For Samsung heirs, little choice but to grin and bear likely $6 billion tax bill

Comments (8)
XianSheng wrote:

Sounds fair to me, as an outsider. South Korea is Samsung Inc. to a big extent, so why shouldn’t they give back some of the wealth when time is up, like when it’s owner dies. Heck, even at half, they couldn’t spend what they’re left with, no matter how hard they tried.
Put another way: Samsung owes South Korea, big time. It was South Korea that cradled them to such amazing success and the gov. allowed them to hold and use their money with little interference. Well, time to pay up now.

Jun 05, 2014 6:14pm EDT  --  Report as abuse
XianSheng wrote:

Corrected: (I wish Reuters would get an “Edit” option)
Sounds fair to me, as an outsider. South Korea is Samsung Inc., to a large extent. Why shouldn’t they give back some of the wealth when time is up, like when its owner dies. Heck, even at half, they couldn’t spend what they’re left with.
Put another way: Samsung owes South Korea. Yup. It was South Korea that cradled them to such amazing success and allowed them to hold and use their money with little interference. Well, time to pay up now.

Jun 05, 2014 6:17pm EDT  --  Report as abuse
AmericanBison wrote:

What a shame!
Samsungs have already paid taxes on all of their earnings. Now the death tax rolls in.

Jun 05, 2014 6:55pm EDT  --  Report as abuse
shadyj911 wrote:

XianSheng,
It looks to me that it is South Korea that owes Samsung. How much in wages and revenue have they created for South Korea? How much tax dollars have they and their employees contributed? A family shouldn’t have to sell half of their assets just to pay a death tax.

Jun 05, 2014 11:04pm EDT  --  Report as abuse
njglea wrote:

How refreshing. “In Japan, historically, tax planning has not really been considered something that’s a patriotic thing to do,” he said”. Most American-based multinationals, Wall Streeters and the rest of the top 1% global financial elite have no social conscience and will do anything to avoid paying taxes to support the infrastructure that made them great. Time for a 5-year 90% wealth tax in the United States to pay down the national debt and interest and get us back on the road to democracy.

Jun 06, 2014 10:30am EDT  --  Report as abuse
njglea wrote:

shady911, the “children” did nothing to earn that money but South Korean citizens paid for the infrastructure and tax incentives that allowed Samsung to flourish. Apparently that wasn’t enough for the founder because he was found guilty of fraud. His heirs deserve none of the stolen wealth.

Jun 06, 2014 10:32am EDT  --  Report as abuse
XianSheng wrote:

nkglea: I couldn’t have said it better. Yup, Samsung owes South Korea. Big time.

Jun 06, 2014 10:58am EDT  --  Report as abuse
More-to-it wrote:

Just as a visitor to South Korea I must say, that billions of $ are billions of $ no matter how you put it. Ok, who could not use some billions? I agree with Xian Sheng, giving back something and I also understand AmericanBison, but to day we need to share our wealth.

One way to share our wealth or business is to create more business and let the financial mechanism turn the “waterfall”. And here one thing is taxes. Living in Copenhagen Denmark I pay the highest taxes in world. More than 50% + vat and other “extras”.

We survive. On the other hand I must say that buying and selling also can be very unjust. I am selling my art for millions (I hope) one day, but I did not work heard for it. So that is unjust, but I am volunteer giving at least ½ the amount away for “charity”.

ArtLincoln

Jun 10, 2014 2:25pm EDT  --  Report as abuse
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