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IRS collected a gargantuan $7 billion estate tax from a single source, nobody knows who
Posted on 4/18/24 at 3:23 pm
Posted on 4/18/24 at 3:23 pm
Tax researchers are perplexed. The amount collected was so large, it caused the monthly collections to soar several SDs from the average
LINK
News article on this bizarre 7 billion dollar estate tax receipt that nobody knows where it came from
Can an American in the top 20 of wealthiest individuals die and nobody knows about it?
TLDR: Estate tax data shows one the ten wealthiest Americans died 2 months ago, probably in Texas, and nobody knows who it is
quote:
Treasury claims to have collected almost $10B in estate/gift taxes last month. What on earth. A figure so large that it's either a data error (it's in the PDF report, FWIW), or a weird IRS deadline I'm unaware of, or one of the ~10 richest Americans died. Any idea?
quote:
An even starker visual context. Totally swamps your typical April.
quote:
per new IRS data, we now know the payment came from Texas!
LINK
News article on this bizarre 7 billion dollar estate tax receipt that nobody knows where it came from
Can an American in the top 20 of wealthiest individuals die and nobody knows about it?
quote:
Sometimes it seems like billionaires can dominate our lives—or at least the news. A mystery in US tax data, however, suggests at least one super-wealthy individual flew under the radar until the very end.
The US Treasury’s daily reports of government financial transactions turned up a surprising data point on Feb. 28, 2023: The deposit of $7 billion in the category of “estate and gift” taxes. It was the highest collection of that kind of tax since at least 2005.
Based on the tax rate, that $7 billion payment implies an estate or gift of some $17.5 billion. However, the Tax Policy Center, a think tank in Washington, D.C, has estimated that estates typically pay a 17% effective tax rate after exemptions and other forms of avoidance. Even if only 50% of the estate was taxable, that’s a potential value of $35 billion. Even the lowest estimate would make the estate’s owner one of the 100 richest people in the world, according to Bloomberg News.
TLDR: Estate tax data shows one the ten wealthiest Americans died 2 months ago, probably in Texas, and nobody knows who it is
Posted on 4/18/24 at 3:25 pm to HailHailtoMichigan!
Tupac finally dead for real
Posted on 4/18/24 at 3:27 pm to HailHailtoMichigan!
Wonder if it was part of T Boone Pickens Estate that finally settled.
And that is one of the most egregious bullshite taxes.
And that is one of the most egregious bullshite taxes.
Posted on 4/18/24 at 3:28 pm to HailHailtoMichigan!
quote:Feb 2023 was 14 months ago
died 2 months ago
Posted on 4/18/24 at 3:28 pm to HailHailtoMichigan!
Already on the plane to Ukraine.
Posted on 4/18/24 at 3:29 pm to HailHailtoMichigan!
quote:i would assume the "wealth" of thee people are in corps, LLCs, and trusts. So dying, an estate tax like this wouldnt be taken.
one the ten wealthiest Americans died 2 months ago, probably in Texas, and nobody knows who it is
Posted on 4/18/24 at 3:30 pm to HailHailtoMichigan!
quote:
that $7 billion payment implies an estate or gift of some $17.5 billion.
It's sickening knowing they can take this much.
Posted on 4/18/24 at 3:30 pm to HailHailtoMichigan!
Somebody had horrible estate planning or they DNGAF.
Posted on 4/18/24 at 3:32 pm to HailHailtoMichigan!
It takes so long for an estate to be settled and assessed the person who died who generated this estate tax could have passed away a decade ago.
My first guess is it was oil man T. Boone Pickens.
My first guess is it was oil man T. Boone Pickens.
Posted on 4/18/24 at 3:32 pm to HailHailtoMichigan!
quote:
data error
Posted on 4/18/24 at 3:33 pm to rintintin
1) estate tax is robbery.
2) I think there are some super rich people out there that Forbes doesn’t know about. Just a hunch.
2) I think there are some super rich people out there that Forbes doesn’t know about. Just a hunch.
Posted on 4/18/24 at 3:34 pm to HailHailtoMichigan!
An estate that large likely was from someone who died years ago. Probably a lot of fighting between IRS attorneys and estate attorneys over valuations
This post was edited on 4/18/24 at 3:35 pm
Posted on 4/18/24 at 3:42 pm to HailHailtoMichigan!
That tax cuck Mark Cuban must have decided to voluntarily pay his estate taxes ahead of time to help the government out.
Posted on 4/18/24 at 3:59 pm to HailHailtoMichigan!
Grumpy cat finally cashed in his 9th life.
Posted on 4/18/24 at 4:01 pm to HailHailtoMichigan!
I actually had a guess as to what this is about, then looked up the estimated estate at death of my guess and I was wrong.
Posted on 4/18/24 at 4:04 pm to CarRamrod
quote:
assume the "wealth" of thee people are in corps, LLCs, and trusts. So dying, an estate tax like this wouldnt be taken.
Right, someone that rich would have it set up correctly.
Posted on 4/18/24 at 4:05 pm to HailHailtoMichigan!
quote:
nobody knows who it is
It was my butler.
Posted on 4/18/24 at 4:05 pm to HailHailtoMichigan!
How is the Estate Tax not straight up theft
Posted on 4/18/24 at 4:06 pm to Jake88
We need to protect our hegemony. If we can’t fly BLM and trans flags from the embassy in Ukraine - who will?
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