A good example is when Michael Jackson passed away. His estate told the IRS his name and likeness were worth $2,105. But the IRS said it’s worth $434 million. The Tax Court eventually settled on roughly $4.15 million. Now picture that argument repeating every single year for every wealthy person in the country.
I like this part:
A good example is when Michael Jackson passed away. His estate told the IRS his name and likeness were worth $2,105. But the IRS said it’s worth $434 million. The Tax Court eventually settled on roughly $4.15 million. Now picture that argument repeating every single year for every wealthy person in the country.
$434M means something like "you can make a profit of $50m/year selling t-shirts etc, decreasing with time" which... wow. That seems wildly optimistic.