How Aging Billionaires Are Making Sure Their Money Doesn’t Go To Uncle Sam
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- čas přidán 16. 07. 2024
- America’s Baby Boomers (born between 1946 and 1964), along with surviving members of older generations, are about to fuel the greatest wealth transfer of all time. In the U.S. today, according to the Federal Reserve, Boomers control a stunning $75 trillion and their elders another $18 trillion of the nation’s $141 trillion in total household wealth. Yes, some middle-class retirees will spend their savings and die broke. But wealth in the U.S. has become increasingly concentrated, with the richest 1% holding 31% of net assets-meaning most one-percenters (minimum net worth $10 million) will leave plenty to their children, grandchildren and favorite causes.
That’s particularly true for the very richest. Out of 88 million living Americans born before 1965, Forbes has identified 572 U.S. billionaires-the 0.000007%. We estimate they have a collective net worth of $3.9 trillion to pass on. The death tax? “Only morons pay the estate tax,” former Goldman Sachs president Gary Cohn famously quipped while serving as President Donald Trump’s chief economic advisor.
For billionaires and centimillionaires, even more relief comes from an alphabet soup of wealth transfer techniques, used in ever more creative and aggressive combinations: GRATs, FLPs, IDGTs, GSTs, CLTs, ILITs, IDFs. Some plans get extra juice from intrafamily loans. Others deeply discount the value of transferred assets based on theories of why lack of marketability or control makes them worth less. In their annual menus of tax-the-rich ideas, Presidents Barack Obama and Joe Biden have proposed clamping down on some of these ploys. But that didn’t happen while Democrats held both houses of Congress. It’s a nonstarter now.
Read the full story on Forbes: www.forbes.com/sites/mattduro...
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This is the most low-energy presentation of a news topic.
$3.9 trillion in assets owned by billionaires, $33 trillion in government debt and growing FAST. Can't blame anyone for wanting to hide their assets from uncle Sam, sadly he has a habit of blowing money faster than anyone on earth can earn it.
51 years old. I have $295,588.25 in my Fidelity retirement account. I cranked my contributions up to 35% and I do all the investing on my own. Fidelity just holds my ETFs/stocks. I made that change earlier this year. I'm hoping to end the rat race by 60 but it's looking more like 63-ish. I want to have $1.5M and bring in about $60k in dividends each year. Pedal to the floor! Thanks for the video. Great content.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I agree, having a portfolio-advisor for investing is genius! Not long ago amidst the pandemic crash in March 2020, I was really having investing nightmare prior touching base with a license portfolio-advisor. In a nutshell, i've accrued over $550k with the help of my advisor from an initial $120k investment thus far.
It is estimated that 70% of wealthy families will lose their wealth by the second generation and 90% will lose it by the third.
“Government programs we all agree on..” 😂😂😂
I work 18 hour days so that my descendants can do what they came here to do - serve humanity - without worrying about bread and butter issues. Why should the government take my money to give people whose family members spend time at leisure when they, too could be working to provide for their descendants. Why do you feel entitled to other people’s money?
Agreed, over taxing is wrong for everyone. Prior to WW2 in the USA, Federal income tax was not applied. The real issue becomes the tax loopholes when billionaires use to avoid paying a fair sahre of taxes vs the average person, who cannot use these tax loopholes. Studies show these billionaires paying Fed income taxes fom 3% to .10%, vs average person in 20% to 30% range.
I have $12
The tone here suggests that it somehow immoral to avoid government taxation. I totally agree that there should be no estate tax the government bleeds over half of a person’s life energy over their lifetime as it is.
I think the monotone convey you're disappointment really well. Shows you're really tired of the system
The wealth transfer typically goes to heirs, very little goes to non-profits to benefit the world. If you dig deeper into these non-profits by Gates, Buffett, Musk, etc, these foundations are creating enormous family wealth while donating a small percentage each year to charities(1 to 5%).
Charity is a scam.
The 0:26 mark had me 😂
Our Flag Is Still There At Liberty
Please have a better host next time.
#BillionairesInMexico.
Loan=100T Yield=5%
Loan(30 Year)=1.05^30*100T
Loan(30 Year)=440T
Payout(30 Year)=440T
Insurance(Loan or Payout):
Premium=? Yield=16% Year=30
Premium=440T/1.16^30
Premium=6T(Payout Or Loan)
DebtFree
=Loan-Premium(Loan)-Premium(Payout)
=100T-6T-6T
=88T(Cash)
Thank you.
Estate tax is simply a politically correct system to appease the jealous poor who doesn't like to see the rich stay rich. What does the estate tax do really? why punish the wealthy? Isn't it a parent's perogative to provide for their child? If one person in a tribe can support generations to come in the family, why are we taking that right away from them? Estate tax should be abolish, it is outdated and creates more poor people. Wealth keeps a country and families strong.
Agreed, and estate tax is double taxation which is immoral and inherently wrong
What is this presentation? Low energy, reading the teleprompter in the same tone through out the video. He seems like he isn’t interested at all. For a second I thought this was BuzzFeed
social welfare NON-PROFITS are standing up against billionaire philanthropy. And who funds these social welfare non-profits ... why also BILLIONAIRE PHILANTHROPISTS 🤣🤣🤣🤣🤣🤣
The last reasonable republican president actually balanced a budget instead of crying about how government doesn't work. Y'all need to get your priorities straight.
The last president to actually balance the budget was Bill Clinton
@@zoso967 i said republican president. Meaning Eisenhower.
@@tengoken4313was you even born yet
Here is a stupid idea, stop wringing every last dollar out of your employees and give back that way, instead of having billions at death to then “give back to society “ - the same “society” your sucked dry