Bezos donates $100M each to CNN contributor Van Jones and chef Jose Andres

Re:Bezos donates $100M each to CNN contributor Van Jones and... by fossuser on Wednesday July 21, 2021 @03:36PM (#27911031)

Person dies, wealth gets inherited at new cost basis, heirs pay off loans with new (higher) cost basis, tax revenue isn’t collected.

At least that’s the model as I understand it.

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Re:Bezos donates $100M each to CNN contributor Van Jones and... by djrogers on Wednesday July 21, 2021 @04:23PM (#27911652)

> tax revenue isn’t collected.

If you completely ignore estate taxes, this would be true.

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Re:Bezos donates $100M each to CNN contributor Van Jones and... by fossuser on Wednesday July 21, 2021 @04:28PM (#27911711)

Yeah you're probably right - my tax knowledge of this area is not great since I haven't had to care about it.

I think that kicks in after $20M?

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Re:Bezos donates $100M each to CNN contributor Van Jones and... by nomel on Wednesday July 21, 2021 @04:10PM (#27911463)

I assume this means the banks are giving > 40 years loans? Isn't inheritance tax fairly high? A quick search says 40% federal, with around 20% state.

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Re:Bezos donates $100M each to CNN contributor Van Jones and... by fossuser on Wednesday July 21, 2021 @04:53PM (#27912017)

IIRC estate tax doesn't kick in until after ~$20M? I don't really know much about this particular area of tax law though so I wouldn't rely on my comments.

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