Tim Sweeney: Tax bill would likely end founder control of independent companies

Re:Tim Sweeney: Tax bill would likely end founder control of... by movedx on Wednesday October 27, 2021 @08:48PM (#29020999)

There are ways around this in the UK system, however. It's probably the same case in the US. The short of it is you transfer the wealth well before (15-20 years) the death occurs, thus there is no inheritance.

This was used recently by an MP.

That being said I agree with your thoughts, however:

> How many fourth generational heirs do we see among America’s wealthiest billionaires? Essentially zero.

This is probably true but I'd like to ask the question: how many of them simply inherit a lot of money without any of the fame associated with it, and just go unnoticed? I've met such a person, actually.

EDIT: https://www.bbc.com/news/business-36009963 - this is what I was thinking about.

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Re:Tim Sweeney: Tax bill would likely end founder control of... by dragonwriter on Wednesday October 27, 2021 @09:01PM (#29021086)

> There are ways around this in the UK system, however. It's probably the same case in the US. The short of it is you transfer the wealth well before (15-20 years) the death occurs, thus there is no inheritance.

So, you pay gift taxes instead.

Unless you use fake business transactions.

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