Wealth and Law
Billionaire’s Get Taxed
Brent and Rachel discuss several themes circulating in the media (conventional and social). First, they discuss the proposed Billionaire Tax and how it appears to look a lot like the existing PFIC rules. Second, they discuss the review of GRATs, IDGTs, valuation discounts, and CLATs used by Phil Knight, as discussed in Businessweek https://www.bloomberg.com/features/how-billionaires-pass-wealth-to-heirs-tax-free-2021/.
After recording, the Senate Finance Committee released the text of the billionaire tax, which can be found here:
Click to access Billionaires%20Income%20Tax.pdf