Thread regarding Nike Inc. layoffs

The Great GRAT - PHK at his very best. Lord only Knows

Bloomberg Business Week, has an incredibly detailed review of PHK's strategy of legal Tax Estate smoothing, further bolstered by PHK's awareness in 2010, of the implications of the Fed's unprecedented rate flattening, and the chance to use the IRS's "new hurdle" rate, to deliver a great GRAT bestowal, to his and Penny's family branches.

Way to go Buck, you really put it to that "BeauroCracken" for sure.

What's next, " One more crazy idea".

Hey Larry, pay attention, stop merging pineAPPLEs, don't give more than you need too.

Businessweek
The Hidden Ways the Ultrarich Pass Wealth to Their Heirs Tax-Free
An inside look at how Nike founder Phil Knight is giving a fortune to his family while avoiding billions in U.S. taxes.

By Ben Steverman, Anders Melin, and Devon Pendleton
Illustrations by Chris Nosenzo

October 21, 2021, 12:00 AM EDT

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Post ID: @OP+1duk19Ec

8 replies (most recent on top)

Phil gave money to Mariotta whilst still in college.

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Post ID: @7imx+1duk19Ec

The chair is against the wall.

The chair, is against the wall.

John has a long mustache.

John, has a long mustache.
———————

I’m right there with you OP. Lolz.

D-mbasz.

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Post ID: @6nxf+1duk19Ec

Let me ask you a question OP. If you were worth $60 billion would you happily transfer 40% of that to a government that doesn’t manage money well in the first place, or would you do exactly what PHK has done? Be honest in your answer.

You also didn’t mention that most of PHK’s money is ultimately slated to fall into a charitable trust where it will be donated to various causes. PHK has said that at the end of the day almost ALL of his money will have been given away. Seems to me that might be a better use of that money than giving 40% to a government that possesses no fiscal responsibility whatsoever.

You also didn’t mention that in the BusinessWeek article the critic who uncovered PHK’s financial planning said that even he didn’t fault PHK for taking advantage of existing tax laws. He said the blame is squarely on Congress for allowing these tax avoidance measures in the first place.

OP, do you voluntarily pay more in taxes than you’re required to? I didn’t think so. I’m not sure why you think PHK would want to pay more than he’s required to either. Especially since he’s giving most of that money away.

You’re barking up the wrong tree dude.

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Post ID: @4mqd+1duk19Ec

@3icz - If you're talking this acceptance speech https://www.youtube.com/watch?v=WecP61wLfnk

In order, he thanked:
Heisman Trust
The other nominees
His teammates (offensive line / skill guys / defense / all others)
Three named coaches
The rest of the coaches and teachers
U of O
The community of Eugene
THEN Phil and Penny Knight
... and continues

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Post ID: @3gpj+1duk19Ec

How about PHK paying Marcus Mariota and his family $250K a year for the rest of his life so MM would stay another year at UO so that Phil soul get his National football championship.

Check out MM’s heisman acceptance speech.
Whose he thank first?

Ultra rich guy stuff

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Post ID: @3izc+1duk19Ec

@2wjh: For reals.

I’m thinking “GRAT guy” doesn’t understand that whatever point he’s trying to make is completely lost, since the reader’s focus is entirely on him sounding like he didn’t take his meds again.

He also makes the mistake of thinking anyone here dedicates any real amount of headspace to PHK’s personal financial matters. “What?? You’re telling me PHK is very wealthy and does ‘wealthy people things’ with his money? I’m shocked! Shocked, I tell you!! Can’t wait for OP’s next post where he reminds us that water is wet.”

Finally “GRAT guy” seems wholly unfamiliar with the phrase and concept “Don’t hate the player, hate the game.” I’d love to have enough money where doing exotic things with my finances made sense. As it is I usually just deduct a box of candy bars every year and call it good.

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Post ID: @2kge+1duk19Ec

Why does this read like a Q post? Gonna start putting stuff in brackets next? Just speak normally!

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Post ID: @2wjh+1duk19Ec

I against death tax. It stupid. But billionaires should never get free pass neither.

If we were on flat tax and all luxury items were taxed high and everything that low income people / WIC need like groceries was tax free, we wouldn’t be in this mess. But PHK probably didn’t pay taxes when he got paid like the rest of us low income earners get paid, now he doubled screwing merica.

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Post ID: @1hki+1duk19Ec

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