Let me bust out my tiny violin.
I’ll join you
Hey! No violin busting November!!
This is the one good joke I’ve heard about this the entire month.
Everyone thinks they’re clever, and then some people actually are.
Good. 10 Billion $ of inheritance tax seems reasonable. Could be higher (we don’t need billionaires), but it’s a good start.
Wendover’s description of how complex the company structures are and why inheritance is so complicated: https://m.youtube.com/watch?v=oL0umpPPe-8
Those structures are so complicated mainly in order to avoid paying taxes.
This is the best summary I could come up with:
Heirs of Samsung patriarch billionaire Lee Kun-hee are selling approximately US$2 billion (2.6 trillion won) of company shares, reportedly to help pay off the inheritance tax due after his 2020 death.
According to filings with the country’s Financial Supervisory Service (in Korean), Hana bank will dispose of the 0.32 percent share of Samsung Electronics owned by Kun-hee’s widow, Hong Ra-hee, and the 0.18 percent share owned collectively by daughters Lee Boo-hin and Lee Seo-hyun, by the end of April next year.
Business Korea suggested that the dividing up could signal a “weakening of control over Samsung.”
Other claims to fame of the heir apparent include being indicted for fraud in a company merger, making false filings about the extent of his shareholdings, and a conviction for abusing the anaesthetic Propofol.
The family has been paying the second largest inheritance tax bill in Korea’s history, more than 12 trillion won ($10.7 billion), in five years of instalments since April 2021.
South Korea is known for having one of the highest inheritance tax rates in the world.
The original article contains 266 words, the summary contains 175 words. Saved 34%. I’m a bot and I’m open source!
Oh look, a society.
