1. He funded it with $30 billion dollars LTD. 2. They used that money to generate even more money. 3. They have spent $33 billion LTD on their causes. Where is the problem? It's a smart way to keep doing good for longer...
I didn't say there was a problem with having a charitable foundation. I'm saying that it's not intended to give his fortune away. Family foundations are standard tax shelters. As long as you donate at least 5% of the principle per year, then you get the benefit of a tax write off, zero % capital gains tax, and estate tax protection.
So, you've gone full Alex Jones now. A person of his resources could use the documented tax dodging strategies of the Walton's. Maybe he isn't that smart, could've saved himself $33 billion!
Sure...Alex Jones. http://www.hurwitassociates.com/l_start_pros.php I'm not trying to compare Bill Gates to the Waltons, but it's obvious from all the various tax benefits that he's not actually attempting to give all his money away. Otherwise, why choose a known tax shelter for that purpose?
No shit. I could avoid estate tax with a $150 LLC. I wouldn't have to give away $33 billion dollars to do it. All charities are tax shelters. You have to look at the actions of a 501c entitiy to judge it. There is even a website that does just that! Compare Scientology, Walton trust, and Gates Foundation. One is unofficially a for profit enterprise/cult. One funnels family money and "donations" go toward extravagant namesake and legacy creation. One has been documented as actually spending huge sums on good causes.
If you know that it's a tax shelter and that Bill Gates isn't actually making himself less rich by donating to it, then why did you want to argue the opinion that it's funny people think Bill Gates is trying to give his fortune away? I think you may have achieved the classic PVC circular argument here.
Charities aren't taxed so by definition they are tax shelters. But the fact his actually gave away $33 billion means he is giving away his net worth. He could've just as easily kept it in Cascade and been $33 billion richer (more with appreciation). That alone makes you wrong on your original point. Of course he is less rich at the time of a donation. But wealth invested in variable assets have valuation changes. You seem to think rich people keep their money in a money bin and swim in it. So yeah, donated $30 billion to save $3 billion in taxes. You've cracked the case!
Haha I thought it was a typo/autocorrect. It was in the food thread thought it was short for beverage at first.
What's up with the no warning non-English stuff on Netflix? Fucking find something with a description I like and they start speaking foreignese and gay up my TV. Put it in the description assholes.
This has happened in the last month. Last person shot was last night. Other people had reported having their windows shot out while driving down the Interstate. They're not saying if those are related or not.
You go in the cage. Cage goes in the water. You go in the water. Sharks in the water. Jesus H. Christ! https://www.youtube.com/watch?v=OjWsy2DwGRU