Business Insider has published an article, “The Oscar Mayer heir who gave away his fortune reveals how the rich hide their wealth — and how to stop them,” which reveals how the richest hide their money and how to stop this from the perspective of Chuck Collins. The article begins as follows:
Collins was an heir to the Oscar Mayer wiener fortune, an inheritance he gave away. That meant he learned firsthand how the wealthy, even the very charitable, hold on to their fortunes. It’s one thing to give up your income, he learned, and another to compromise the principal — and deprive future generations of accrued wealth.
He opted to give it all away. Today, he’s the director of the Program on Inequality and the Common Good at the Institute for Policy Studies, where he delves deep into billionaire gains, income inequality, and how the ultrawealthy dodge taxes in America.
The situation is likely worse than many people think. Recent research found that America’s highest earners might have been hiding billions from the IRS, far more than assumed. The report, from the IRS and academic economists, found that the top 1% of Americans didn’t report 21% of their income and that the figure might be twice as high for the top 0.1%.
To view the full article, click here: “The Oscar Mayer heir who gave away his fortune reveals how the rich hide their wealth — and how to stop them”
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.