by Lance Turner
Posted 9/12/2013 12:28 pm
Updated 1 year ago
Zachary Midler writes for Bloomberg this week, detailing how Wal-Mart Stores Inc.'s founding family, the Waltons, has been able to use legal techniques to maintain its multibillion-dollar fortune:
America’s richest family, worth more than $100 billion, has exploited a variety of legal loopholes to avoid the estate tax, according to court records and Internal Revenue Service filings obtained through public-records requests. The Waltons’ example highlights how billionaires deftly bypass a tax intended to make sure that the nation’s wealthiest contribute their share to government rather than perpetuate dynastic wealth, a notion of fairness voiced by supporters of the estate tax like Warren Buffett and William Gates Sr.
Midler gives an overview of his complete story, which you can read right here, in the video above.