Information Is BeautifulHow rich people avoid paying tax
(Originally by Instgram user @newmoney.blog)
Katie F@infobeautiful this is why like South Korea we need to tax inheritances.
https://www.bbc.com/news/articles/cn0px8g13xgo
https://www.bbc.com/news/articles/cn0px8g13xgo
David Chisnall (*Now with 50% more sarcasm!*)@KatieLoves2Read @infobeautiful
Most places do, but the third panel is missing the bit that debts are paid out of the estate before inheritance duty is paid. So the death triggers the loans coming due. The executor may sell shares to cover them but will most likely arrange with the banks to take shares in payment so that they don’t tank the stock price. Then they will pay inheritance tax on the remainder, and then the inheritors will have their capital-gains counter reset: they are due capital gains only on increases after they inherit them.
@david_chisnall @infobeautiful what I recall from the news coverage about Samsung was how the tax rate at 50% was higher than my country and the number of available loopholes for the estate were at the same time comparatively lower.
Lastly, dramatically less whinging in public press about paying the tax.
Lastly, dramatically less whinging in public press about paying the tax.