How one of the world's richest men is avoiding $8 billion in taxes
Jensen Huang, the CEO of Nvidia, is the 10th-richest person in the United States, worth $127 billion. In theory, when he dies, his estate should pay 40% 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.
The savings for his family are on a pace to be roughly $8 billion. It likely ranks among the largest tax dodges in the United States.
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 $120 billion last year. Instead it brought in about a quarter of that.
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