far; Fred Eychaner, founder of newspaper publisher Newsweb Corp, contributing $2.07 million so far; Jon Stryker, a Michigan Philanthropist, contributing $2.07 so far; and Steve Mostyn, a Houston attorney, who has so far contributed just over $2 million.

Other big Jewish donors that gave huge sums of money to Republican organization and Mitt Romney’s election campaign are: Bob Perry, a Houston real estate tycoon who has so far given $17.3 million; Harold Simmons, owner of a Dallas-based Contran Corp. who has so far given $16.5 million; Robert Rowling, head of Dallas-based TRT Holdings who has so far donated $4.1 million, and Industrialist William Koch, so far donating $4 million.

October 20, 2012 Posted by | Corruption, Ethnic Cleansing, Racism, Zionism, Wars for Israel | , , , , , , | 2 Comments