Large gifts given to others are taxable. There are some loopholes. For example, a parent can give up to $10,000 per year to a child without incurring gift taxes. But if you have income that can be classified as ‘carried interest’, then you can give huge gifts to your children without incurring any tax whatsoever.
Romney’s tax returns reveal that he gave $100 million to his children using this loophole, that is available only to the wealthy whose income is from investments.
No wonder Romney didn’t want to release his tax returns. He’s even richer than most people thought.
But…but…Our Brave Captains of Industry are being oppressed by the evil commie sore-loser malcontents or something! How dare you expect us to punish Romney for being successful!
Drug cartels the world over are demanding to know how far the once-free America will go in punishing success.
What Romney did is legal and there’s nothing that can be done about it.
Legal, yes. Right and fair, no. And yes, we the people can do something about it by not electing him.