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.
Will the IRS Collect on Cryptocurrency?
Will the IRS Collect on Cryptocurrency? The digital age has changed the way the world operates. Just about every industry imaginable has been affected by technology already. That includes how we use and exchange money, over the Internet. Whether you call it bitcoin or cryptocurrency, or any other similar moniker, these forms of digital currency…
Is Paying Estimated Taxes Actually a Good Idea?
Is Paying Estimated Taxes Actually a Good Idea? For most people, thinking about taxes outside of April is a sin. However, anyone who earns self-employment income must think about taxes all the time. That’s especially true every three months when it’s time to pay quarterly estimated taxes. No one really likes paying estimated taxes. After…
Delaware Decides to Kill its Estate Tax
Delaware Decides to Kill its Estate Tax The federal estate tax, often referred to as the death tax, has long been one of the most controversial taxes in the nation. Several states also carry an estate tax on top of the federal portion. Recently more and more states have been moving away from this tax,…
Do All of Trump’s Strategists Favor Tax Cuts for the Wealthy?
Do All of Trump’s Strategists Favor Tax Cuts for the Wealthy? There’s no secret that Republican lawmakers want to lower tax rates for the wealthy. However, there are new reports that someone very close to President Trump is looking at raising the tax rate for the nation’s highest earners. It might come as a surprise,…