So, just so that I'm clear, that means that Lütke himself pays no income tax?
(assuming that he's not paid a salary by anyone else)
(assuming that he's not paid a salary by anyone else)
But, yes, under the proposed scheme, Lütke doesn’t get to vote. One may rest assured that this was a simple mistake. In fact, I’m sure he meant that only those pay capital gains tax get to vote, not income tax.
Canada doesn't have that. At death, assets are deemed disposed, so trigger unrealized gains as taxable income on the last tax return. It often results in the estates of upper middle class people paying a lot of taxes.
But not the truly rich like Tobi who have good accountants and lawyers. He'll have moved his stock into a trust that doesn't dissolve on death.