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A tax avoidance scheme which also placated a twitter argument about his contributions. Unsurprising.
by binarymax 4y ago
A tax avoidance scheme which also placated a twitter argument about his contributions. Unsurprising.
- wsc981 4y agoEvery ultra-wealthy person has a charity for this purpose, right? Clintons, Bill Gates, etc...
- moonchrome 4y agoGates foundation actually does charitable work from what I can tell ?
- nailer 4y agoYep so do Musk and Zuck's charities.
- HDThoreaun 4y agoMusk's foundation does effectively no charity work. Gates foundation is donating 100x as much per year.
- wsc981 4y agoInvests in vaccine companies (Bill Gates stating it was his most profitable investment ever) & major funder for WHO (who’ve been pushing COVID vaccines). Might be a conflict of interest here.
- wsc981 4y agoPS: most foundations are probably required by law to do a little bit of actual charitable work, but I believe these foundations are mainly tax exempt investment vehicles and a way to peddle influence with governments.
- Melting_Harps 4y ago> Gates foundation actually does charitable work from what I can tell ? Than your purview of 'charitable' work includes coaxing Oxford to not open source vaccines to the developing World in order or profit from the largess that big pharama reaped during the pandemic [0] and subsequently caused a lot of unnecessary deaths? That isn't even including their aggressive consolidation of arable farm land in the US with clear ties to large pharma and chemical corps under the auspices of their foundation and ties to the WHO. And I'm not even going to delve into the Epstein relationship Bill had which included trips to pedophile island. If so, you should really look into what you deem as 'charitable work' tbh. 0: https://www.wired.com/story/opinion-the-world-loses-under-bill-gates-vaccine-colonialism/ https://www.wired.com/story/opinion-the-world-loses-under-bi...
- bushbaba 4y agoAnd can’t be clawed back in bankruptcy. Great way to preserve wealth
- chollida1 4y agoYou're by definitions giving it away. It does nothing to preserve your own wealth even if it goes to a charity you control. It's no longer your wealth and unless you want to do something illegal its not coming back to you and can't benefit you.
- omgsean 4y agoPast a certain point the goal of having money is the ability to wield influence. If you donate money to charity you control you can still use that charity to wield influence.
- deleted 4y ago[deleted]
- ojbyrne 4y agoI don’t really know but I’d guess there’s a way to close down charitable foundations and take the money back. Though presumably with a tax bill.
- ClumsyPilot 4y ago> It's no longer your wealth and unless you want to do something illegal its not coming back to you and can't benefit you. This is peak naivity - you are totally wrong. Exanple one - charity can make political donations. Example two - can hire lobbyists. Example three - it can buy voting shares in companies you want to control. Example four - it can hire your family members or friends and pay them salaries.
- snowwrestler 4y agoCharities (501c3) cannot make political donations or even endorse candidates. The Sierra Club lost their 501c3 status over this.
- v0idzer0 4y ago
- memish 4y agoTDS it out, EDS is in. Click, click, click, every article. Rage. Literally shaking.
- rvz 4y agoVillain of last two months was Trump, now the the villain of the month is Musk. There is a new villain that the media are always baiting readers every month. It's quite predictable to see as they are desperate and hungry for your clicks.
- Consultant32452 4y ago
- binarymax 4y agoYes good point. I do admire that he has given some of it to charity. But the bulk of the money he claimed to pledge didn't go to charity - it went to a foundation he controls, purely for tax benefit. Off topic but it's funny you called me a kid. I've been around long enough to see this game played for decades by the wealthy class.
- solumunus 4y agoHow on earth is this a tax avoidance scheme? Complete nonsense. Sure, he doesn't pay tax on that money, he also loses that money. This is not a net gain for Musk personally. He can't directly send money from the charity to himself, to him personally the money is more or less gone. This is less greedy then simply paying tax on the money and spending it.
- jonfw 4y agoIf I gave you complete control over a billion dollars in a "charity", don't you think (if you were so inclined) you would be able to find plenty of ways to spend that money in a way that would benefit you? I.E.- I might buy a house, and then have my charity buy a huge amount of land around it as an investment, to effectively turn my 1 acre homesite into a 100 acre estate Maybe I'd have my charity teach at-risk children to ride horses, so I could build some nice pastures and have horses in my front yard. Of course- the professional landscapers who my charity hires to maintain the grounds would probably cut me a pretty good deal on doing my personal estate as well, while they're out there And maybe my executive assistant who runs my horse charity would pick up my dry cleaning now and again
- 93po 4y agoAll of that combined for the rest of Musk's life wouldn't even get close to 1% of his total contribution.
- 4y ago