Big-Money Untaxed Gifts Quadrupled as Rich Raced Congress
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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 today 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.