Hey, whether you like Mitt Romney’s platform or not, you have to admit he is legally using the tax laws to his advantage (which he should; I don’t want someone dictating economic policy who is paying too much to the government). He is paying low tax rates on capital gains and dividends, plus he is using various estate strategies to push money out of his estate and give it to his kids.
See this article in Accounting Today by Margaret Collins and Richard Rubin to find out more about the Romneys’ estate and tax planning strategies:
http://www.accountingtoday.com/news/mitt-romney-tax-returns-estate-planning-strategies-63755-1.html?ET=webcpa:e6008:204199a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=WebCPA_Daily_082712
While most of us don’t have the money the Romneys do, I have worked with attorneys and financial planners to set up estate plans on a smaller scale that can also be effective at saving taxes and transferring assets. Call or email me with questions.
Remember, for financial, accounting and tax musings,
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email bstonercpa@sbcglobal.net phone 818-317-6035