NYT Report Says Jensen Huang, The CEO Of Nvidia And The 10th-Richest Person In The U.S., Trying To Allegedly Avoid $8 Billion In Taxes

Benzinga2024-12-28

Jensen Huang, the CEO and cofounder of Nvidia (NASDAQ:NVDA), is making headlines for more than just his company's dominance in AI chips. Huang is allegedly leveraging legal tax strategies to protect ...

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Huang is allegedly leveraging legal tax strategies to protect ...</p>\n\n<a href=\"https://finance.yahoo.com/news/nyt-report-says-jensen-huang-183016464.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1674673428.USD","symbol_name":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","start_time":0,"source_url":"https://finance.yahoo.com/news/nyt-report-says-jensen-huang-183016464.html","article_id":"2494339134","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2494339134","pubTimestamp":1735324216,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Jensen Huang, the CEO and cofounder of Nvidia , is making headlines for more than just his company's dominance in AI chips. Huang is allegedly leveraging legal tax strategies to protect an estimated $8 billion from federal estate and gift taxes, according to a recent investigation by The New York Times. This staggering number has spurred a wider discussion about how the ultrawealthy use legal loopholes to safeguard their money.Huang’s net worth was $127 billion when the report was released in early December. According to the NYT, he has used a number of financial strategies to reduce estate taxes. These include instruments such as donor-advised funds , grantor-retained annuity trusts  and irrevocable trusts. By doing so, Huang could pass on much of his fortune to his descendants with minimal tax liability.Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — you can become an investor for $0.80 per share today.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","NVDD":"Direxion Daily NVDA Bear 1X Shares","NVD":"GraniteShares 2x Short NVDA Daily ETF","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","IRS":"IRSA Inversiones y Representacio","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","BK4549":"软银资本持仓","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","BK4527":"明星科技股","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","NVDA":"英伟达","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","NVDY":"YIELDMAX NVDA OPTION INCOME STRATEGY ETF","2NVD.UK":"2X NVIDIA ETP","LU0823414551.USD":"BNP PARIBAS ENERGY TRANSITION \"C\" (USD) INC","LU0082616367.USD":"摩根大通美国科技A（dist）","NVIW.SI":"NVDA 3xLongSG261006","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","NVD3.UK":"LS 3X NVIDIA","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","NVDX":"T-REX 2X LONG NVIDIA DAILY TARGET ETF","NYT":"纽约时报","NVDS.UK":"LS -1X NVIDIA","NVDS":"Tradr 1.5X Short NVDA Daily ETF","SNVD.UK":"LS -1X NVIDIA","NVD2.UK":"2X NVIDIA ETP","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU1923622614.USD":"Natixis Thematics Meta R/A USD","NVDU":"Direxion Daily NVDA Bull 2X Shares","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","3NVD.UK":"LS 3X NVIDIA","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","SG9999001424.SGD":"United E-Commerce Fund SGD","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC"},"translate_title":"《纽约时报》报道称，英伟达首席执行官、美国第十大富豪黄仁勋涉嫌试图逃税80亿美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NYT":1,"IRS":1,"NVDA":1,"NVDD":0.6,"NVD":0.6,"NVD2.UK":0.6,"NVD3.UK":0.6,"NVDS":0.6,"NVDS.UK":0.6,"NVDU":0.6,"NVDX":0.6,"NVDY":0.6,"NVIW.SI":0.6,"SNVD.UK":0.6,"3NVD.UK":0.6,"2NVD.UK":0.6},"content_text":"Jensen Huang, the CEO and cofounder of Nvidia (NASDAQ:NVDA), is making headlines for more than just his company's dominance in AI chips. Huang is allegedly leveraging legal tax strategies to protect an estimated $8 billion from federal estate and gift taxes, according to a recent investigation by The New York Times. This staggering number has spurred a wider discussion about how the ultrawealthy use legal loopholes to safeguard their money.\nThe NYT's Findings on Huang's Wealth Strategies\nHuang’s net worth was $127 billion when the report was released in early December. According to the NYT, he has used a number of financial strategies to reduce estate taxes. These include instruments such as donor-advised funds (DAFs), grantor-retained annuity trusts (GRATs) and irrevocable trusts. By doing so, Huang could pass on much of his fortune to his descendants with minimal tax liability.\nDon't Miss:\n\nDeloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!\nThe global games market is projected to generate $272B by the end of the year — for $0.55/share, this VC-backed startup with a 7M+ userbase gives investors easy access to this asset market.\n\nOne of the most notable examples cited by the NYT involves an irrevocable trust Huang and his wife set up in 2012. They transferred Nvidia shares worth $7 million into the trust, which has since grown in value to over $3 billion. Normally, the tax on that kind of wealth would be about 40%, but the trust helps them pay much less – perhaps just a few hundred thousand dollars.\nAs Lewis & Clark Law School professor Jack Bogdanski told the NYT, \"You have an army of well-trained, brilliant people who sit there all day long, charging $1,000 an hour, thinking up ways to beat this tax. Don't expect anyone in Congress to stop this.\"\nSee Also: It’s no wonder Jeff Bezos holds over $70 million in art — this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here’s how everyday investors are getting started.\nWhat's the Bigger Picture?\nThe NYT’s investigation provides a broader view of the continuous erosion of estate taxes over time. Huang’s tactics are becoming increasingly popular, even though these taxes are meant to impact only the wealthiest Americans. Thanks to these methods, experts estimate that about $200 billion gets passed down each year without being taxed.\nTo make matters worse, funding constraints have reduced the Internal Revenue Service’s (IRS) ability to enforce the law. During the early 1990s, audits of more than 20% of estate tax returns were conducted. The NYT reports that number has now fallen to roughly 3%.\nTrending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — you can become an investor for $0.80 per share today.\nCharitable Contributions and Scrutiny\nWhile Huang's philanthropy is well-documented, critics also scrutinized his use of DAFs, which lack transparency and accountability. Through the Jen Hsun & Lori Huang Foundation, the couple has donated Nvidia shares worth hundreds of millions of dollars to these funds. Although these contributions reduce Huang's taxable estate, the funds are not required to distribute money to charities immediately, leaving room for criticism about their actual societal impact.\nThe Debate Continues\nHuang's financial strategies highlight the growing divide between the ultrawealthy and the broader taxpaying public. While these tactics are legal, they underscore how accessible loopholes can result in massive tax savings for billionaires. As the debate over wealth inequality and tax fairness continues, Huang's story may become a case study in how the richest Americans protect their fortunes.\nRead Next:\n\nInspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – with $1,000 you can invest at just $0.26/share!\nIf there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?\n\nUp Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.\nGet the latest stock analysis from Benzinga?\n\nNVIDIA (NVDA): Free Stock Analysis Report\n\nThis article NYT Report Says Jensen Huang, The CEO Of Nvidia And The 10th-Richest Person In The U.S., Trying To Allegedly Avoid $8 Billion In Taxes originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2494339134"}