The biggest loophole in the entire Tax code is GRATs. Grantor annuity trusts. It makes a mockery of the inheritance tax. Wealthy folks with last names like Adelson and Buffett can pass unlimited amounts to family members by setting up a GRAT, and then ... Disclaiming it! Sheldon Adelson saved $2.3 billion that way.
And the reason Congress doesn't repeal it? Because, as one wag put it, every single person affected is "a member of the political donor class".
The biggest loophole in the entire Tax code is GRATs. Grantor annuity trusts. It makes a mockery of the inheritance tax. Wealthy folks with last names like Adelson and Buffett can pass unlimited amounts to family members by setting up a GRAT, and then ... Disclaiming it! Sheldon Adelson saved $2.3 billion that way.
And the reason Congress doesn't repeal it? Because, as one wag put it, every single person affected is "a member of the political donor class".