Satoshi?
Who died and left the US $7B?
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Re: Who died and left the US $7B?
#12Interesting enough read, but the post title is misleading. It was hardly a gift, it was an estate tax payment. Not everyone is a greedy narcissist only out for themselves!
I was severely disappointed when I realized that, I thought some billionaire had gone nuts with https://www.treasurydirect.gov/government/public-debt-report...
and in the 3 seconds it took to read you comment, the interest on the debt increased more than this "gift"
Re: Who died and left the US $7B?
#13> Some tax attorneys I spoke with theorized that the $7 billion payment was in fact a gift tax paid as part of an estate-planning strategy designed to avoid an even larger payment down the road, a strategy they expect to be common ahead of the Trump tax expiration.
Re: Who died and left the US $7B?
#14I hope this is educational for people, indeed the forbes rich list is inaccurate and there is no way to know how much anyone is worth, with just 5 minutes of planning it all goes opaque if you so desire
Although there is the aspect of the immigrant being grateful for American opportunities, its far more likely that Fayez Sarofim didn’t expect to die and had these naked assets outside of the trusts and nonprofits. Since he also had trusts and nonprofits.
Re: Who died and left the US $7B?
#15Earlier quoted context omitted.
I was severely disappointed when I realized that, I thought some billionaire had gone nuts with https://www.treasurydirect.gov/government/public-debt-report...
and in the 3 seconds it took to read you comment, the interest on the debt increased more than this "gift"
It takes about 30 seconds for the US National Debt clock (https://www.usdebtclock.org/) to tick off $1 million, so almost 2.5 days to tick off $7 billion. I'd say $7 billion covers much more than 3 seconds of interest.
Re: Who died and left the US $7B?
#16My takeaway: Forbes rich list amounts are basically fictional. Do you think they are devoting the kind of resources it would take to unravel each billionaire's finances? Clearly not. If it's mostly large sharehioldings they might be in the ballpark in some obvious cases.
Re: Who died and left the US $7B?
#17Earlier quoted context omitted.
and in the 3 seconds it took to read you comment, the interest on the debt increased more than this "gift"
It takes about 30 seconds for the US National Debt clock ( https://www.usdebtclock.org/ ) to tick off $1 million, so almost 2.5 days to tick off $7 billion. I'd say $7 billion covers much more than 3 seconds of interest.
even in your "correct" math, your comment doesn't really improve the ridiculously small amount of moving of a needle that this would make
Re: Who died and left the US $7B?
#18Pretty obscene that somebody could have so much wealth that $7,000,000,000 is just the tax bill. Also weird that it's framed as a "gift."
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Re: Who died and left the US $7B?
#19Pretty obscene that somebody could have so much wealth that $7,000,000,000 is just the tax bill. Also weird that it's framed as a "gift."
The article highlights that it’s not actually that hard for the ultra-wealthy to avoid a massive estate tax bill through proper tax planning and investment strategies. What’s striking here is that this individual wasn’t even the richest person to ever die, yet he paid the largest estate tax in history, likely by choice.
Re: Who died and left the US $7B?
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