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Simple tax optimization. Like new billionaires promising to significant donations. a) they don't have to donate. b) they can immediately slash those promised do
by bubaumba 2y ago
Simple tax optimization. Like new billionaires promising to significant donations. a) they don't have to donate. b) they can immediately slash those promised donations from taxes.
- rvba 2y agoHow can one slash a non existant donation from taxes?
- bubaumba 2y agoIt's a trick. If you donate something to charity you can write it off the taxes. After IPOs most new billionaires did it, including Zuk. It's enough to just promise it publicly. There is no time limit, it can take years to 'donate', but writing off is immediate. To optimize it even further they create their own dummy charities full of friends and relatives.