lendluke t1_iy3xqqf wrote on November 28, 2022 at 3:56 PM

Reply to comment by anung_un_rana in Nashua Soup Kitchen receives $1.25 million grant from Bezos fund. What do you all think of this? by Environmental3rdEye

Do you know how tax incentives for charity work? There is no method he can use to save money be giving money away, best he can do is avoid paying the 37% or 20% tax on the money he is losing 100% by donating. How exactly is that a bad thing?

anung_un_rana t1_iy44m4s wrote on November 28, 2022 at 4:44 PM

Oh I wasn’t suggesting he is saving money through the donation, rather that it is a means to ‘put a good face’ on the charity.

I am by no means an expert in charities or wealth preservation, but the charity he was reported as having set up a week or two ago is a common tactic used by billionaires to shirk income and capital gains taxes. Zuckerberg and Bill Gates did the same thing with each of their charities. Each of them donates significant sums, which is certainly a good thing, but these tax loopholes are a net negative for the economy and society in general.