Does Clintons Use of Trusts Show Tax Reform Need?

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June 17 (Bloomberg) -- Bill and Hillary Clinton have long supported an estate tax to prevent the U.S. from being dominated by inherited wealth. That doesn’t mean they want to pay it. Bloomberg Contributing Editor David Plouffe speaks on Bloomberg Television’s “In The Loop.” (Source: Bloomberg)

You read the story on the clintons's use of legal financial strategies.

Some would say this seems hypocritical.

I think it makes the case for tax reform.

She will have to answer those questions.

My suggestion would be to say this is why we need tax reform.

Simpler, fairer reform on the corporate and individual side.

These are legal, most people will use them.

It makes a compelling case for tax reform.

I hear this all the time from -- hillary clinton made comments about estate taxes with warren buffett at her side.

Warren buffett takes advantage of the very same tax policies that he is criticizing.

He says until that tax reform is changed, i am going to continue to use some of these advantages.

Doesn't that strike you as hypocritical?

I do not.

I think that there are shades of this.

There is the most aggressive, right up to the line.

Some things met romney utilized bothered voters in 2012. there is an argument that says you should not utilize any of these legal instruments -- if you are going to criticize it, exactly.

It is a more compelling to say this is the law.

They will have financial help, accounting help.

We need tax reform that is more simple.

This is what makes the presidential campaign hard.

It is an obstacle course.

Every day you will be pressed not just on your position but on your personal approach and behaviors.

Is hillary clinton going to have to be more transparent about her financial situation?

The lesson of 2012 -- it caused mitt romney great problems.

Not just what he did, is what he tried to shield.

I think transparency is always the best recourse in a presidential campaign.

Or else you will be consumed by questions and people will believe the worst.

You have no option but to be as transparent as you can.

Or else it will be filled in by your opponents and the press.

What could they be hiding?

You are referring to the 2012 campaign when democrats were asking mitt romney to disclose more of his tax returns beyond 2011? it was the tax returns, which offshore havens he was utilizing.

The situation around him leaving bank capital.

For a period of weeks, it consumed the campaign and prevented them from talking about what they wanted to talk about.

Every question that is going to be asked, you have to prepare an answer and understand you might be getting press for things you are not comfortable discussing.

Hillary clinton will be a strong candidate.

On the republican side, it is not just how strong you are on paper, it is how you can transact the campaign.

Becoming harder and harder every year.

Back to mitt romney, romney's campaign said he was only going to disclose what is required.

He disclose what was required of any candidate running for president.

Hillary clinton is asked to give more financial information than what is required, is she going to do that?

This was on the question of tax returns.

There is no requirement to release her tax returns.

There was a political tradition to do so with the parties.

That is the standard.

Hillary clinton, rand paul, marco rubio will have to make a decision about what kind of taxes to release.

There is a standard.

If they fall short of that, they will face hard questions.

Did she make a political gaffe when she said she was dead broke coming out of the white house?

We are not even in spring training of the 2016 campaign.

None of this is going to matter in the spring of 2016. this is a learning period.

The next morning, she understood it was not the answer she would have liked to get them corrected it.

When you make a mistake, you are going to make a mistake running for president -- was that in a state -- was that a mistake?

She said it was inartful.

Her answer the next day was that they have been blessed.

Talking about the fact that she and her husband have the ability to make personal money and raise money for a foundation that is doing a lot of good.

Dead broke, is that accurate?

They left the white house with millions of dollars of legal bills that had -- but they have the potential to make money quickly.

That is not the situation most americans face who are going through financial hardship.

She recognized, did not dig in and defend the answer and the next day said let me clear up what i meant.

Bloomberg contributor david plouffe, former adviser for president barack obama.

This text has been automatically generated. It may not be 100% accurate.


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