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| Topic | Rich people are scary if you think about it |
| TheGleamEyes 08/14/19 5:44:42 PM #19: | Chicken_Butt posted... AngelsNAirwav3s posted...I think it is safe to say the majority of the rich are not pedophiles, and most if not all billionaires give away a shit ton of money every year to charity https://www.nytimes.com/2015/12/04/business/dealbook/how-mark-zuckerbergs-altruism-helps-himself.html Mark Zuckerberg did not donate $45 billion to charity. You may have heard that, but that was wrong. Heres what happened instead: Mr. Zuckerberg created an investment vehicle. Sorry for the slightly less sexy headline. Mr. Zuckerberg didnt create these tax laws and cannot be criticized for minimizing his tax bills. If he had created a foundation, he would have accrued similar tax benefits. But what this means is that he amassed one of the greatest fortunes in the world and is likely never to pay any taxes on it. Anytime a superwealthy plutocrat makes a charitable donation, the public ought to be reminded that this is how our tax system works. The superwealthy buy great public relations and adulation for donations that minimize their taxes. https://www.nytimes.com/2018/08/03/business/donor-advised-funds-tech-tax.html Late in 2014, Nicholas Woodman, the founder and chief executive of GoPro, announced what appeared to be an extraordinary act of generosity. Mr. Woodman, then 39, had just taken his camera company public, and was suddenly worth about $3 billion. Now he was giving away much of that wealth some $500 million worth of GoPro stock to the Silicon Valley Community Foundation, an organization based in Mountain View, Calif., that would house the assets of the newly formed Jill and Nicholas Woodman Foundation. But four years on, there is almost no trace of the Woodman Foundation, or that $500 million. The foundation has no website and has not listed its areas of focus, and it is not known what if any significant grants it has made to nonprofits. An extensive search of public records turned up just one beneficiary: the Bonny Doon Art, Wine and Brew Festival, a benefit for an elementary school in California. [...] So while donors enjoy immediate tax benefits, charities can wait for funds indefinitely, and maybe forever. ... Copied to Clipboard! |
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