Big-Money Untaxed Gifts Quadrupled in 2012 as Rich Raced Congress

Bloomberg notes that the wealthiest Americans poured $335 billion into tax-free gifts amid worries in 2012 that Congress would clamp down on the practice, according to data released yesterday by the Internal Revenue Service.

The data cover tax returns filed in 2013 and thus mostly include gifts made in 2012. That’s more than four times the amount reported on returns filed in 2012.

Read full article at Big-Money Untaxed Gifts Quadrupled as Rich Raced Congress – Bloomberg.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.