Another ‘flattering’ story of how we allow Billionaires to take advantage of our laws in South Dakota;
South Dakota is fast becoming a mini-Switzerland for the world’s rich. Analysts and local politicians estimate that $250 billion to $900 billion is now stashed in South Dakota trusts by the likes of Chinese billionaires looking to keep their fortunes out of reach of the government, Europeans looking to avoid taxes and Americans looking to shield wealth from spouses.
I have argued for a long time that if we only put an annual .01% tax on these trusts the state could take in $90 million in tax revenue.