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Are you suggesting he is pocketing the money? The charities have to be regulated to qualify for the tax write off. The government inspect these institutions. Fo
by DevKoala 5y ago
Are you suggesting he is pocketing the money? The charities have to be regulated to qualify for the tax write off. The government inspect these institutions. For example, they forced the organization that posed as BLM since it was misusing the funds.
https://www.cnn.com/2020/07/06/politics/new-york-attorney-general-blm/index.html https://www.cnn.com/2020/07/06/politics/new-york-attorney-ge...
- gostsamo 5y agoIf your friends are controlling the charity, then they do with the money whatever you tell them to do. Also, you get tax credit for the donation and those money are substracted from your overall tax bill.
- dazc 5y agoI get a 19% tax credit for any money my business gives to charity. The other 81% is money I could have spent on something else or kept on the balance sheet.
- gostsamo 5y agoShould I send you an invoice for the accounting advice? https://www.wealthmanagement.com/estate-planning/charitable-trusts-doing-good-while-avoiding-tax-man https://www.wealthmanagement.com/estate-planning/charitable-...
- celticninja 5y agoNo I am not. I am saying that giving that money to a charity, where Musk or people closely related to him, decide how and where it is spent, is not as generous as it seems on paper. If, for example, it goes to a charity that employees family members and in part is used to pay their wages, then you might understand how he gives the money away but doesn't really give it away.
- pengaru 5y agoCharities are notorious for burning money on administrative overhead. I don't know about Musk's situation, but it's not exactly unheard of for wealthy folks requiring tax write-offs to have friends/family run charities they fund through deductible donations.