11–20 of 39 posts
The real outrage is that this is legal.
I’d never thought of it this way, but it’s a thought provoking reality.
> Instead of subjecting his gross estate to the federal estate tax, Hsieh could have set up a trust in which he has no control over, transfer his assets into it, then have a trustee continue to carry out his goals The real outrage is that this is legal.
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Tony was wealthy but had substantial mental health challenges. It is not entirely unexpected his estate would be in limbo or exposed to suboptimal tax treatment due to no estate planning. https://news.ycombinator.com/item?id=25235490 https://news.ycombinator.com/item?id=25326510 https://news.ycombinator.com/item?id=25305202 https://news.ycombinator.com/item?id=35682523
Instead, he was taken advantage of by his hangers-on/ballwashers that were only after his money.
> He gave people money to quit at the end of employee orientation if they didn’t believe they would be a bad fit It's sad that I wasn't 100% immediately sure this was a typo, but I'm pretty sure it is.
In 2009, Hsieh sold Zappos to Amazon for $1.2 billion. Amazon inherited Hsieh's policy but put its own spin on it — the company offered full-time Amazon fulfillment center workers up to $5,000 to leave, per CNBC.
The policy, dubbed Pay to Quit, is designed to weed out the employees who decide they aren't happy at the company, subsequently improving workforce morale and productivity and ensuring that those who are employed are committed to their work.Earlier quoted context omitted.
Tony was wealthy but had substantial mental health challenges. It is not entirely unexpected his estate would be in limbo or exposed to suboptimal tax treatment due to no estate planning. https://news.ycombinator.com/item?id=25235490 https://news.ycombinator.com/item?id=25326510 https://news.ycombinator.com/item?id=25305202 https://news.ycombinator.com/item?id=35682523
You would think with that amount of money you could get help. Instead, he was taken advantage of by his hangers-on/ballwashers that were only after his money.
(have had friends and loved ones addicted to alcohol, cocaine, heroin, etc)
> $391,232,000 goes to the IRS. Insane! On the one hand this mistake is a rare case of the rich paying a lot of tax. But very odd not to have tried to avoid this by (whatever rich people do)
In a better world, people would just laugh at anyone who tried to claim this (or, better yet, try to help them with their mental/social problem).
> Instead of subjecting his gross estate to the federal estate tax, Hsieh could have set up a trust in which he has no control over, transfer his assets into it, then have a trustee continue to carry out his goals The real outrage is that this is legal.
the estate tax? “why aren't we getting scammed equally” is a pitiful argument
> Instead of subjecting his gross estate to the federal estate tax, Hsieh could have set up a trust in which he has no control over, transfer his assets into it, then have a trustee continue to carry out his goals The real outrage is that this is legal.