this post was submitted on 09 Dec 2024
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The only good billionaire (lemmy.world)
submitted 1 week ago by saneekav@lemmy.world to c/memes@lemmy.world
137 comments fedilink hide all child comments
 

https://en.wikipedia.org/wiki/Chuck_Feeney

https://www.atlanticphilanthropies.org/news/former-billionaire-chuck-feeney-philanthropist-who-pioneered-giving-while-living-has-died-at-age-92

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[–] moral_quandary@lemmy.world 9 points 1 week ago* (last edited 1 week ago) (1 children)

Signing the pledge doesn’t duck you out of any taxes.

  1. They transfer stock to their charitable foundation.
  2. No capital gains taxes are paid.
  3. Charity gets full value of stock.
  4. Billionaire donor gets a tax deduction on that year's taxes.
  5. Charity is a tax exempt charity and never pays taxes when they choose to sell the stock.
  6. Unlike any other charity, the charity is owned/ran by them so they dictate how the money gets used including paying themselves, friends, family administrative salaries if they choose.

No taxes paid and a tax deduction was earned AND the money is still in their control.

Example of Tax Savings on Donated Stock

[–] ColeSloth@discuss.tchncs.de -2 points 1 week ago (1 children)

Then they didn't actually give the money away, and they still aren't saving or making more money themselves by doing that.

[–] moral_quandary@lemmy.world 3 points 1 week ago (1 children)

Then they didn’t actually give the money away, and they still aren’t saving or making more money themselves by doing that.

No capital gains tax is being paid!
They aren't selling 100 million in stock, paying the capital gains tax and then giving $80 million cash to the charity.
They are gifting $100 million in shares.

So, you keep claiming they aren't saving - yes, they are! They pay no capital gains tax!

Please, if you would like to reply again do so with a link which proves what I just stated as false. Thanks.

[–] ColeSloth@discuss.tchncs.de -1 points 1 week ago (1 children)

If I sell a million dollars of stock and pay $400k in taxes, I have $600k. If I give away $1,000,000 in unrealized gains I get either nothing, or I can do a tax write off and maybe save like $200k in taxes. Either way I'll have less than the $600k I would have had. At best it's a workaround to give several other people working for the "charity" money, but at that point why not just put those people on my own payroll and give them the $600k?

[–] moral_quandary@lemmy.world 4 points 1 week ago

If I give away $1,000,000 in unrealized gains I get either nothing,

This is the last time I will respond to you - you simply are not understanding.

They are not giving away the money the same way as you or I do when we donate to charity.
They give the money to themselves!!!

The foundation is in their name and they are in charge of how that money gets used.
Money is power and influence. They can do a lot with that money.

Look at that infographic I posted above as a reply to another commenter.
Bill Gates uses his foundation to donate to companies that benefit his existing stock investments.
https://www.thenation.com/article/society/bill-gates-foundation-philanthropy/

If it's super important for you to have the last word and you wish to respond, go for it.
I am not going to reply to you anymore because you are failing to understand.