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Embodies the antithesis of most billionaires, some of whom abuse the Silicon Valley Community Foundation (SVCF) to cheat the US govt (and other US taxpayers) by
by oldbbsnickname 3y ago
Embodies the antithesis of most billionaires, some of whom abuse the Silicon Valley Community Foundation (SVCF) to cheat the US govt (and other US taxpayers) by not paying their fair share. Why pay taxes when you can promise something in the distant future and get a tax dodge now?
- wbl 3y agoA DAF is not promising to give in the future: the shares are given immediately to a charity and must be donated at a certain minimum rate to other recipient charities. A DAF has the same tax status as a charitable foundation you create but without the organizational overhead or potential abuses.
- somsak2 3y agoHave you used a DAF before? Shares actually do not have to be given to a specific charity when using one, at least not what most people would consider a "charity" when they use it colloquially -- this first charity is there mostly for bookkeeping. You are correct that DAF contributions are considered charitable donations in the year they are made, however.
- wbl 3y agoThe DAF is run by a 503c3 which owns them. I advise but they can decide to use it how they want.
- ben_w 3y ago> Embodies the antithesis of most billionaires Possible selection bias there: we hear about the loud ones, more than the ones secretly giving away money.