The Times' Tax Advice

The New York Times, which is constantly editorializing about how taxes should be raised on the rich, has a whole page of coverage today advising wealthy people how to minimize their taxes. One article is about QTIP, a "qualified terminable interest property trust." Another talks about "a so-called Crummey trust," described as a vehicle that allows "the wealthy to give away money without really giving it away." These are good examples of how the estate tax and other efforts to raise taxes wind up enriching lawyers and accountants rather than achieving the goals outlined by the Times editorial writers of raising revenues for the government and reducing income inequality.