Of all the places for the wealthy to stash their money for tax purposes, South Dakota has emerged as a prime destination, Bloomberg News reported on Friday.
Tax-friendly laws have helped the money administered by South Dakota trust companies to triple over the last four years, to some $121 billion, the news service said.
Laws like those on the books in South Dakota “are conducive to a massive exploitation of a federal tax loophole,” Bloomberg quoted law professor Edward McCaffery as saying.
Families from all over the world are exploting the loophole, Bloomberg said, including Peruvian sugar heirs to Italian castle owners.
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