Jobs and Capital Gains: Good that he didn't live in Britain
When Steve Jobs died last month he left $6.78 billion in Apple and Disney stock. His presumed beneficiaries, his family, are advised to sell and diversify in order to avoid swingeing taxes that come in by 2013. According to Bloomberg, capital gains taxes are “set to rise from 15 to 20 percent” and “Americans with a high income may also be subject to a 3.8 percent tax on unearned gains.”
Ah, the land of the free and the low taxes. It’s fortunate Jobs didn’t have the misfortune to live in the grasping, envy-ridden Robin Hood state of Great Britain. How about 28 percent capital gains tax and a 50 percent tax for high earners? And 20 percent sales tax on anything you may want to buy with the proceeds. I don’t think the Jobs family have anything at all to worry about on the financial front.