Skip to comments.Steve Jobs may have died avoiding Estate Tax
Posted on 10/12/2011 7:35:54 AM PDT by scooby321
I heard a Commentator say that Steve Jobs created a Trust before his liver transfer to avoid Estate Taxes to his children. He wasn't sure that he had to pay a Gift tax on the transfer of 3 homes, 30 Million Shares of Apple and 120 Million shares of Disney.
He earned it, he paid tax’s on it while he was alive, why should he see what he earned and paid tax’s on get screwed over by the Government, and taxed again?
I will try to do the same thing, although my estate will be a few paltry thousands of dollars.
I paid tax’s on every dime of it ,why should the Government be entitled to more.
Really, I have to say it?
(With dripping sarcasm) For the children.
Good for him! His kids can do much more good with that money than the Fed. Govt. would, even if they just banked it!
I’m close to an expert in this field, and can assure you that EVERYONE in this wealth category (and a few tiers down) does aggressive estate tax planning, and doesn’t pay a penny on estate or gift taxes.
It would be news if he hadn’t done the typical planning
Sorry for being off message, but how did he get a liver transplant? Nobody with cancer is eligible for a transplant and he had cancer two years before his transplant. There wasn’t enough time to be declared cured.
I can probably give you several million reasons... when you have that kind of money... many things are possible.
GOOD! And, he refused to sign Gates Tax Avoidance scam for billionaires too!
His cost basis would have been 0. I agree that he should not have had to pay the Death Tax, but I shouldn't, either!
I hope he avoided it for a couple of reasons. First, he worked for the money. Why should a bunch of greedy politicians and bureaucrats get their lazy, filthy hands on it? Second, anything that deprives the government of revenue is good. The less money government has the less trouble it can make for the rest of us.
Or maybe they killed a Christian in China to sell his organs.
Or maybe the Director of the Transplant program is driving a new Bugatti Veyron now.
Take your pick.
“I don’t believe in having a “death tax,” but it’s amazing how all of those wealthy liberals manage to escape the taxes that they want to impose on the rest of us.”
I wasn’t aware that Jobs had called for higher taxes, or was a supporter of the estate tax. Care to post a link?
Could you enlighten us?
Ditto gift taxes. How can you pass millions to your children and avoid gift taxes?
At today's market prices, roughly $15 billion.
Sounds like a lot, doesn't it?
If the revenooers were to confiscate every cent of it, it would feed the the Federal Government for LESS THAN TWO DAYS.
“I guess you believe that he was a small government conservative.”
“Jobs may have been a creative capitalist, but he was also an avowed liberal . . . much in the same vein as Gates and Buffet . . . a limousine liberal.”
I didn’t think he’d said anything of the sort, thanks for confirming that.
Jobs looks to have been fairly inactive politically, judging by those contributions. Be cautious about ascribing particular views to anyone based on their political party. There are many “Republican conservatives” on this site who are as anti-freedom as anyone I’ve run across.
I’m no expert but I think he may have set up some sort of ‘bypass trust’, whereby the assets would be tax-deferred. The kids would eventually pay estate taxes after his wife passed on. But the trust would have many years to grow before Uncle Sam could grab a chunk of it. Eventually he will.
If Jobs was a staunch critic of tax and spenders as well as NOT funded their rise/present power I would agree with you. In the end however, Jobs was just a limousine liberal who was willing to crush start-ups and kill the small business individual/families (By funding the totalitarians in DC) in order to fuel his “covetousness” and feeling of "charity" through the Federal government.
Maybe Rush will give another sermon on Jobs that show how hypocrites should not be praised, I doubt it, we praise technological "giants" while the world is burning because these "giants" help fund our destruction while they make sure the to get "theirs". Pathetic does not not begin to describe the hypocrisy.
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