The 10th-richest person in the US is worth $127 billion and is on track to pass on much of his fortune tax-free.
Jensen Huang, the chief executive of Nvidia, is the 10th-richest person in the United States, worth $US127 billion . In theory, when he dies, his estate should pay 40 per cent of his net worth to the government in taxes.
The richest Americans can pass down approximately $US200 billion each year without paying estate tax on it, thanks to the use of complex trusts and other avoidance strategies, estimated Daniel Hemel, a tax law professor at New York University.Enforcement of the rules governing the estate tax has eased in part because the IRS has been decimated by years of budget cuts. In the early 1990s, the agency audited more than 20 per cent of all estate tax returns.
The shares were worth about $US7 million at the time, but they would eventually generate tax savings many times greater. The Huangs soon took another big step toward reducing their estate tax bill. In 2016, they set up several vehicles known as “grantor-retained annuity trusts” or GRATs, securities filings show.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tottenham Slips to 10th After 1-0 Defeat by BournemouthAnge Postecoglou's Tottenham Hotspur suffered a 1-0 loss to Bournemouth, falling to 10th place in the Premier League. The game highlighted Tottenham's defensive frailty and inconsistent play, with a goal from Bournemouth's Dean Huijsen securing the win for the home team.
Read more »
England has 10th of expected sunshine amid ‘anticyclonic gloom’, Met Office saysGrey and misty weather has been a mainstay this month – but brighter skies should arrive soon
Read more »
Marnus Labuschagne Survives a Frightening Ball from Jofra Archer on the 10th Anniversary of Phillip Hughes' DeathIn a tense Ashes Test at Lord’s, Australian batsman Marnus Labuschagne narrowly avoids serious injury when a fast delivery from England's Jofra Archer hits his helmet. The incident brings back painful memories for Labuschagne's coach, Neil D'Costa, who took under his wing the late Phillip Hughes, who tragically died from a similar incident ten years ago.
Read more »
Ding Liren and Gukesh D play to seventh straight draw in taut world title clashDing Liren and Gukesh Dommaraju played to a seventh straight draw on Saturday in the 10th game of their world championship match in Singapore
Read more »
Phillip Hughes's batting partner, Tom Cooper, remembers his final moments at SCG 10 years agoJust days after the 10th anniversary of Phillip Hughes's death, Tom Cooper remembers the fateful day he batted with his friend and teammate for the final time.
Read more »
New documentary Phillip Hughes, the Boy from Macksville highlights his life, his personality and love of cricketPhillip Hughes, the Boy from Macksville, marks the 10th anniversary of his untimely death, showcasing the joy of watching a young man who loved the game.
Read more »