REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov

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REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov
Coastie Patriot User ID: 51349028 United States 10/22/2021 08:22 AM Report Abusive Post Report Copyright Violation	REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Estate tax loopholes exploited by billionaires allow them to pass their wealth onto their heirs without paying taxes Nike founder Philip Knight is a prime example of someone who has inflated his son's wealth over the past decade by taking advantage of a number of loopholes Since finding Nike in 1964, Knight, 83, has become the 22nd richest man in the world, with a current net worth of $59.8 billion He has moved at least $9.3 billion in Nike shares and other assets to his descendants, starting in 2009, Bloomberg reported. House Democrats looking to close them as a means of funding social programs and, most recently, President Biden's 3.5 trillion spending plan America's wealthiest people are able to avoid billions in taxes by passing huge chunks of their companies to their heirs for free. An analysis by Bloomberg on Knight's fortune - estimated at $60 billion - discovered that he was able to take advantage of a financial tool called a grantor-retained annuity trust (GRAT). Knight set up nine GRATS, which enabled him to transfer $6.1 billion of Nike shares to loved-ones between 2009 and 2016 - without incurring any tax on them. Gifts are taxable, but GRATS offer a loophole that allows the person who sets it up to designate others - such as heirs - as beneficiaries. Assets are then placed into GRATS, which repay their owner an annuity. If the value of a GRAT goes up, those gains can stay in the GRAT, with whatever is left then transferred to its beneficiaries - such as Knight's heirs - tax-free. Knight has long-touted his commitment to eventually giving away all of his immense wealth to charity, but what lies beneath that promise is over a decade's worth of exploiting tax loopholes to inflate his fortune and pass it on to his heirs. [link to www.dailymail.co.uk (secure)] but your 600.00 oops 10,000.00 now dollars in your account will help with the tax defecit that is coming Coastie Patriot SIC SEMPER TYRRANIS THE SAME PEOPLE WHO SAID NO GUNS BECAUSE OF POLICE NOW WANT TO DEFUND THE POLICE!!!! Dr Thaddeus They They don't really care whether the truth gets out, because the public no longer knows what's meant by "the truth." Well, I mean, no one can tell the difference anymore between what's real and what's fake. Anyway, the point is, I can tell you all of this, right out in the open, because it doesn't matter who knows about it. They won't know whether to believe it or not.- X Files: Lost art of Forehead Sweat A gun is a tool, Marion, no better or no worse than any other tool, an axe, a shovel or anything. A gun is as good or as bad as the man using it. Remember that. -SHANE- Jefferson Smith: You see, boys forget what their country means by just reading The Land of the Free in history books. Then they get to be men they forget even more. Liberty's too precious a thing to be buried in books, Miss Saunders. Men should hold it up in front of them every single day of their lives and say: I'm free to think and to speak. My ancestors couldn't, I can, and my children will. Boys ought to grow up remembering that . - MR Smith Goes To Washington- to grow up remembering th My oath to support and defend the constitution against all enemies foreign and domestic has no expiration date!!! Ten Bears : It's sad that governments are chiefed by the double tongues. There is iron in your words of death for all Comanche to see and so there is iron in your words of life. No signed paper can hold the iron. It must come from men. Outlaw Josey Wales

BRIEF User ID: 79662918 United States 10/22/2021 09:04 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Indiana has no inheritance tax, and anyone can gift $10,000 per year tax free to anyone else...I did it just recently... Why should a person's inheritance be taxed?? I pay no income taxes either...Only capital gains I never forgive and I never forget I am a licensed firearm holder. I will, under protection of law, use lethal force if attacked.
Anonymous Coward User ID: 79780865 Canada 10/22/2021 09:05 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Oh shut up. People on around here love to defend the rich and their right to be rich even if it leaves other people living in shit. You know, this is about survival of the fittest and if you don't have money you ain't fit. Of course if this was nature you might have ousted Bill Gates or Jeff Bezos for those bananas but this is not nature, it's the clown world money system where beta males are on top of the pyramid scheme.
BiggerNutz User ID: 80025880 Mexico 10/22/2021 09:09 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Good for them avoiding taxes... the entire system is a corrupt scam. They can print trillions of dollars and gift Israel billions every year and use other tax money for whatever they want yet let the small man miss a payment of $2,000,00 dollars and they treat him like a criminal. The entire system needs to implode and weed out all the corruption. BiggerNutz
Xuki User ID: 72417015 United States 10/22/2021 09:09 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Mimic success. Every person could set up a trust for their heirs. Every person could have a will so the government does not steal it all. But they do not! Loop holes are not just for the rich. They are for any person who has a brain to search and use these financial tools. Just like some people are smart enough to have a basic prenup and the rest are to stupid to even think about it then whine about getting taken to the bank. What is it called when you turn the poor against the rich because the rich was smarter? It has happened in more than a few countries and now it is being used against the poor of the U.S.A. You can always count on human greed! And you can always count on a communist pitting the poor against the rich! TAKE ALL HIS SHIT AND GIVE IT TO ME! TAKE ALL HIS SHIT AND GIVE IT TO ME! "If you gotta eat a turd eat it fast."
BRIEF User ID: 79662918 United States 10/22/2021 09:10 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Oh shut up. People on around here love to defend the rich and their right to be rich even if it leaves other people living in shit. You know, this is about survival of the fittest and if you don't have money you ain't fit. Of course if this was nature you might have ousted Bill Gates or Jeff Bezos for those bananas but this is not nature, it's the clown world money system where beta males are on top of the pyramid scheme. Quoting: Anonymous Coward 79780865 One person having money does not mean another must be poor...You seem to be implying that... I never forgive and I never forget I am a licensed firearm holder. I will, under protection of law, use lethal force if attacked.
Clarence Worley User ID: 44883436 United States 10/22/2021 09:14 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov I hate Nike and it's commie owner as much as anyone but as a business owner, I can't really get upset by this too much. Wait until you start a business, work your ass off 24/7 to make it work and then watch the freaking gov't vultures descend on it to steal "their share". But I also get how freaking stupid this idea is to put anyone moving $600 or more around is. "THE conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country." -Edward Bernays
Anonymous Coward User ID: 80734975 United States 10/22/2021 09:15 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Oh shut up. People on around here love to defend the rich and their right to be rich even if it leaves other people living in shit. You know, this is about survival of the fittest and if you don't have money you ain't fit. Of course if this was nature you might have ousted Bill Gates or Jeff Bezos for those bananas but this is not nature, it's the clown world money system where beta males are on top of the pyramid scheme. Quoting: Anonymous Coward 79780865 Personally, I'm quite happy to have too much. I'd be worried about meeting my maker and having a bunch of wealth I never used to seriously try and improve the life of those suffering around me. Crazy world. Nobody is wealthy until everybody is. This charade can't end soon enough.
Anonymous Coward User ID: 81035044 United States 10/22/2021 09:24 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov You peasants are really degraded by billionaires from truth. Billionaires pay zero taxes their entire life. For this privilege to pay zero taxes, billionaires pay inheritance tax, half. This is by far greatest deal in human history to favor billionaires… But all billionaires should be annihilated anyways, so who cares.
Anonymous Coward User ID: 78913637 United States 10/22/2021 09:31 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Indiana has no inheritance tax, and anyone can gift $10,000 per year tax free to anyone else...I did it just recently... Why should a person's inheritance be taxed?? I pay no income taxes either...Only capital gains Quoting: BRIEF Why stop at 10k? Is that your government's arbitrary and capricious behavior/modis operandi?
Wayfaring Stranger User ID: 79139945 Canada 10/22/2021 09:31 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Just who would they complaint to when the off-shore banks close up shop and the owners seek refuge in Denmark wher bankers cannot be extradirted from. Lets see howe the 3% adapt to being poor and out of work. (rather than having asummer home in site of the Rothschild bankers summer homes: Nor do 'the hired hands' ever get richer than 'their owners': Last Edited by Wayfaring Stranger on 10/22/2021 09:34 AM
FlashBuzzkill User ID: 80346963 United States 10/22/2021 09:35 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Most of us don't have accountants to show us these loopholes. Gen. John B Gordon and Gen. Nathan Bedford Forrest were the finest citizen-soldiers birthed in America.
Anonymous Coward User ID: 81035044 United States 10/22/2021 09:46 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Most of us don't have accountants to show us these loopholes. Quoting: FlashBuzzkill IDIOT! You think most people have 10.90 million dollars??? HAHAHA “[over] $5,450,000 (effectively $10.90 million per married couple…”
BRIEF User ID: 79662918 United States 10/22/2021 09:51 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Indiana has no inheritance tax, and anyone can gift $10,000 per year tax free to anyone else...I did it just recently... Why should a person's inheritance be taxed?? I pay no income taxes either...Only capital gains Quoting: BRIEF Why stop at 10k? Is that your government's arbitrary and capricious behavior/modis operandi? Quoting: Anonymous Coward 78913637 I hope they raise that amount, it has been capped at 10k for many years now... I never forgive and I never forget I am a licensed firearm holder. I will, under protection of law, use lethal force if attacked.
BRIEF User ID: 79662918 United States 10/22/2021 09:53 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Most of us don't have accountants to show us these loopholes. Quoting: FlashBuzzkill The way I found them is to simply try to achieve the optimum position for my money, and go around any obstacles...There's always a way... I never forgive and I never forget I am a licensed firearm holder. I will, under protection of law, use lethal force if attacked.
Anonymous Coward User ID: 76091424 10/22/2021 09:53 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov The law does NOT require you to pay federal taxes on earned income.

BRIEF User ID: 79662918 United States 10/22/2021 09:54 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov The law does NOT require you to pay federal taxes on earned income. Quoting: Anonymous Coward 76091424 Thought you learned your lesson, Wesley??? I never forgive and I never forget I am a licensed firearm holder. I will, under protection of law, use lethal force if attacked.
Hairy man User ID: 80368958 United States 10/22/2021 09:59 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Thread: Avoiding taxes is patriotic Hairy man
TheyDance User ID: 80963621 United States 10/22/2021 10:00 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov it's these people who insist the poor are lazy and not paying taxes and old people are using up their tax money etc etc. meanwhile the billionaires pay no taxes and if you try to tell the average dumbass American thy will get upset that you are blapsheming the Holy Billionaires, Saint Trump and Saint Corporate RAider Larry Fink, these people worship money and they worship the people who have money, even as they are all being murdered they still worship them a millionyears from now as they are burning in hell they will be worshipping the devil
Xuki User ID: 72417015 United States 10/22/2021 10:01 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Most of us don't have accountants to show us these loopholes. Quoting: FlashBuzzkill Look up and research Wyoming trust. You can do it online. If you do not have the money to hire a tax lawyer or deal in person with a trust company this would be the way to go. Plus it is important you have a will. "If you gotta eat a turd eat it fast."
Hairy man User ID: 80368958 United States 10/22/2021 10:04 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Most of us don't have accountants to show us these loopholes. Quoting: FlashBuzzkill The way I found them is to simply try to achieve the optimum position for my money, and go around any obstacles...There's always a way... Quoting: BRIEF Listen to brief, he is wise. Money, like most anything else in life, can be a learned skill. You don't have to start with a pile to master it. I'm from Indiana as well brief. Shame what's happened to our once-beautiful/fun/safe capital. Hairy man
VegasRick User ID: 28587945 United States 10/22/2021 10:09 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov America's "Free Market" Amazon, Nike, Google, etc. pay no taxes... Mom & Pop stores pay all the taxes.
Anonymous Coward User ID: 53820351 United States 10/22/2021 10:09 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Indiana has no inheritance tax, and anyone can gift $10,000 per year tax free to anyone else...I did it just recently... Why should a person's inheritance be taxed?? I pay no income taxes either...Only capital gains Quoting: BRIEF Cuz commies love poor and stupid people.
Anonymous Coward (OP) User ID: 51349028 United States 10/22/2021 10:11 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Oh shut up. People on around here love to defend the rich and their right to be rich even if it leaves other people living in shit. You know, this is about survival of the fittest and if you don't have money you ain't fit. Of course if this was nature you might have ousted Bill Gates or Jeff Bezos for those bananas but this is not nature, it's the clown world money system where beta males are on top of the pyramid scheme. Quoting: Anonymous Coward 79780865 wht part of this sounds defending but your 600.00 oops 10,000.00 now dollars in your account will help with the tax defecit that is coming
Anonymous Coward User ID: 81035044 United States 10/22/2021 10:11 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Indiana has no inheritance tax, and anyone can gift $10,000 per year tax free to anyone else...I did it just recently... Why should a person's inheritance be taxed?? I pay no income taxes either...Only capital gains Quoting: BRIEF so you moran here on this nobody site claim to have $20 million dollars?? lol tax is half over $10 million, so you must have $20 mils to be effected? right? to pay $5mil out of $20 for it to somewhat matter. check this guy, Forest Gump. We are talking to a millionaire. LOLZ
Hairy man User ID: 80368958 United States 10/22/2021 10:14 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Indiana has no inheritance tax, and anyone can gift $10,000 per year tax free to anyone else...I did it just recently... Why should a person's inheritance be taxed?? I pay no income taxes either...Only capital gains Quoting: BRIEF so you moran here on this nobody site claim to have $20 million dollars?? lol tax is half over $10 million, so you must have $20 mils to be effected? right? to pay $5mil out of $20 for it to somewhat matter. check this guy, Forest Gump. We are talking to a millionaire. LOLZ Quoting: Anonymous Coward 81035044 You're a retard AC Hairy man
Anonymous Coward User ID: 72840608 United States 10/22/2021 10:15 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov Most charities ad family foundation are tax shelters for wealth in perpetuity
Anonymous Coward User ID: 76091424 10/22/2021 10:17 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov The law does NOT require you to pay federal taxes on earned income. Quoting: Anonymous Coward 76091424 Thought you learned your lesson, Wesley??? Quoting: BRIEF Who? Show me the LAW that says I must pay federal taxes on earned income. NOT a regulation...the LAW!
Hairy man User ID: 80368958 United States 10/22/2021 10:25 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov The law does NOT require you to pay federal taxes on earned income. Quoting: Anonymous Coward 76091424 Thought you learned your lesson, Wesley??? Quoting: BRIEF Who? Show me the LAW that says I must pay federal taxes on earned income. NOT a regulation...the LAW! Quoting: Anonymous Coward 76091424 I would fully support you if you decide to not pay federal income tax. I wouldn't advise it though. The man with the badge is the law. Last Edited by Hairy man on 10/22/2021 10:26 AM Hairy man
Gelatinous Mass User ID: 79735739 United States 10/22/2021 10:30 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov I am certain that each and every individual on this board would be using these and other tax AVOIDANCE mechanisms if you had the same level of income. The politicians hammer the rich on camera, but do nothing to close up the loopholes. They gather in the evenings, clink their crystal tumblers of Scotch, and laugh about the whole thing. But in the end, they set the rules and the tax code. I am free to avail myself of every mechanism and angle in that tax code to reduce my tax burden. Last Edited by Gelatinous Mass on 10/22/2021 10:31 AM
Anonymous Coward User ID: 76091424 10/22/2021 10:39 AM Report Abusive Post Report Copyright Violation	Re: REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov I would fully support you if you decide to not pay federal income tax. I wouldn't advise it though. The man with the badge is the law. Quoting: Hairy man You just proved that there is no actual RULE of Law, only those that can make the law on the fly as they please.. Good for the masses since there is no more "Law" in the USA.
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REVEALED: How super-rich, like $60bn Nike founder Phil Knight, avoid billions in taxes by 'cycling' their wealth through trusts and gift lov