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Jensen Huang, the chief executive of Nvidia, is the 10th-richest person in the United States, worth $US127 billion ($198.6 billion). In theory, when he dies, his estate should pay 40 per cent of his net worth to the government in taxes. But Huang, 61, is not only an engineering genius and Silicon Valley icon whose company, the world’s second-most valuable, makes the chips that power much artificial intelligence. He is also the beneficiary of a series of tax dodges that will enable him to pass on much of his fortune tax-free, according to securities and tax filings reviewed by The New York Times . His family’s savings are on pace to be roughly $US8 billion ($12.5 billion). This likely ranks among the largest tax dodges in the United States. Nvidia’s Jensen Huang at the Dreamforce conference in San Francisco. Credit: Bloomberg The types of strategies Huang has deployed to shield his wealth have become ubiquitous among the ultrawealthy. It is just one sign of how the estate tax – imposed on a sliver of the country’s multimillionaires – has been eviscerated. Revenue from the tax has barely changed since 2000, even as the wealth of the richest Americans has roughly quadrupled. If the estate tax had kept pace, it would have raised around $US120 billion ($187 billion) last year. Instead, it brought in about a quarter of that. The story of Huang’s tax avoidance is a case study of how the ultrarich bend the US tax system for their benefit. His strategies were not explicitly authorised by Congress. Instead, they were cooked up by creative lawyers who have exploited a combination of obscure federal regulations, narrow findings by courts, and rulings that the IRS issues in individual cases that then served as models for future tax shelters. ‘Don’t expect anyone in Congress to stop this’ “You have an army of well-trained, brilliant people who sit there all day long, charging $US1,000 an hour, thinking up ways to beat this tax,” said Jack Bogdanski, a professor at Lewis & Clark Law School and the author of a widely cited treatise on the estate tax. “Don’t expect anyone in Congress to stop this.” The richest Americans can pass down approximately $US200 billion ($312 billion) each year without paying estate tax on it, thanks to the use of complex trusts and other avoidance strategies, estimated Daniel Hemel, a tax law professor at New York University. Enforcement of the rules governing the estate tax has eased in part because the IRS has been decimated by years of budget cuts. In the early 1990s, the agency audited more than 20 per cent of all estate tax returns. By 2020, the rate had fallen to about 3 per cent. Newly elected Senate majority leader John Thune. Credit: AP The trend is likely to accelerate with Republicans controlling both the White House and Capitol Hill. They are already slashing funding for law enforcement by the IRS. The incoming Senate majority leader, John Thune, and other congressional Republicans for years have been trying to kill the estate tax, branding it as a penalty on family farms and small businesses. Yet, Huang’s multibillion-dollar manoeuvre – detailed in the fine print of his filings with the Securities and Exchange Commission and his foundation’s disclosures to the IRS - shows the extent to which the estate tax has already been hollowed out. An Nvidia spokesperson, Stephanie Matthew, declined to discuss details of the Huangs’ tax strategies. The United States adopted the modern estate tax in 1916. In recent decades, congressional Republicans have successfully watered it down, cutting the rate and increasing the amount that is exempt from the tax. Today, a married couple can pass on about $US27 million ($42 million) tax-free; anything more than that is generally supposed to be taxed at a 40 pr cent rate. Can you dig it? In 2012, Huang and his wife, Lori, took one of their first steps to shield their fortune from the estate tax. They set up a financial vehicle known as an irrevocable trust and moved 584,000 Nvidia shares into it, according to a securities disclosure Huang filed. The shares were worth about $US7 million ($11 million) at the time, but they would eventually generate tax savings many times greater. The Huangs were taking advantage of a precedent set nearly two decades earlier, in 1995, when the IRS blessed a transaction that tax professionals affectionately nicknamed “I Dig It.” (The moniker was a play on the name of the type of financial vehicle involved: an intentionally defective grantor trust.) One of the beauties of I Dig It was that it had the potential to largely circumvent not only the estate tax but also the federal gift tax. That tax applies to assets that multimillionaires give to their heirs while they’re alive and essentially serves as a backstop to the estate tax; otherwise, rich people could give away all their money before they die in order to avoid the estate tax. Loading In Huang’s case, the details in securities filings are limited. But multiple experts, said it was almost certainly a classic I Dig It gift, loan and sale transaction. The $US7 million of shares Huang moved into his trust in 2012 are today worth more than $US3 billion ($4.7 billion). If those shares were directly passed on to Huang’s heirs, they would be taxed at 40 per cent – or well over $US1 billion. Instead, the tax bill will probably be no more than a few hundred thousand dollars. The Huangs soon took another big step toward reducing their estate tax bill. In 2016, they set up several vehicles known as “grantor-retained annuity trusts” or GRATs, securities filings show. They put just over 3 million Nvidia shares into their four new GRATs. The shares were worth about $US100 million ($156 million). If their value rose, the increase would be a tax-free windfall for their two adult children, who both work at Nvidia. That is precisely what happened. The shares are now worth more than $US15 billion ($23.4 billion), according to data from securities filings compiled by Equilar, a data firm. That means the Huang family is poised to avoid roughly $US6 billion ($9.4 billion) in estate taxes. If the Huangs’ trusts sell their shares, that will generate a hefty capital gains tax bill – more than $US4 billion ($6.2 billion), based on Nvidia’s current stock price. The Huangs can pay that bill on behalf of the trusts without it counting as a taxable gift to their heirs. Tax strategy Starting in 2007, Huang deployed another technique that would further reduce his family’s estate taxes. This strategy involved taking advantage of his and his wife’s charitable foundation. Huang has given the Jen Hsun & Lori Huang Foundation shares of Nvidia worth about $US330 million ($516 million) at the time of the donations. Such donations are tax-deductible, meaning they reduced the Huangs’ income tax bills in the years that the gifts took place. Loading Foundations are required to make annual donations to charities equal to at least 5 per cent of their total assets. But the Huangs’ foundation is satisfying that requirement by giving heavily to what is known as a donor-advised fund. Such funds are pools of money that the donor controls. There are limitations on how the money can be spent. Buying cars or vacation homes or the like is off-limits. But a fund could, say, invest money in a business run by the donor’s friend or donate enough money to name a building at a university that the donor’s children hope to attend. There is a gaping loophole in the tax laws: Donor-advised funds are not required to actually give any money to charitable organisations. When the donor dies, control of the fund can pass to his heirs – without incurring any estate taxes. In recent years, 84 per cent of the Huang Foundation’s donations have gone to its donor-advised fund, named GeForce, an apparent nod to the name of an Nvidia video game chip. The Nvidia shares the Huangs have donated are today worth about $US2 billion ($3.1 billion). The fund is not required to disclose how its money is spent, though the foundation has said the assets will be used for charitable purposes. Matthew said those causes included higher education and public health. But there is another benefit. Based on Nvidia’s current stock price, the donations to the fund have reduced Huang’s eventual estate tax bill by about $US800 million ($1.2 billion). This article originally appeared in The New York Times . The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning . Save Log in , register or subscribe to save articles for later. Tax avoidance AI Nvidia Income tax Most Viewed in Business LoadingPresident Joe Biden mourns Jimmy Carters death, orders official state funeral to honor him
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Daily Post Nigeria Junior Pope didn’t pay dues — AGN on late actor’s membership [VIDEO] Home News Politics Metro Entertainment Sport Entertainment Junior Pope didn’t pay dues — AGN on late actor’s membership [VIDEO] Published on November 23, 2024 By Racheal Ayodele Emeka Rollas, the president of the Actors Guild of Nigeria, AGN, has given reason for his failure to sue actress Adanma Luke over the death of late actor, Junior Pope. DAILY POST reports that the late actor died alongside four crew members on April 10 2024, after their boat capsized in the River Niger in Asaba, Delta State, while on their way to movie location. Actress Adanma Luke is the producer of the ill-fated film, ‘The Other Side of Life’, in which Junior Pope starred. Following the tragic incident, the AGN suspended Adanma. However, giving an update on the case, the AGN president, Emeka Rollas stated that it became impossible for the guild to sue the movie producer because Junior Pope wasn’t a due paying member. Also reviewing the contract that the late actor signed with the producer, Rollas explained that only Junior Pope’s direct family or wife had the right to sue. Speaking during his latest interview on Arise TV, Rollas’ disclosed that he is working on restructuring the guild. “Update on Junior Pope, you know I was here and I said that we are about to sue. In the course of interacting with our legal adviser, he said that from the contract that Junior Pope signed with the producer, the AGN did not have the locum to sue.He said either the direct family or the wife should sue the producer. “Now we go back to the structure that we are talking about. Because we just came back from Los Angeles now, we are trying to change a lot of things. From the structure we are creating, tapping from the practice, we are going to begin licensing actors because we also find out that even the Junior Pope, as of the time of his death was not a due-paying member of the guild. He was just an actor who is big and has not paid dues in the last one year before his death.” Watch him speak below: View this post on Instagram A post shared by ARISE News (@arisenewsofficial) Related Topics: AGN Junior Pope Don't Miss Actor Kunle Afolayan finally reconciles with brother, Aremu at mother’s burial You may like Halima Abubakar slams AGN president with N30bn lawsuit AGN suspends Halima Abubakar over alleged Professional misconduct Adanma Luke apologises over Junior Pope’s death [VIDEO] Junior Pope: AGN lifts suspension on Adanma Luke, permits riverine filming ‘Junior Pope was never my boyfriend’ – Actress, Ruby Ojiakor Junior Pope: Police to prosecute blogger for allegedly defaming businessman E-Money Advertise About Us Contact Us Privacy-Policy Terms Copyright © Daily Post Media LtdJamie Carragher hits out at 'clown' Liverpool fan after backlash over Mohamed Salah commentsSGR-1505 by Schrodinger for Burkitt Lymphoma: Likelihood of Approval
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Conference title games a chance at a banner, bragging rights and, for some, a season-wrecking lossOTTAWA — The Atlantic Liberal caucus is calling on Prime Minister Justin Trudeau to resign as party leader in a letter. The letter dated Dec. 23 was shared publicly today by New Brunswick MP Wayne Long, who has been saying since the fall that Trudeau should step down. Atlantic caucus chair and Nova Scotia MP Kody Blois penned the letter, saying the events following Chrystia Freeland's cabinet resignation, signals from the opposition parties to declare non-confidence at the first opportunity, and U.S. president-elect Donald Trump's tariff threats make it no longer "tenable" for Trudeau to continue to lead the party. Conservative MP John Williamson said Friday he plans to introduce a non-confidence motion at the next public accounts committee meeting on Jan. 7. If that motion is successful at committee, it would be forwarded to the House of Commons and could be voted on as soon as Jan. 30, triggering an election if it passes. This report by The Canadian Press was first published Dec. 29, 2024. David Baxter, The Canadian Press
Askew scores 28 as Long Beach State beats Hawaii 76-68With three resounding knocks on its doors by Paris Archbishop Laurent Ulrich, wielding a specially designed crosier carved from fire-scorched beams, the monument roared back to life on Saturday evening. For the first time since a devastating blaze nearly destroyed it in 2019, the towering Gothic masterpiece reopened for worship, its rebirth marked by song, prayer, and awe beneath its soaring arches. The ceremony, initially planned to begin on the forecourt, was moved entirely inside due to unusually fierce December winds sweeping across the Ile de la Cite, flanked by the River Seine. Yet the occasion lost none of its splendour. Inside the luminous nave, choirs sang psalms, and the cathedral’s mighty organ, silent for nearly five years, thundered to life in a triumphant interplay of melodies. The restoration, a spectacular achievement in just five years for a structure that took nearly two centuries to build, is seen as a moment of triumph for French President Emmanuel Macron, who championed the ambitious timeline – and a welcome respite from his domestic political woes. The evening’s celebration, attended by 1,500 dignitaries, including President-elect Donald Trump, Britain’s Prince William, and Ukrainian President Volodymyr Zelensky, underscored Notre Dame’s enduring role as both a spiritual and cultural beacon. Observers see the event as Mr Macron’s, and his intention to pivot it into a fully fledged, diplomatic gathering, while highlighting France’s ability to unite on the global stage despite internal political crises. Inside, 42,000 square meters of stonework – an area equal to six football pitches – were meticulously cleaned, revealing luminous limestone and intricate carvings. Overhead, 2,000 oak beams, nicknamed “the forest”, were used to rebuild the spire and roof, restoring the cathedral’s iconic silhouette. The thunderous great organ, with 7,952 pipes ranging from pen-sized to torso-wide, resounded for the first time since the fire. Its newly renovated console, boasting five keyboards, 115 stops, and 30 foot pedals, was a marvel of restoration, reawakening a cornerstone of Notre Dame’s identity. Guests gradually filing into the cathedral for the evening reopening ceremonies were awestruck by the renovated interiors, many whipping out mobile phones to capture the moment. Guests entered through Notre Dame’s iconic western facade, whose arched portals adorned with biblical carvings were once a visual guide for medieval believers. Inside, the hum of hundreds of guests awaiting the service filled the cathedral with human sounds once more – a stark contrast to the construction din that echoed there for years. The celebration is expected to give a much-needed boost to embattled Mr Macron, whose prime minister was ousted this week, plunging the nation’s politics into more turmoil. The French president, who has called Notre Dame’s reopening “a jolt of hope”, will address the gathering. He had hoped the occasion would briefly silence his critics and showcase France’s unity and resilience under his leadership.Macron’s presidency now faces its gravest crisis after the government’s collapse this week in a historic no-confidence vote that toppled Prime Minister Michel Barnier. Security will be high through the weekend, echoing measures taken during the Paris Olympics earlier this year. The Ile de la Cite – the small island in the River Seine that is home to Notre Dame and the historic heart of Paris – is closed to tourists and non-residents. Public viewing areas along the Seine’s southern bank will accommodate 40,000 spectators, who can follow the celebrations on large screens. For many, Notre Dame’s rebirth is not just a French achievement but a global one – after the reopening, the cathedral is set to welcome 15 million visitors annually, up from 12 million before the fire.Investing in Kraken Stock | How to Buy Pre-IPO Shares
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Able View Global Inc. ( NASDAQ:ABLV – Get Free Report ) was the target of a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 34,600 shares, a growth of 33.6% from the November 30th total of 25,900 shares. Currently, 0.7% of the company’s stock are sold short. Based on an average daily trading volume, of 15,200 shares, the days-to-cover ratio is currently 2.3 days. Able View Global Stock Down 7.9 % NASDAQ:ABLV opened at $0.68 on Friday. The firm’s 50-day moving average price is $0.82 and its 200-day moving average price is $1.04. Able View Global has a 1-year low of $0.55 and a 1-year high of $3.94. About Able View Global ( Get Free Report ) See Also Receive News & Ratings for Able View Global Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Able View Global and related companies with MarketBeat.com's FREE daily email newsletter .Conference Title Games a Chance at a Banner, Bragging Rights And, for Some, a Season-Wrecking Loss