Editing Taxation in the United States (section)

=== South Dakota ===
Between the years 2011 and 2021 the assets managed in South Dakota by trust companies went from [[USD|$]]75 billion to $367 billion.<ref name=":2">{{cite web |date=2021-10-08 |title=How did the U.S. become a tax haven? |url=https://www.marketplace.org/2021/10/08/how-did-the-u-s-become-a-tax-haven/ |access-date=2022-04-11 |website=Marketplace |language=en-US}}</ref> The assets are coming from all over the world – The South Dakota Trust Company has clients from 54 nations.<ref>{{cite web |title=Biggest tax haven in U.S.? South Dakota, says Pandora Papers investigation |url=https://www.cbsnews.com/news/pandora-papers-tax-haven-south-dakota/ |access-date=2022-04-11 |website=www.cbsnews.com |date=October 6, 2021 |language=en-US}}</ref> Trusts are particularly popular in South Dakota because, in 1983, it revoked a law that prevented hereditary estates, allowing for the creation of trusts (serving to pass property onto one's children) that, while preventing the sale of the estate assets, also shield those assets from tax. Unlike in the precedent for this in the English common law where these trusts could only exist for 21 years, South Dakota enables trusts to exist indefinitely. Trusts in South Dakota also serve as shields from government inspections and can even protect an individual if they get divorced or file a bankruptcy.<ref name=":2" /> In addition to this South Dakota is also one of nine states in the United States with no income tax.<ref>{{cite web |title=9 States With No Income Tax |url=https://www.investopedia.com/financial-edge/0210/7-states-with-no-income-tax.aspx |access-date=2022-04-11 |website=Investopedia |language=en}}</ref>