Samsung Heirs to Pay $11 Billion of Inheritance Tax

The video discusses the high inheritance tax rate in South Korea, which is the second highest among OECD countries at 50%. The Samsung family faced a significant tax burden after the death of their father, whose estate was valued at $21 billion. To mitigate the tax impact, they donated 23,000 pieces of artwork, including works by Monet, Chagall, and Picasso, which helped reduce their tax liability. This donation benefits South Korea's arts and culture sector.

What significant action did the family take regarding their inheritance?

What impact did the donation of artwork have on the inheritance tax?