I write about the world’s richest people and their businesses. I am a CPA and former Big Four financial statement auditor. I graduated from Miami University (OH) with a B.S. and M.S. in Accounting. I recently completed an M.S. in Journalism at Columbia University with an investigative journalism focus. I am a Chicago native living in New York City. Follow me on Twitter @DurotMatthew or email me at mdurotATforbes.com.
Speaking in August from his home in the center of the state, he estimates that because of wildfires, visibility out his windows is limited to 100 yards. “It’s the most beautiful state in the world, so to have it devastated by smoke is heartbreaking. I’ve spent a little money looking into it, and controlling these fires on the West Coast is very doable.”
Make no mistake, the estate tax used to be a real revenue raiser. But a quarter-century of political, regulatory and court decisions—and the ingenuity of private lawyers—have eviscerated it. Congress has raised the amount that a married couple can pass on to heirs without owing estate or gift taxes from $1.35 million in 2000 to almost $26 million this year.
“You want to get it to the point where when you die, your heirs don’t have to sell the company to pay taxes.”In a toned-down modern version of that, Warren Buffett, Bill Gates and Melinda French Gates in 2010 created the Giving Pledge, which requires signers to devote the majority of their wealth to charitable causes during life or at death. Since then, 104 current American billionaires worth $1.5 trillion have signed. But not all giving is purely charitable.
Charles Koch says his kids didn’t get all his nonvoting shares; the rest will go to fund his charities and causes, after his wife, Liz, 78, is provided for. He hasn’t signed the Giving Pledge and won’t disclose the family/charity split.$4.3 billion of nonvoting Koch stock to Believe in People Koch, the staunch libertarian, has supported an array of policies that includes cutting taxes and regulations, criminal justice reform and marijuana legalization. While emphasizing that he doesn’t make the decisions at AFP, he offers this shot: “What I think is very dangerous, very destructive for our country is that both parties are becoming increasingly authoritarian.
He involves his kids in his charity work, too. “Before was public, Warren Buffett called and asked if we’d consider being in the initial group. I said, ‘I’ll ask my son, since he’s the one most directly affected,’ ” he recalls. That son is Prince Alex von Furstenberg, 53, one of two children from his wife’s first marriage . Diller married Diane von Furstenberg, the famed fashion designer, in 2000.
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