this post was submitted on 13 Mar 2024
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Malaria (fedia.io)
submitted 8 months ago* (last edited 8 months ago) by [email protected] to c/[email protected]
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[–] [email protected] 1 points 8 months ago (31 children)

I consider Gates to be "better" than most billionaires, but, I recognize that he's still a billionaire, and as such, his philanthropic endeavors are as much about him having wealth and maintaining his wealth as they are about him being a "good person".

Let me explain: it's a tax write off. Basically, billionaires often donate to charity, not because they're particularly giving, but because it reduces their taxes. They basically take the money they would otherwise pay in tax, and instead pay it to a charity that then does whatever they do with it.

By establishing a charity for himself, he can personally pay his charity the money that would otherwise go to tax, then as the charity, dictate where those funds are spent. Instead of giving the money to someone else to do with as they will, he basically pays himself, so he can dictate what happens with his money.

In turn, he pays little to no taxes, and only has to ensure the money circles around his charity somehow. That may be in the form of paying himself (or others) as a function of running the charity, or sending the money to places and people who he believes can benefit from it (or indirectly, benefit him).

It becomes a large circle jerk of money that otherwise would have gone to the government for taxes.

[–] [email protected] 0 points 8 months ago (2 children)

So imagine there exists a charitable billionaire that wants to do good. How in your eyes would a billionaire go about donating their money without drawing this same criticism?

Hasn't Gates already pledged pretty much his entire fortune to charity after he dies?

I guess the Devil's advocate argument here is would you rather trust Bill Gate's charity to spend the money or the US Government? Because from what I've seen, any time there is excess money in the US government it is not spent on social programs but on enriching government contractors and tax breaks for the wealthy.

[–] [email protected] 0 points 8 months ago

They could use their money and influence to lobby the government in a positive direction, such as making sure taxes go toward social programs instead of killing brown people, and then simultaneously help fund that by filing their taxes fairly and paying their intended share rather than do this arcane skullfuckery to pay as little as possible. A great next step would be to lobby for reforming tax code so other, less charitably minded billionaires start doing the same whether they want to or not.

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