Warren Buffett and Bill Gates created The Giving Pledge, a legally binding agreement to give at least half of their wealth to philanthropy by death or through last will and testament.
It’s PR, tax dodging, and a scam. Actions speak louder than words.
Those “Giving Pledge” Billionaires Had Better Pick Up the Pace.
Most longtime US members are richer now than when they signed up.
This video explains the scam that Billionaires use:
Why There’s No Such Thing as a Good Billionaire
Signing the pledge doesn’t duck you out of any taxes. Also, giv8ng money away can lower taxes you pay, but it doesn’t lower them as much as the amount of money you gave away. Not how it works.
Signing the pledge doesn’t duck you out of any taxes.
- They transfer stock to their charitable foundation.
- No capital gains taxes are paid.
- Charity gets full value of stock.
- Billionaire donor gets a tax deduction on that year’s taxes.
- Charity is a tax exempt charity and never pays taxes when they choose to sell the stock.
- Unlike any other charity, the charity is owned/ran by them so they dictate how the money gets used including paying themselves, friends, family administrative salaries if they choose.
No taxes paid and a tax deduction was earned AND the money is still in their control.
Then they didn’t actually give the money away, and they still aren’t saving or making more money themselves by doing that.
