“Hillary and Bill Clinton clearly overstated the fair market value of the clothing donated,” said Ryan Ellis, an IRS Enrolled Agent and noted tax policy expert.
What are the consequences to a normal American of grossly overvaluing donations in the manner of the Clintons?If a taxpayer overstates a deduction like this, they could be held liable under audit by the IRS for back taxes, interest, and a failure-to-pay penalty,” said Ellis.
Hillary Clinton has been preaching for ‘fairness’ and ‘paying what you owe’ on the campaign trail. Her own estate is specifically designed to shield herself from the Death Tax.The embarrassing incident of the used underwear tax deduction seems to have masked the more serious issue of blatant overvaluation that happened on a consistent basis. Perhaps this is why the Clintons refuse to answer questions about their dishonesty on these tax returns.Hillary and Bill Clinton didn’t pay the taxes they owed. The press has focused only on the giggle factor of the underwear, but fail to mention the Clintons broke the law,”