My article today - How one of the world's richest men, Nvidia's CEO Jensen Huang, is on pace to dodge $8 billion in taxes: www.nytimes.com/2024/12/05/b... - ThreadSky

jessedrucker.bsky.social • 94 days ago

My article today - How one of the world's richest men, Nvidia's CEO Jensen Huang, is on pace to dodge $8 billion in taxes: https://www.nytimes.com/2024/12/05/business/nvidia-jensen-huang-estate-taxes.html?smid=nytcore-ios-share&referringSource=articleShare&sgrp=c-cb

Comments

nikkijane.bsky.social•85 days ago

The the government is run by rich white guys I don’t have to pay taxes right? No taxation without representation.

69cletus.bsky.social•94 days ago

Of course, billionaires boys club

digginsdweller.bsky.social•94 days ago

More than almost anything, this is why the average schmo feels like the system is rigged for the rich. Make as much as you want during your lifetime, that's the reward for being good at something. ½

digginsdweller.bsky.social•94 days ago

That doesn't mean that your progeny deserves the power that comes with $billions. When you die, your estate should get the full Monty tax bill, not a 'step up basis reset' of the valuation to avoid capital gains tax.
Nepo billionaires are how we got Trump.
2/2

missatlanticcity.bsky.social•93 days ago

Every girl Vernon in every state that receives federal funding should be outraged, and while I don’t expect red states’ governors to do so…..remember this when your federal funding dies up!

sassysnowflake.bsky.social•93 days ago

Why are R McCormick, Mike Lee and Elon trying to cut Medicare and Social Security when billionaires are not even paying the taxes they owe?

theshrk22.bsky.social•93 days ago

Or is it DOGE $8 billion in taxes … 😏

lovely1boot.bsky.social•94 days ago

I'm sick of rich people.

jessedrucker.bsky.social•94 days ago

As always, would have been impossible without the great @kittybennett.bsky.social

papermakerfluff.bsky.social•85 days ago

Doesn’t Luigi have any friends.

jimbojones77.bsky.social•94 days ago

"Those shares wouldn’t be subject to the estate tax"

No, but the cash and note received in the sale are. IOW, what escapes estate tax is really the appreciation - the difference in rate of return on the stock and the interest rate on the note.

westerman.bsky.social•93 days ago

True. fwiw the hypo you reference is probably not what Huang did in '12. The gift/estate/GST exclusion in '12 was $5,120,000 ($10,240,000/couple) so the original transfer of $7M NVDA was prob a gift (not a sale) so none of it will be subject to gift/estate/GST tax.

jimbojones77.bsky.social•93 days ago

Sure, but that's $5MM less to use at death. It's the appreciation that creates the net benefit. (Or: a gift using UC is economically identical to a sale w a zero interest rate note)

westerman.bsky.social•93 days ago

You're assuming you know what the UC will be when you die. Could be lower, could be higher. Just use all available UC and lock it in. Either way, $7M->$3B is unbelievable successful.

louise321.bsky.social•94 days ago

This matters, fund ss, Medicare, schools and childcare.

vladtheinhaler2425.bsky.social•94 days ago

Don't forget, tho, folks. We just really can't afford to fund that frivolous Social Security, Medicare, and Medicaid.

Corporate greed will eventually lead to the downfall of the American Empire. Hopefully, it'll all be worth it so these guys can afford that 4th ski chalet, tho.

littledabldoya.bsky.social•85 days ago

As NYT drives Huang into
t Rump's camp, the GQP gears up to decimate the IRS

schlaus.bsky.social•92 days ago

If I understand it right those deals were made in 2012 and 2016 when the company was 300x smaller than now. So those large amounts are simply a side effect of the meteoric rise of Nvidia over the past 2 years. How much would he have saved if the stock had remained flat?

libertarianlars.bsky.social•94 days ago

Everyone should dodge all income tax. Abolish the IRS . I don’t want any more of my money to be used to buy bombs to drop on kids in far off lands.

myview24.bsky.social•94 days ago

Wait isn’t this what we voted for? I mean, trickle down economics 🤣🤣🤣

pdriessentax.bsky.social•93 days ago

Adding to Jesse's piece, the Tax Foundation finds growth-benefit-per-revenue-cost of keeping TCJA's estate and gift rule past 2025 ... to be much lower even than the 199A pass-thru deduction.

Accommodate legit small biz/farms/ranches, but after that this is a simple test of fiscal seriousness.

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