My dad said he’d kick my ass if I ever ended up Bigfoot God Is Great Coffee Is Good And People Are Crazy shirt mill like he did. Well, I’m sitting inside a steel mill right now as I type this. However, my ass remains unkicked because he passed away a few years before I started here. I like to imagine him looking down at me while shaking his fist, “you lucky son of a bitch!!” “Bill Gates dropped out of college and look at him now” yeah he dropped out of Harvard and his parents bought him his first computer back when they cost as much as freaking helicopters. Jeff Bezos got a huge fucking loan from his wealthy family to start Amazon “in his garage.” Too many people still believe the “worked their way up from nothing” bullshit about billionaires. Regarding Gates: there’s been a number of articles that point out how his family uses the Gates Foundation as a giant tax shelter. The to;dr is that Bill transferred most of his wealth (in the form of stocks) to the foundation and thus will never pay taxes on those earnings. I think that’s why you’re seeing many billionaires on board with raising taxes because they can move or hide it from the Government with little fuss.
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Yes this is a stupid argument. People think that you can use a foundation and Bigfoot God Is Great Coffee Is Good And People Are Crazy shirt. Charities are still subject to capital gains tax and property tax etc. Even more pertinent to the argument is that the money can not then be used for personal stuff. The idea that Bill Gates gave $100 billion to his foundation to avoid tax is absurd. These charities are subject to intense tax scrutiny and would be just about the stupidest place to put money you want to hide from the tax authorities and use for personal expenditures later. This isn’t to say there aren’t ways of using charities for tax avoidance or evasion. But once you get into the $100 billion range you start running out of unemployed cousins to pay salaries to. The OP is spouting some real shit about people donating stocks and not paying capital gains tax on them because they never sold them in the first place. The reality is that even if you donate property (stock or otherwise) you must treat it as if you sold it at fair market value the day you donated it and pay the tax on those capital gains.