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It’s clear, though, from aggregate IRS data, tax research and what little trickles into the public arena about estate planning of the wealthy that they can readily escape turning over almost half of the value of their estates. Many of the richest create foundations for philanthropic giving, which provide large charitable tax deductions during their lifetimes and bypass the estate tax when they die.
Privacy vs public interest
My keys to saving include Target Circle, the retailer's free loyalty program that has hundreds of discounts a day ranging from 5% to 50%, and the RedCard, which offers 5% off purchases every day even on Apple products, Disney gift cards and the annual Black Friday pilgrimage.
Early access to sales: Target offered Circle members early access to its Black Friday weekly sales in 2020 and past years. In 2020, you had to be a Circle member to take advantage of one of Target's best sales of the year – the annual 10% gift card sale.
Asked whether it was appropriate that he had paid no income tax in certain years, Icahn said he was perplexed by the question. “There’s a reason it’s called income tax,” he said. “The reason is if, if you’re a poor person, a rich person, if you are Apple — if you have no income, you don’t pay taxes.” He added: “Do you think a rich person should pay taxes no matter what? I don’t think it’s germane. How can you ask me that question?”