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What do you want to do as a rich person? * Own and enjoy fantastic properties: - You own so many properties that you'll spend maybe a few weeks per year in ea

What do you want to do as a rich person? * Own and enjoy fantastic properties: - You own so many properties that you'll spend maybe a few weeks per year in each one - So donate these properties to your own charitable foundation, give tours while you aren't there. * Have lavish parties - Call it a charity ball, hold an auction at some point, now you look great and the canapés are tax-free. * Fly private - Book a meeting for your charitable purpose wherever you are going. Now you can deduct at least part of the gas for the private jet. * Enrich your friends and family members - Give them sweet jobs in your foundation. Pay them competitive salaries without going through a competitive candidate search. Continue this even after you die, essentially a tax-free annuity. * Lobby for your own business and ideological interests - Your private foundation can advocate for all sorts of things. Fund self-serving studies. Give full-ride scholarships to top thinkers that think like you. Host tours, vacations, parties and events that benefit your position. * Improve your social standing - Give some money to PBS. Open a wing at a school or museum with your name on it.

gruez 3y ago
>- Give them sweet jobs in your foundation. Pay them competitive salaries without going through a competitive candidate search. Continue this even after you die, essentially a tax-free annuity. It's not "tax free" when those salaries are taxed just like any other salary.
- stephenhuey 3y ago
  Because you donated huge sums to your nonprofit, it reduced your tax burden by a significantly high amount, and that is probably a higher amount than what your friends and relatives will pay in taxes on their paychecks in your foundation, so you were able to keep more dollars from going to Uncle Sam and among your circle of loved ones instead.
  - gruez 3y ago
    >Because you donated huge sums to your nonprofit, it reduced your tax burden by a significantly high amount You know what also reduces your tax burden by a significant amount? Not taking the money out of your business and putting your friends/relatives on the payroll. That it also doesn't get taxed because it's a business expense. I'm not sure what the point of going through the charity is.

gruez 3y ago

>- Give them sweet jobs in your foundation. Pay them competitive salaries without going through a competitive candidate search. Continue this even after you die, essentially a tax-free annuity. It's not "tax free" when those salaries are taxed just like any other salary.

stephenhuey 3y ago
Because you donated huge sums to your nonprofit, it reduced your tax burden by a significantly high amount, and that is probably a higher amount than what your friends and relatives will pay in taxes on their paychecks in your foundation, so you were able to keep more dollars from going to Uncle Sam and among your circle of loved ones instead.
- gruez 3y ago
  >Because you donated huge sums to your nonprofit, it reduced your tax burden by a significantly high amount You know what also reduces your tax burden by a significant amount? Not taking the money out of your business and putting your friends/relatives on the payroll. That it also doesn't get taxed because it's a business expense. I'm not sure what the point of going through the charity is.