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How Billionaires Like Sheldon Adelson Exploit An ‘Accidental’ Tax Loophole

The fees the wealthy pay to their tax planners each year now dwarf our $14 billion in annual estate tax revenue.
How Billionaires Like Sheldon Adelson Exploit An ‘Accidental’ Tax Loophole
Image from: Flickr

Via Moyers & Company:

“How low have tax collections from the estates of wealthy Americans fallen?” asked tax attorney Bob Lord. “This low: In all likelihood, the fees the wealthy pay to their tax planners each year now dwarf our $14 billion in annual estate tax revenue.”

Those who can afford to hire the best tax planners can exploit an abundance of loopholes that exist in our increasingly complex tax code in order to avoid paying their fair share. It’s perfectly legal, but it deprives the government of much needed funds.

Today, Bloomberg‘s Zachary Mider reports that one of those loopholes accidentally written into...

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