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this post was submitted on 15 Dec 2023
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No you misunderstand, his nonprofit foundation was selling his manhattan apartment for 6.1m. He controls the foundation but that money can't be taken away.
I haven't actually looked it up to see if he even owned the apartment he lived in, but there are many ways to shelter controlled assets in ways that minimize liability and tax burdens on the person who controls them. These mechanisms are a big part of the reason why rich people don't pay taxes. Instead they donate their earnings or claim losses on stock transactions.
If you donate a million dollars of your assets to your foundation while simultaneously earning a million dollars in cash from business dealings- how much tax do you pay? $0. Million in pocket, million dollar asset sheltered and still in your control. Your foundation control can be passed from generation to generation...
Keep in mind his foundation can "employ" him and provide lodgings to him and other reasonable expenses (e.g. food, travel, lodging... you know... the things we all toil away to earn money and pay 30%+ taxes for.)
I hear about bad faith charities and foundations all of the time. It’s insane that this is just accepted and unchallenged.
Lawmakers aren't going to close that loophole because they all do it themselves.
I like to believe it isn’t all of them but yeah that’s the heart of these problems.