Is Nvidia CEO evading taxes?
Reports suggest that Huang has been evading nearly $8 billion in taxes using various legal tax strategies, which has now triggered a major controversy about how the ultra-rich abuse their legal expertise in evading the taxes they are supposed to pay to the government, while the middle-class bear the brunt of it all.
How much has Huang saved by alleged tax evasion?
From federal estate to gift taxes, Huang saved billions by using some major tricks and loopholes up his sleeve in order to not pay $8 billion, says an NYT report. A major amount of evasion also happened through an irrevocable trust Huang and his wife set up back in the year 2012, as per NYT, where they transferred Nvidia shares worth $7 million, which then increased in value to nearly $3 billion.
This means that this massive surge cannot be traced back to Huang or his family members. There are other leading examples of how Huang, over the last few years using similar tips and tricks, that are like case studies for the world to see.
FAQs:
Has Nvidia seen profits this year?
Yes, Nvidia has been profitable through the year, and its stock has surged by a whopping 193% in the year 2024 itself.
Is Nvidia’s stock going to grow further?
Yes, after Nvidia’s decision of introducing AI-reliant GPUs, it’s stock has shot through the roof, and is now growing at a phenomenal pace.
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