Samsung's Lee family to pay over $10.8B inheritence tax
1–10 of 46 posts
Re: Samsung's Lee family to pay over $10.8B inheritence tax
#2Nice problem to have
Re: Samsung's Lee family to pay over $10.8B inheritence tax
#3*inheritance
Re: Samsung's Lee family to pay over $10.8B inheritence tax
#4Nice problem to have
Nice way to put it
Re: Samsung's Lee family to pay over $10.8B inheritence tax
#5Nice problem to have
"50% rate... a premium can be added to shares if the deceased has a controlling interest in a company, potentially taking the top rate even higher"
I have to wonder, there's a huge incentive to instead have the person somehow give huge gifts to everyone before death, right?
Re: Samsung's Lee family to pay over $10.8B inheritence tax
#6While this link is getting traffic there are no written details in it (you have to watch the video). For those curious here are some more informative articles:
https://www.cnbc.com/2021/04/28/samsung-inheritance-lee-fami...
https://www.reuters.com/business/samsungs-lee-family-pay-mor...
Re: Samsung's Lee family to pay over $10.8B inheritence tax
#7They had to figure out how they could finesse this so that they didn't destroy the South Korean economy.
So the Seoul National Art Museums will be getting some lovely new additions to their collections.
Re: Samsung's Lee family to pay over $10.8B inheritence tax
#8Nice problem to have
Being double taxed is never a nice problem.
Re: Samsung's Lee family to pay over $10.8B inheritence tax
#9Seems excessive, how well is the Korean government in stewarding public resources and identifying areas of the economy to direct capital? Do they have a history of being the proper stewards of this money than a private person?
Re: Samsung's Lee family to pay over $10.8B inheritence tax
#10Nice problem to have
Last time I heard about this, there was some south koreans explaining this is very not nice, that the laws are silly, and can be weaponized.
For example you can gift someone a expensive building right before your death, because when you do die, they will be forced to pay so much inheritance tax, that they would have to sell the building, since selling the building is quite hard, it is likely the person will just go bankrupt, or go to jail.
EDIT: I misremembered something. The gift wasn't before death, it was on the will. ie: person die, and "target" inherits some expensive crap he can't sell.