/lit/ - Literature

lol someone should mention Chomsky's multi-million dollar offshore hedge funds he has so as to avoid the burden of taxation on his millions.

But trusts can't be all bad. After all, Chomsky, with a net worth
north of $2,000,000, decided to create one for himself. A few years
back he went to Boston's venerable white-shoe law firm, Palmer and
Dodge, and with the help of a tax attorney specializing in "income-tax
planning" set up an irrevocable trust to protect his assets from Uncle
Sam. He named his tax attorney (every socialist radical needs one!)
and a daughter as trustees. To the Diane Chomsky Irrevocable Trust
(named for another daughter) he has assigned the copyright of several
of his books, including multiple international editions.

Chomsky favors the estate tax and massive income redistribution --
just not the redistribution of his income. No reason to let radical
politics get in the way of sound estate planning.

When I challenged Chomsky about his trust, he suddenly started to
sound very bourgeois: "I don't apologize for putting aside money
for my children and grandchildren," he wrote in one email. Chomsky
offered no explanation for why he condemns others who are equally
proud of their provision for their children and who try to protect
their assets from Uncle Sam. Although he did say that the tax shelter
is okay because he and his family are "trying to help suffering people."

http://www.hoover.org/publications/digest/2912626.html

lolo