Inheritance tax
Quote: billryanRalph Wilson paid $25,000 for the Buffalo Bills. At his death they were worth almost a billion dollars. Where was any of that taxes?
$1.2B of the $1.4B from the sale of the Bills went into his charitable foundation with a "spend down" vision set to be completed by 2035. The Foundation gave away $60MM in grants in 2015.
When assets pass to a spouse or to a charity, there isn't "any of that taxes"...whatever that means.
Quote: Paradigm$1.2B of the $1.4B from the sale of the Bills went into his charitable foundation with a "spend down" vision set to be completed by 2035. The Foundation gave away $60MM in grants in 2015.
When assets pass to a spouse or to a charity, there isn't "any of that taxes"...whatever that means.
I Billieve (Buffalo speak) that he wanted to leave the team, or at least it's value, to his children. Since the inheritance tax basically prevents him from doing so, the super rich would rather establish a legacy than let the government touch the money. (Gates and Buffet are doing this). So I would say the Robin Hoods would be happy with that result, as the money going to charity, although not the government, is better than it going to the children of the dead billionaire.
Quote: Paradigm$1.2B of the $1.4B from the sale of the Bills went into his charitable foundation with a "spend down" vision set to be completed by 2035. The Foundation gave away $60MM in grants in 2015.
When assets pass to a spouse or to a charity, there isn't "any of that taxes"...whatever that means.
So none of that 1.4 billion was taxed? So much for double taxation. It wasn't even taxed once.
Quote: billryanSo none of that 1.4 billion was taxed? So much for double taxation. It wasn't even taxed once.
I don't know the details of what he shielded using a charitable trust, and what he exposed to the government by giving it to his children. But it is my understanding that the super rich have one of two options, give the money to charity or give a large portion of it to the government and a smaller portion to their heirs. So blowhards like Buffet who always claim he should pay more taxes will donate to a charity so he doesn't pay those very taxes he says he should be paying! I have posted this before, but Berkshire Hathaway pays NO DIVIDENDS, because dividends are taxed at a higher rate than capital gains, and are taxed immediately. So Mr. Buffet is the BEST at avoiding taxes. I admire him for understanding the system and taking advantage of it to the fullest. But all those that think of him as doing anything other than being the biggest tax evader in history (legally) are sorely mistaken.
Quote: billryanSo none of that 1.4 billion was taxed? So much for double taxation. It wasn't even taxed once.
Why would money going to charity ever be taxed, even once?
Quote: ParadigmWhy would money going to charity ever be taxed, even once?
His investment grew tax-free all those years. That's why we have an inheritance tax.
George Steinbrenner bought the Yankees using no more than $250,000 of his own money. When he died, that investment was worth a billion plus.
So much for people claiming it's double taxation.
Quote: RigondeauxThis thread was over when Bob was like, "actually aristocracy is good and we should be happy to be peasants because the aristocrats are giving us jobs."
The non-7 star plebs shall inherit the earth
- Jesus I think
