{"id":311352,"date":"2021-03-25T17:30:36","date_gmt":"2021-03-25T21:30:36","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=311352"},"modified":"2021-03-25T17:30:38","modified_gmt":"2021-03-25T21:30:38","slug":"doj-nominee-has-up-to-55-million-in-trust-used-to-dodge-estate-tax","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/doj-nominee-has-up-to-55-million-in-trust-used-to-dodge-estate-tax\/","title":{"rendered":"DOJ Nominee Has Up to $55 Million in Trust Used to Dodge Estate Tax"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdoj-nominee-has-up-to-55-million-in-trust-used-to-dodge-estate-tax%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=311352&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/03\/GettyImages-1295083280-e1615326387764.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<p dir=\"ltr\">President Joe Biden\u2019s nominee for the number-three position at the Department of Justice has&nbsp;up to $55 million stashed in an account commonly used by wealthy people to avoid paying taxes when passing money on to future generations.<\/p>\n<p dir=\"ltr\">Vanita <span class=\"il\">Gupta<\/span>, Biden&#8217;s choice for associate attorney general, listed between $11,000,003 and $55,000,000 in multiple grantor retained annuity trusts (GRAT), an estate-planning tool that is commonly used by the rich to dodge the estate tax.&nbsp;<span class=\"il\">Gupta<\/span>\u2019s total net worth is<a href=\"https:\/\/mailtrack.io\/trace\/link\/43ac2099a8bfc3287fe790281a3f797070f5f657?url=https%3A%2F%2Ffreebeacon.com%2Fbiden-administration%2Fvanita-gupta-says-she-backs-15-livable-wage-her-family-business-pays-mexicans-1-30-an-hour%2F&amp;userId=6348687&amp;signature=a849dce2483b6f9e\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/mailtrack.io\/trace\/link\/43ac2099a8bfc3287fe790281a3f797070f5f657?url%3Dhttps%253A%252F%252Ffreebeacon.com%252Fbiden-administration%252Fvanita-gupta-says-she-backs-15-livable-wage-her-family-business-pays-mexicans-1-30-an-hour%252F%26userId%3D6348687%26signature%3Da849dce2483b6f9e&amp;source=gmail&amp;ust=1616705647090000&amp;usg=AFQjCNH7brbWVs94bu9TBpGS91Sv44_tVA\">&nbsp;between<\/a>&nbsp;$42 and $187 million, which would make her one of the wealthiest members of the Biden administration if confirmed.<\/p>\n<p dir=\"ltr\"><span class=\"il\">Family wealth has become a political liability for Gupta, a self-styled &#8220;idealist&#8221;<\/span>&nbsp;and chemical heiress whose family structured its wealth to dodge tax liability.&nbsp;Gupta&#8217;s use of these accounts could put her at odds with Biden&#8217;s promise to make the wealthy &#8220;pay their fair share of taxes,&#8221; in part by <a href=\"https:\/\/www.cnbc.com\/2021\/03\/18\/biden-tax-plan-what-people-making-under-and-over-400000-can-expect.html\">raising<\/a> the estate tax.<\/p>\n<div class=\"posts-content__category-widget md:hidden -ml-4 -mr-4 my-8 px-4 py-6 bg-gray-100\">\n<h4 class=\"mt-0 text-red-600 font-medium font-sans uppercase\">Recent Stories in Biden Administration<\/h4>\n<\/div>\n<p dir=\"ltr\">Gupta lists three GRATs on her financial disclosure form, which together are valued at up to $55 million. The assets held in the trusts are not disclosed to the public, because all three are classified on the disclosure as &#8220;excepted trusts.&#8221; According to the<a href=\"https:\/\/mailtrack.io\/trace\/link\/8d025adf262176f834b5f865c057fd10c3764b88?url=https%3A%2F%2Fwww.oge.gov%2FWeb%2F278eGuide.nsf%2FContent%2FDefinitions~Excepted%2BTrust&amp;userId=6348687&amp;signature=bfd5f1e00ad38f8a\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/mailtrack.io\/trace\/link\/8d025adf262176f834b5f865c057fd10c3764b88?url%3Dhttps%253A%252F%252Fwww.oge.gov%252FWeb%252F278eGuide.nsf%252FContent%252FDefinitions~Excepted%252BTrust%26userId%3D6348687%26signature%3Dbfd5f1e00ad38f8a&amp;source=gmail&amp;ust=1616705647090000&amp;usg=AFQjCNF12mp9tg19KCCHIwFZ3oxevEIW9w\"> U.S. Office of Government Ethics<\/a>, trusts can be &#8220;excepted&#8221; if they were not created by the holder or their immediate family and when those same parties have &#8220;no specific knowledge of the trust\u2019s holdings.&#8221;<\/p>\n<p dir=\"ltr\">Gupta&#8217;s&nbsp;confirmation path has already hit several speed bumps due to her <a href=\"https:\/\/mailtrack.io\/trace\/link\/8cde2f399f4d6cb009bb99df38e5f05b885c3dd5?url=https%3A%2F%2Ffreebeacon.com%2Fbiden-administration%2Fbiden-justice-department-nominee-faces-ethics-minefield-from-fathers-corporate-interests%2F&amp;userId=6348687&amp;signature=8f3109d10c6130b0\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/mailtrack.io\/trace\/link\/8cde2f399f4d6cb009bb99df38e5f05b885c3dd5?url%3Dhttps%253A%252F%252Ffreebeacon.com%252Fbiden-administration%252Fbiden-justice-department-nominee-faces-ethics-minefield-from-fathers-corporate-interests%252F%26userId%3D6348687%26signature%3D8f3109d10c6130b0&amp;source=gmail&amp;ust=1616705647090000&amp;usg=AFQjCNHeeIPfmf_a2vNs76JkwFeNpBH-iA\">father\u2019s myriad business connections<\/a> in industries around the world. The <em>Washington&nbsp;<\/em><em>Free Beacon<\/em> <a href=\"https:\/\/freebeacon.com\/biden-administration\/vanita-gupta-says-she-backs-15-livable-wage-her-family-business-pays-mexicans-1-30-an-hour\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/freebeacon.com\/biden-administration\/vanita-gupta-says-she-backs-15-livable-wage-her-family-business-pays-mexicans-1-30-an-hour\/&amp;source=gmail&amp;ust=1616705647090000&amp;usg=AFQjCNGy-_3mpH58MVeeOixxvpL6SvjtzA\">previously reported<\/a> that Gupta, who supports raising the minimum wage, holds up to $1 million in the Mexican subsidiary of a company run by her father where workers make as little as $1.30 an hour.<\/p>\n<p dir=\"ltr\">According to the <em>Journal of Accountancy,&nbsp;<\/em>GRATs are used to <a href=\"https:\/\/mailtrack.io\/trace\/link\/9c4270d1991a6dbb7e177ac1caa544c93cd9fae4?url=https%3A%2F%2Fwww.journalofaccountancy.com%2Fissues%2F2019%2Foct%2Fwealth-transfer-grantor-retained-annuity-trusts.html&amp;userId=6348687&amp;signature=3ad166b8bc023bf4\">facilitate<\/a> intergenerational wealth transfers from parents to children. &#8220;At the end of the term, the assets are distributed to noncharitable beneficiaries\u2014typically, the grantor&#8217;s children,&#8221; the journal notes. Because <span class=\"il\">Gupta<\/span> is using the &#8220;excepted trust&#8221; status, she did not have to disclose the beneficiary of the GRATs. They could be set up for&nbsp;<span class=\"il\">Gupta<\/span>\u2019s father to transfer millions of dollars tax-free to her, or for her to transfer millions of tax-free dollars to her two children.<\/p>\n<p dir=\"ltr\">Evidence points to the latter. Elsewhere in her financial disclosures, Gupta lists two family trusts of which she is the beneficiary. Additionally, Biden\u2019s government reform platform<a href=\"https:\/\/mailtrack.io\/trace\/link\/00e281f23a93e5e830d831358c2c5205984ee8b0?url=https%3A%2F%2Fjoebiden.com%2Fgovernmentreform%2F&amp;userId=6348687&amp;signature=1ba4ad63ffd68cd3\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/mailtrack.io\/trace\/link\/00e281f23a93e5e830d831358c2c5205984ee8b0?url%3Dhttps%253A%252F%252Fjoebiden.com%252Fgovernmentreform%252F%26userId%3D6348687%26signature%3D1ba4ad63ffd68cd3&amp;source=gmail&amp;ust=1616705647090000&amp;usg=AFQjCNH8yeWRGa8k2dGFemsYaJdkXTbBjw\"> states<\/a> that he will &#8220;require that any member of his Administration who is a beneficiary of a discretionary trust disclose all of its holdings.&#8221; If <span class=\"il\">Gupta<\/span> herself is the GRAT beneficiary, she would be in direct violation of a key Biden campaign promise.<\/p>\n<p dir=\"ltr\"><span class=\"il\">Gupta<\/span>\u2019s three GRATs are the only elements of her financial disclosure in which the underlying investments are not disclosed. By listing the GRATs as &#8220;excepted trusts,&#8221; <span class=\"il\">Gupta<\/span> is claiming to be unaware of the underlying investments and therefore cannot disclose their contents.<\/p>\n<p dir=\"ltr\">While <span class=\"il\">Gupta<\/span> is likely to receive enough votes to be confirmed, Republicans have made her a key figure in their confirmation battles. The Judicial Crisis Network has run ads urging Sen. Joe Manchin (D., W.Va.) to reconsider his support for <span class=\"il\">Gupta, citing&nbsp;<\/span>her stake worth tens of millions of dollars in Avantor, a company tied to Mexican heroin production.<\/p>\n<p dir=\"ltr\">During Thursday&#8217;s Senate Judiciary Committee <a href=\"https:\/\/www.judiciary.senate.gov\/meetings\/03\/18\/2021\/executive-business-meeting\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.judiciary.senate.gov\/meetings\/03\/18\/2021\/executive-business-meeting&amp;source=gmail&amp;ust=1616788706849000&amp;usg=AFQjCNFPZSOTK6pdLOSccXTUpgR9agxhHw\">hearing<\/a>&nbsp;on Gupta&#8217;s nomination, Democratic senator Dick Durbin (Ill.) cut Sen. Tom Cotton\u2019s (R., Ark.) questioning short and moved for an immediate vote. Cotton responded, saying, &#8220;I object to the chairman cutting off my remarks. I guess he found them too persuasive.&#8221; Warning his Democratic colleagues, Cotton said, &#8220;I assure the chairman that what comes around goes around.&#8221;<\/p>\n<p dir=\"ltr\">Gupta was then advanced out of committee on a partisan, 11-11 vote.<\/p>\n<p dir=\"ltr\">In a floor <a href=\"https:\/\/www.youtube.com\/watch?v=mjI-ftTvoyk&amp;feature=emb_title\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.youtube.com\/watch?v%3DmjI-ftTvoyk%26feature%3Demb_title&amp;source=gmail&amp;ust=1616705647090000&amp;usg=AFQjCNGVs26EmqNCTEtKj8ARH-O64QhhCA\">speech<\/a> this week, Sen.&nbsp; John Cornyn (R., Texas) announced he will oppose <span class=\"il\">Gupta<\/span>\u2019s confirmation in part because of her conflicts of interest. &#8220;The Department requires professional detachment from even the appearance of impropriety and this conflict of interest of Ms. <span class=\"il\">Gupta<\/span>\u2018s goes far beyond simple appearance,&#8221; Cornyn said.<\/p>\n<p dir=\"ltr\">The Biden administration declined to comment on&nbsp;<span class=\"il\">Gupta&#8217;s<\/span>&nbsp;use of GRATs and whether it puts her at odds with the administration&#8217;s position on taxes.<\/p>\n<div class=\"my-8 hide-print\">\n\t\t<!-- \/339474670\/Freebeacon\/InContent --><\/p>\n<div id=\"div-gpt-ad-1526555381173-4\" class=\"mobile-250 desktop-90\"><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden\u2019s nominee for the number-three position at the Department of Justice has\u00a0up to $55 million stashed in an account commonly used by wealthy people to avoid paying taxes &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2311160,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/03\/GettyImages-1295083280-e1615326387764.jpg","fifu_image_alt":"DOJ Nominee Has Up to $55 Million in Trust Used to Dodge Estate Tax","footnotes":""},"categories":[],"tags":[],"class_list":["post-311352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/03\/GettyImages-1295083280-e1615326387764.jpg","fifu_image_alt":"DOJ Nominee Has Up to $55 Million in Trust Used to Dodge Estate Tax","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/311352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=311352"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/311352\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2311160"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=311352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=311352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=311352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}