Category Archives: Elon Musk

Add CEO of Unbothered to Elon Musks resume.

The 50-year-old entrepreneur was photographed Friday night sipping a drink after landing at a private airport in Los Angeles, Calif. in photos obtained exclusively by Page Six.

Musk appeared unphased as he and another person exited the building. The Tesla CEO looked casual with a jacket over his t-shirt and one hand in his pocket.

The sighting happened just hours after Musk confirmed exclusively to Page Six that he and Grimes, 33, had separated after three years together.

Diggzy/Jesal/Shutterstock

Diggzy/Jesal/Shutterstock

Page Six can exclusively reveal that Gunvalson made her aversion...

We are semi-separated but still love each other, see each other frequently and are on great terms, he told us, adding that his work with Space X in Texas keeps him traveling while she is primarily in LA.

Shes staying with me now and Baby X is in the adjacent room, he shared.

Musk and Grimes last appearance together was at the Met Gala in New York earlier this month. Though Grimes walked the red carpet alone, Musk later joined her inside the event.

They were photographed leaving the Big Apple together with their dog two days later.

Ironically, the Met Gala is also where the estranged couple marked their first public appearance together in 2018.

Two years into their relationship, Musk and Grimes welcomed a son together in May 2020. The tech guru originally shared the news on Twitter while responding to questions about EPA testing for the Tesla S model.

The couple baffled fans when they announced they named their son X A-12 Musk.

While Baby X is Grimes first child, Musk shares five sons with this ex-wife, author Justine Wilson: twins Griffin and Xavier and triplets Damian, Saxon and Kai.

See the rest here:

Elon Musk spotted for the first time since Grimes split - Page Six

A self-proclaimed Elon Musk fanboy has managed to accumulate a Tesla (TSLA) position worth over $4 billion. He has been keeping a relatively low profile, until now.

Despite his incredible wealth, Koguan Leo has managed to stay under the radar. A Google search wont bring up a lot other than that he is a graduate of Columbia University and New York Law School, and he founded SHI International Corp, a large IT company.

The company wrote in his bio:

Koguan Leo started and founded SHI International Corp. in 1989. He is the Founder and Chairman of the Board. He graduated from New York Law School in 1985 with a Juris Doctor (JD) and Columbia University in 1982 with a Master of International Affairs (MIA). In his honor, KoGuan Law School of Shanghai Jiao Tong University is named after him. He is also a Global Trustee Emeriti of Asia Society.

More recently, he made the news for buying the $54 million Singapore penthouse of James Dyson of fame for his vacuums.

The Chinese American billionaire has become active on Twitter as of late, and he comments a lot on Tesla and Elon Musk. He even described himself as an Elon fanboy.

On his Twitter account, he claimed to be the third-largest individual Tesla shareholder:

No public record could confirm this and Koguan Leo claimed that it is due to him holding the shares in several accounts, but he summoned Teslas head of investor relations, Martin Viecha, who confirmed the fact.

Koguan Leo apparently owns over 6.2 million shares of Tesla, which is currently worth $4.6 billion. That would indeed make him the third largest Tesla shareholder behind Elon Musk and Larry Ellison.

While it would be hard to catch up to those two, Koguan Leo says that he is still a buyer of Tesla shares. He went as far as claiming that he will rise and fall with Tesla:

He added that he is currently raising capital to buy another one-million Tesla shares by early next year.

Ark Invest, another large Tesla shareholder, has recently been selling shares of the electric automaker in a rebalancing of their portfolio despite promoting a $3,000 per share target price for Teslas stock.

Koguan Leo says that he will be buying more shares than Ark can sell.

I think we might have found the biggest Tesla bull on the planet.

Its hard to guarantee since his company is private and therefore, its hard to tell how much he is worth but it sounds like his Tesla investment represents a large part of his net worth.

Of course, thats subjective, and I know many people who have the majority of their net worth in Tesla stocks, but we are not talking about 10-figure net worths like this guy.

Whether you think thats smart or not, you have to respect the guts needed to make such a large investment. Congrats.

FTC: We use income earning auto affiliate links. More.

Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.

Here is the original post:

Self-proclaimed Elon Musk fanboy builds Tesla (TSLA) position worth over $4.6 billion - Electrek.co

Updated at 11:51 a.m. ET on September 22, 2021.

On the day that SpaceXs first space tourists launched, Elon Musk was there at Kennedy Space Center, in Florida, to see them off, cheering as the private astronauts walked to the Teslas that would take them to suit up. And after they landed safely, having orbited Earth about 45 times, Musk was there again to congratulate them in person.

The Inspiration4 mission marked SpaceXs fourth successful human spaceflight, and a SpaceX official says the company wants to fly paying customers three, four, five, six times a year at least. In this eras space race among private companies, Musks SpaceX pulled ahead on essentially every measure but onegiving the CEO a lift above the atmosphere. Branson did it, Bezos did itso why hasnt Musk himself flown yet?

He is, after all, the only person in the world who could, if he really wanted to, fly his own rocket into orbit. He could spend an entire week on the Dragon capsule, just taking in the views. And he could really show up the other space billionaires.

Musk did put down a deposit for a future trip on Bransons Virgin Galactic, but, like Bezoss Blue Origin, the company offers only suborbital flights. (And Blue Origin has argued that Virgin Galactics trips dont really count, because Blue Origin goes higher.) Flying on SpaceXs Dragon capsule, Musk could call himself an astronaut, no question. Surely his staff could quickly whip up a spacesuit in his size, and Musk isnt known to be risk-averse; in 2015, he stood upright atop a flying plane in a stunt called a wing walk. And yet the summer of space billionaires has come and gone, and Musk has remained firmly on Earth.

Only Musk knows why he hasnt gone to space, and hes a hard person to reach. SpaceX did not respond to a request for comment, and Musk has not acknowledged a question I posed on Twitter, where he sometimes responds directly to reporters.

Read: Elon Musk must be pretty relieved

But Garrett Reisman, a retired NASA astronaut and an engineering professor at the University of Southern California, shared with me an anecdote that offers a hint of an explanation. Reisman is a senior adviser to SpaceX, where he previously worked on the companys program to transport NASA astronauts. Early on, Reisman met with Musk to discuss some specifics about future crewed flights. Boeing, which was developing its own system with NASAs help, had decided that its first test flight would carry one NASA astronaut and one astronaut employed by Boeing. (That flight has yet to happen because of hardware and software issues.) Reisman said that a similar arrangement could be good for morale at SpaceX: The chance to become a company astronaut would surely energize the workforce. And he looked right at me and he said, Why would anyone want to go to low-Earth orbit?

Musk looked completely serious. Reisman, whod spent more than 100 days in space, replied: Well, I kind of enjoyed it.

Im sure he would have a great time, Reisman told me. But what Reisman took from that exchange was that Musk doesnt find it so impressive to reach low-Earth orbit, where hundreds of satellites, the International Space Station, and most astronauts who have been to space have spent their time. Musk certainly understands the stakes, and he wants SpaceX to do spaceflight well. After the first astronauts to test-drive the Dragon came home last yearbeating Boeing to the milestoneMusk said that hes not very religious, but I prayed for this one. But he has always been focused on the moon, and on Mars. In Musks mind, humanity should already have a base on the lunar surface, and he founded SpaceX two decades ago because he was aghast at NASAs lack of progress on a Mars mission. Musks goal remains reaching and building a city on Mars, and, as he says often, making life multiplanetary.

Reisman said that if launching on Dragons next flight would mean moving closer to that future, Musk would do it. Hes not only interested in the thrill of it, Reisman said. Musk has said in the past that he does intend to fly on a Dragon one day. But it might be more his style to choose a journey that signifies a major step in human expansion into space. A few former SpaceX employees I spoke with suggested that Musk might board one of the first crewed flights of Starship, the spacecraft that SpaceX is developing to reach the moon and Mars. That would certainly be a bit more momentous.

Read: Jeff Bezos has reached his final form

Unlike Bezos and Branson, Musk doesnt have something urgent to prove about the capability of his rockets and capsules. SpaceX is one of the most reliable spaceflight companies in the world, and its Falcon 9 rocket is considered an industry workhorse. Bezos wanted to prove that if Blue Origin was safe for him, it would be safe for his customers, but Musk has already demonstrated SpaceXs safety with the launch of professional astronauts. Nor is Musk the showman that Branson has always been and Bezos has becomehe is likelier than not to go off on jargon-laden tangents about rocket engines.

Plus, Musk still has too much business here on Earth. On Monday, soon after meeting with the Inspiration4 crew in Florida, he hopped back into his private jet and returned to South Texas, where engineers and technicians are working nonstop on Starship. Musk wants to launch a prototype into orbit as soon as the end of this year. At the same time, Musk is pushing electric-car development at his other beloved company, Tesla. Unlike SpaceX, Tesla is a publicly traded company with a board of directors. And while Musk hasnt been the best-behaved CEO, space travel would reach a whole new level of going rogue. Bezos stepped down from his role as Amazon CEO days before his flight this summer, and though he told CNN that he could have done this flight as CEO of Amazon and it would have been fine, there was still some speculation that his suborbital trip was deemed too risky for someone in his position. An orbital spaceflight is a different story, with many more risks. I spoke with several former SpaceX employees for this story, and they suspect that Musk probably wont fly to space until he feels that Tesla and SpaceX can do without his personal contributions. Although SpaceXs crewed missions so far have gone beautifully, the work is still dangerousrockets can explode, after alland Musk may have calculated that the hazards, however small, outweigh any potential benefits.

Even if SpaceX reaches Mars in his lifetime, Musk probably wont be one of the first people on the surface. He has said that hed like to die on Mars, just not on impact, and the first visits will be the riskiest. And its hard to imagine Musk, who is known for his outrageously long workweeks, retiring from his other pursuitsor even taking a week-long vacay in low-Earth orbit. If he stays behind long enough, the person who might profoundly reshape humankinds presence in space might not make it there himself.

But you never know with Musk. He can announce tomorrow that hes going to hop on the next Dragon and go to the space station, Reisman said. Who knows? Ive given up on trying to predict exactly what Elon is going to do a long time ago.

Go here to see the original:

Why Hasn't Elon Musk Been to Space Yet? - The Atlantic

Grimes and Musk were last seen together in public at the Met Gala on Sept. 13. Grimes walked the red carpet event alone, but Page Six reports that Musk joined her inside for the event.

The former couple welcomed their baby boy in May 2020 after two years together. Grimes -- who is currently on the judging panel of new singing competition Alter Ego -- recently revealed that their son has provided her with more artistic clarity.

"I think having a baby was a big rebirth for me, artistically. Being a mother feels weird for me to say," Grimes told Vogue while getting ready for the Met Gala this year, adding that X addresses her by her first name. "X says 'Claire,' but he doesnt say 'mama.' Maybe he can sense my taste for the word 'mother' -- which, I dont even know why I have a distaste for it, I respect it. I just don't ... I cant identify with it, weirdly."

Muskshares five other sons author Justine Wilson -- twins Griffin and Xavier, 17, and triplets Damian, Saxon and Kai, 15.

View original post here:

Grimes & Elon Musk Break Up After Three Years Together: 'We Are Semi-Separated But Still Love Each Other' - Billboard

Elon Musk, the Tesla CEO and current second richest man on earth, seems to be upset that President Joe Biden hasnt personally acknowledged his aerospace accomplishments. The SpaceX CEO deployed a Trump-era insult on Sunday to take issue with the lack of praise coming out of the White House following Saturdays landing of his companys historic private mission, as the first all-civilian flight crew safely returned from orbit. NASA officials and rival Jeff Bezos were among those who acknowledged the feat, though the president has yet to comment personally, CNBC reports. His silence appeared to exacerbate Musks frustration with the White House and resulted in the following exchange with a fan:

The tweet is pretty standard for Musk, who historically delights in Twitter trolling. But it also happens to come as Musks other company, Tesla, is on a collision course with the federal government. Tesla is gearing up to offer more car owners an upgraded version of Full Self-Driving Capability, a premium option they can buy to augment the Autopilot driver-assistance system that comes standard with Tesla vehicles. Teslas automation technology has helped it become both the most valuable automaker worldwide, and the subject of public scrutiny. (Just last week, the top U.S. auto safety regulator sought documents as part of an investigation into a series of crashes involving the companys Autopilot feature.)

The enhancement to the FSD software that Musk last week said would soon be available to more Tesla drivers is expected to add a feature intended to help vehicles navigate cities, according to the Wall Street Journal. But transportation officials are pushing back against offering the urban-driving upgrade just yet. Basic safety issues have to be addressed before theyre then expanding it to other city streets and other areas, National Transportation Safety Board head Jennifer Homendy told the Journal. Musk himself recently acknowledged the features shortcomings, tweeting last month that "FSD Beta 9.2 is actually not great but promising that Tesla was rallying to improve as fast as possible.

Part of the controversy around Teslas advanced driving system is that its not fully autonomous, as the term FSDwhich Homendy called irresponsibleand Teslas own marketing may otherwise suggest. Safety officials and lawmakers alike have questioned the extent to which Teslas public messaging misleads consumers on the capabilities of the Autopilot technology; two Democratic senators asked the head of the Federal Trade Commission to probe the mismatch last month. Were consistently hearing that its definitely a work in progress, so its just how do we make sure the public understands its limitations? Reema Griffith, the executive director of the Washington State Transportation Commission, told the Journal.

The National Transportation Safety Boardwhose five members are nominated by the presidentcan investigate crashes and make safety recommendations, but it doesnt have regulatory power. Homendy called on those who do to act accordingly. You can proactively address potential future crashes and future deaths by taking action, she said. Doing investigations after the fact, thats a tombstone mentality.

More Great Stories From Vanity Fair

How a Deadly Crash Upended South Dakota Politics Matt Gaetz Tries to Shift the Narrative With a MAGA Romance Sebastian Junger on How the U.S. Corrupted Afghanistan Rudy Giuliani Is One Week Away From Waxing His Back in a Sweetgreen New York Prosecutors Are Full Steam Ahead to Take Down the Trump Organization How Turf Wars Mucked Up Americas Exit From Afghanistan Bidens COVID-19 Origins Report Leaves the Lab Leak on the Table Governor Kristi Noem Joins Fellow Republicans in Quest to Kill Constituents From the Archive: The Man in the Window Not a subscriber? Join Vanity Fair to receive full access to VF.com and the complete online archive now.

Excerpt from:

Elon Musk, Worlds Second-Richest Man, Would Like Joe Biden to Pay Attention to Him - Vanity Fair

Evergrande, the biggest real estate developer in China, which is staring at bankruptcy, hit the worlds biggest fortunes, with the richest people losing billions of dollars.

The worlds top 10 richest people, such as Elon Musk, Jeff Bezos, Bill Gates, Mark Zuckerberg, Warren Buffett, and others lost over $26 billion.

China'sEvergrande Group is the country's second-biggest property developer. It is battling a liquidity crisis as it looks for funds.

There have been growing fears that it is set for a meltdown. However, the cash-strapped developer had told authorities earlier that it had begun repaying investors.

The group reportedly has over $300 billion inliabilities. Reports had claimed earlier that Evergrande had overdue debts even as it vowed to repay all of its matured wealth management products as soon as possible.

Also read |US stocks slide over fears of China property giant Evergrande's collapse

Musk saw his net worth falling by $7.2 billion to $198 billion, according to the Bloomberg Billionaires Index.

Amazon.com Inc. founder Jeff Bezos lost $5.6 billion, with a net worth of $194 billion.

In comparison, the S&P 500 index tanked 1.7 per cent to $4,357.73, posting its worst daily performance since May this year.

Mondays sell-off dragged the S&P 500 index 4.3 per cent down from its 52-week high of $4,545.85.

Meanwhile, stocks in Asia opened amid the turmoil caused by Evergrande. Hong Kong'sHang SengIndex saw a marginal gain of 0.2 per cent after it had plunged three per cent on Monday.

The stock market in Tokyo lost two per cent in early trade as markets in the Philippines and Indonesia also fell on Tuesday morning.

See the original post here:

Elon Musk, Jeff Bezos, others lose over $26 billion wealth due to Evergrande crisis - WION

SpaceX CEO Elon Musk is calling for at least some amount of cooperation between NASA and China despite legislation that restricts NASA from using any federal funds to engage with the Chinese government.

The Wolf Amendment, passed by Congress in 2011, severely restrictsany bilateral cooperation with the Chinese government an effort to put a stop to espionage, effectively painting China as an adversary in space.

The Chinese civilian space program is, in reality, their military space program, NASA administrator Bill Nelson told Scientific American this summer. Thats why I think we are going into a space race with China.

China made massive strides in spacein recent years, launching the first core module of its Tiangong space station and sending a crew of three astronauts there. The country even successfully returned a sample of Moon rocks to Earth last year, becoming the first country to do so since 1976, as well as landing a functional Mars rover early this past spring.

Those accomplishments have clearly caught Musks attention.

The CEOs goal has long been to make humanity multiplanetary, which hes tackling head-on with his space company, SpaceX. But NASA, an important source of funds for rocket development, has its hands tied when it comes to cooperating with China.

Its unclear to what exactly Musk meant with some amount of cooperation, and its unclear what role China should play in his view.

But unlike Congress, Musk has had a much more positive relationship with China, especially when it comes to his car company Tesla, which has made substantial moves to expand its footprint in the country.

Theres certainly an argument that, given Chinas advancements in space, sharing knowledge could benefit both the countrys space agency and SpaceX.

With NASA mulling plans to eventually dismantle and destroy the International Space Station, China is racing ahead to establish its own orbital outpost. That means the country will soon have a permanent presence in space while NASA may no longer have one.

And, of course, launching cargo and astronauts to the ISS is a major revenue source for SpaceX.

In reality, political disagreements will likely get in the way of any cooperation moving forward. China-US relations have deteriorated, especially during Donald Trumps presidency.

Two world powers are each working on their own plans to populate outer space. Whether they will find common ground, and where that leaves SpaceX, is anybodys guess.

I think were going to see a mixture of cooperation and competition, probably between two blocs: one led by the US and one led by China, John Logsdon, a professor at George Washington University, told Scientific American.

After all, it was [US versus Soviet] competition that got us to the Moon, he added. There is competition between the US and China for global leadership.

READ MORE: Can the U.S. and China Cooperate in Space? [Scientific American]

More on Elon Musk: Tesla Owners Furious That Elon Musk Keeps Pushing Back Full Self-Driving

Futurism Readers: Find out how much you could save by switching to solar power at UnderstandSolar.com. By signing up through this link, Futurism.com may receive a small commission.

Visit link:

Defying Congress, Elon Musk Calls for Cooperation Between NASA and China - Futurism

Provided by Business Insider Elon Musk, SpaceX's CEO. Steve Nesius/Reuters

Elon Musk said on Twitter that SpaceX plans to upgrade the amenities for its next space-tourist flight, including the toilet.

The Inspiration4 crew, made up of four civilian astronauts, took off on Wednesday aboard SpaceX's Crew Dragon spacecraft. They landed back on Earth on Saturday evening.

Elon Musk tweeted on Monday that he met the crew in person in Florida, and then he answered questions from Twitter users about the company's plans for the next mission.

Responding to one user, Musk said the next flight would have "upgraded toilets." He added, "We had some challenges with it this flight."

The billionaire did not elaborate on what these challenges were or how exactly the toilets would be upgraded.

Video: SpaceX makes history launching all-civilian crew into orbit (MSNBC)

SpaceX makes history launching all-civilian crew into orbit

Click to expand

UP NEXT

Jared Isaacman, one of the passengers on Inspiration4, told Insider in July that the toilet for Crew Dragon was located on the ceiling of the spacecraft and featured a glass dome, meaning crew members had a 360-degree view while using the bathroom.

"It's not a ton of privacy. But you do have this kind of privacy curtain that cuts across the top of the spacecraft, so you can kind of separate yourself from everyone else," Isaacman said.

Isaacman added that learning to use the toilet on the spacecraft was part of the civilian astronauts' rigorous preflight training.

Musk also said the next flight would have a small oven for heating food, as well as WiFi provided by Starlink, SpaceX's satellite-internet project.

The crew for the Inspiration4 mission took cold pizza on its three-day flight. While in space, the crew members chatted with Musk and the actor Tom Cruise.

Read the original here:

Elon Musk said SpaceX's first-ever civilian crew had 'challenges' with the toilet and promised an upgrade for the next flight - msnNOW

The JEE Main 2021 result was released late on September 14 and 44 students scored 100 percentile marks, out of whom 18 were given All India Rank (AIR) 1 based on the combined results of the four JEE Main sessions held this year.

JEE Main topper Amaiya Singhal, a student of Apeejay School, Noida, was one of those 18. We got talking to him to know more about his preparation strategy and future plans.

Amaiya appeared for JEE Main three times this year. This was the first time that JEE Mian was held four times to allow students to reappear in order to boost their scores.

I was satisfied with my percentile in the first attempt but gave the next two as well to help reduce exam fear and make me more comfortable with the exam environment for JEE Advanced, he says.

Amaiya had secured 96.8% in his Class 10 boards and 98.8% and his Class 12 board exam. He was also among the top 60 students across India selected for the orientation camps for both the Physics and the Chemistry Olympiads.

Amaiya lives in Ghaziabad with his parents and grandfather. He comes from a family for IIT-ians.

His father works as an engineer while his mother is a homemaker.

Amaiyas plan for offline coaching after Class 11 went to the dogs when Covid-19 hit India. Online classes became the new normal.

It did take me some time to get used to it but over time, I found it better as less time was spent on travelling and I could devote more time to my studies. Also, the ability to re-watch the lectures helped me a lot in revision, he says.

He usually studied for around 11-12 hours a day, including classes.

In April 2021, he and his family both got infected with the virus and his father also had to be hospitalised for three weeks.

It was a very difficult time for my family, but I tried to keep myself focussed on my studies as much as I could, says the JEE Main topper.

To take his mind off studies, the JEE Main topper watched YouTube videos or browsed through social media.

Because of focusing on studies or the past 2-3 years, I have not really tried to participate in many co-curricular activities. However, I have a lot of interest in computer science, he says.

Amaiya thanked his school teachers of Apeejay Noida, where he has studied for 14 years, for building the foundation to his success. He also extended special thanks to Unacademy and all its educators for their guidance in his preparation.

It goes without saying that my parents were the biggest support and helped me a lot mentally during this preparation, says the JEE Main topper.

For now, Amaiya Singhal wants to get a seat in a good IIT and pursue Computer Science.

I dont have any particular long-term goal in mind, but I really look up to Elon Musk and would like to hopefully start my own company in the future, says the JEE Main topper.

Read: 'Do not stress and panic': JEE Main topper Ruchir Bansal from Delhi with AIR 1 shares strategy for getting 100 percentile

Read: 6 out of 18 JEE Main 2021 Rank 1 students hail from Kota classroom

Read: JEE Main topper 2021 with 100 percentile doesn't want to study in an IIT

Visit link:

JEE Main topper with AIR 1 looks up to Elon Musk and wants to start his own company - India Today

Jeff Bezos, left, and Elon Musk

Getty Images; Reuters

The wealthiest Americans may be dodging as much as $163 billion in income taxes every year, according to the U.S. Department of the Treasury, and many leverage tax laws to do it legally, financial experts say.

Although U.S. levies increase with income, the ultra-wealthy often finesse the tax code to reduce how much they owe. And some billionaires, such as Amazon founder Jeff Bezos and Tesla CEO Elon Musk, pay little to no taxes compared with their wealth, a ProPublica report found.

"As long as you're adhering to the law, everything's fair game," said certified financial planner Sharif Muhammad, founder and CEO of Unlimited Financial Services in Somerset, New Jersey.

More from Personal Finance:Top 1% dodge $163 billion in annual taxes, Treasury estimatesHouse Democrats' capital gains tax proposal is better for the super rich than Biden planMillionaire taxes would increase 11% in 2023 under House Democrat plan

While most Americans earn money through labor, such as salaries and benefits, the super affluent may receive income from interest, dividends, capital gains or rent, from investments, known as capital income.

Everyday Americans typically cover taxes through their paychecks, though the 1% may not see income on their tax returns because they can delay selling investments or use losses to offset capital gains.

For example, an executive may receive stock-based compensation, and when it's time to sell, they may sell other losing investments the same year to zero out their taxable growth, Muhammad said.

Another popular tactic, asset-based lending, allows the wealthy to borrow money against their portfolio when they need cash, eliminating the need to sell appreciated investments that may incur gains. Plus, the portfolio loan isn't taxable or reported on a tax return.

"That's probably one of the most prominent ways they are able to keep that income off the purview of the IRS," Muhammad said.

The affluent often hold assets until death, avoiding capital gains taxes by passing property to heirs. The value of the inherited property generally adjusts to what it's worth on the date of death, known as a "step-up in basis."

President Joe Biden has called for taxing gains at death, with an exemption for growth less than $1 million for single filers and $2.5 million for married couples. However, House Democrats dropped the measure from their $3.5 trillion spending plan last week.

"For the ultra-wealthy, it's not all about income tax," said Lisa Featherngill, CFP and national director of wealth planning at Comerica Wealth Management in Winston-Salem, North Carolina. "The wealth transfer tax is just as important."

When someone passes wealth to heirs or gives assets during life, they may be subject to up to 40% federal estate or gift taxes for property worth more than $11.7 million for individuals and $23.4 million for married couples, thanks to former President Donald Trump's 2017 tax overhaul.

While these thresholds will decrease to about $6 million and $12 million after 2025, House Democrats want to drop the exemption to $5 million to help fund their spending plan.

For the ultra-wealthy, it's not all about income tax. The wealth transfer tax is just as important.

Lisa Featherngill

Director of wealth planning at Comerica Wealth Management

In the meantime, wealthy families are making gifts to reduce their taxable estates ahead of the 2026 deadline, Featherngill said.

They also use estate planning strategies, such as so-called dynasty trusts, which allow families to pass wealth from generation to generation without the risk of incurring estate taxes at each death.

House Democrats have proposed reeling in some of these popular techniques to help fund their budget plan.

Those who are philanthropic may also make charitable gifts, allowing donors to claim a federal write-off if they itemize tax deductions.

Wealthy families may give to a so-called donor-advised fund, which benefits a charity over time. Those making larger gifts who want more control may set up a private foundation, Featherngill said.

Read the rest here:

The wealthy may avoid $163 billion in taxes every year. Heres how they do it - CNBC