this post was submitted on 10 Sep 2023
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Clever Comebacks
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Just a reminder, these donations go to his own charities as a tax deduction.
If the charity itself is doing proper work, that makes sense tbh. I mean, if you had billions to donate, would you give it to some random ass organisation... Or set up your own thing to do things that you personally agree with?
I would be utterly shocked if it was.
You'll know when these billionaire charity trusts actually have an impact because they will do everything in their power to scream it in your ear.
Agreed, and I’m find with the tax deduction if the charity works they do is legit, it’s not like he is paying taxes anyway.
That's... actually a good point.
This is exactly the issue. He doesn't "donate" shit. He opens a non-profit that does nothing but funnel his fortune to his children. It's all a sham. Same as with that other clothing company who "donated" their entire fortune.
Not sure about elsewhere, but in Canada a Charity is a special kind of non-profit that has more public oversight as to how they manage their money, and allowed to write charitable receipts. Non-profits might do some good things, but you don’t get a tax credit for donating money to them, and there’s less oversight of how they’re managed.
Honestly, I’d go for the middle option: donate to existing charities that appeal to me. I don’t want to run a charity, it sounds like a massive headache.
You’re probably a different demographic. I’d guess the kind of people that become billionaires, assuming they actually want to be philanthropic, think that they can do a better job of managing their charities than existing charities would do managing their donations.
It’s definitely fair to say I’m in the “extremely unlikely to ever be a millionaire, let alone a billionaire” demographic!
i would definitely do the latter but that is not whats happening here
And there it is...
Also irs
I wasn’t bashing him, just providing additional information as the headline is makes him sound like an altruistic hero “uniting humanity”. He isn’t. He will benefit from this in one way or another or else he wouldn’t do it.