How One of the World’s Wealthiest Individuals Avoided Taxes for Years
Many people are always complaining that the wealthy don’t pay their fair share in taxes. While that is an argument that will never end, it seems that one of the world’s richest men might be guilty. That’s because he was able to avoid paying taxes for more than 40 years. How is that possible? The wealthy taxpayer in question is the founder of IKEA, Ingvar Kamprad, who is reportedly one of the top ten richest people in the world.
Although IKEA is clearly influenced by all things Swedish, the man who built the IKEA empire left his native country more than 40 years ago in the name of tax savings. IKEA is the number one furniture store in the world and in the fiscal year 2014-2015 the company reported 31.9 billion euros. However, taxes have always been a huge part of IKEA’s success. That’s exactly why Mr. Kamprad left the country he loves for Switzerland. He wanted a tax break.
While he did pay taxes in Switzerland during those 40 years, he legally avoided what would have been a much larger bill if he had stayed in Sweden, for both his company and his personal income. Now, after all these years he has returned to his native Sweden and in 2014 he paid what amounted to about $2 million in taxes to Sweden, while his net worth is reportedly worth an estimated $43.2 billion.
True Leadership Really Depends On Just One Quality
True Leadership Really Depends On Just One Quality If you could choose only one quality for a good leader to have what would be? Or, if you had to describe a good leader in only one word, what word would you choose? Would it be compassionate, trustworthy, humble, integrity, or perhaps something else? All of…
How Top Performers Stay Out of Their Own Way
How Top Performers Stay Out of Their Own Way What is a high performer? Does it mean you’ve been promoted to an upper-level position in a company? Does it mean you set and achieve goals at a high level? Does it mean you always come out on top in your professional life? Those all fit…
The Tax Cuts and Jobs Act and the Economy
The Tax Cuts and Jobs Act and the Economy The largest tax reform in recent history is now upon us and since it has already gone into effect, many people are wondering what comes next. While it won’t affect your tax bill this 2017 filling season you should expect to see some changes over the…
Bitcoin and your tax bill
Bitcoin and your tax bill Ripple. Ethereum. Litecoin. Dash. Monero. And the oh so famous Bitcoin. All of these are different cryptocurrencies which recently have been all the rage among investors, and with their extreme volatility, their future is constantly in question. What is Cryptocurrency Now for those who don’t know, cryptocurrency is a form of digital…