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Cry me a billion dollar river.
5 year old news can still be sad I guess.
In every case, having to pay a big tax bill means you've made a lot of money. This should never be seen as avoidable or a hassle but something even the money-fixated should focus on and trumpet as a success.
Finally, good news (even if it is 5 years old)
For me to call this good news, I would have needed few more zeroes to have been added and that money be used to help all the others have the same shot as everyone else at success.
They're still "heirs", haven't needed to work a day in their life, even if they may have.
This is what would be needed for SK's system not to be hereditary.
You do understand that this means they received tens of billions, right?
True but it also means someone died. And now 1.3 billion of that wealth was taken away from the inheritance they received.
And it's long overdue but we have been waiting for this situation to finally resolve. And it resolved favourably.
Stop shitting on this please
That's awesome. More nations need inheritance taxes.
That and when you use stock as collateral, it should count as a taxable event.
100%.
Now that's a tax rate I could get behind.
Indeed. That's how it should be
Following the sale, Hong’s stake in the world's largest memory chipmaker will likely fall from 1.66% to 1.49%
Good that it's working but shouldn't inheritance tax at least bump them down to millionaires? I thought that the point was to prevent a wealth class, this is just an inconvenience.
Need a "securities" tax, payable in shares of the security. An annual assessment of 1% of all shares owned, transferred directly to an IRS liquidation department. The liquidated shares will be sold off to the general public over time, such that no more than 1% of total traded volume of the security are liquidated shares.
Individual investors can exempt up to $10 million in value from the tax. Artificial persons (corporations, trusts, any "owner" that isn't human) are non-exempt.
Basically, stocks, bonds, and other financial instruments become more valuable assets to the working class, but carry more liabilities for the problem class.
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