Friday, September 13, 2013

America's richest families avoid paying taxes...

The Walton Family, worth more than $100 billion, is the richest family in the world. The family’s wealth inherited from Bud and Sam Walton, founders of the world's largest retailer, Wal-Mart.

The Waltons, along with many wealthy families in America, frequently use trusts for legal tax avoidance, according to court records and Internal Revenue Service filings obtained by Bloomberg News.

According to the report, billionaires are cleverly bypassing the estate tax, which was intended to make sure that the nation’s wealthiest contribute their share to government rather than perpetuate dynastic wealth.

Trusts, a tax-avoidance maneuver that protect gifts to heirs from taxation, was pioneered by the Walton family and is now widely used by US billionaires.

The richest Americans have amassed at least $20 billion in trusts like those used by the Waltons and the Johnson family. Full story...

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  3. Apple avoids taxes on $74 billion with ‘complex web’ of offshore entities...
  4. 'Google is cheating British taxpayers out of millions...
  5. Energy giant npower has dodged paying up to £108 million tax in the past four years...
  6. Facebook to pay NO tax for 2012 and will even get tax refund of $429m...
  7. Citigroup hasn’t paid taxes in 4 years, got $2.5 trillion from feds...

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