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?
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.
I mean if you donate billions you kinda don’t want someone do a extit scam or it going to some very sketchy places… Tax reduction is a point but pretty far down the list.
And even if its for tax purposes, the money is then tied to certain purposes and will definitely do more good than as regular taxes. (and its way more than regular taxes)
Man i hate that guy but this bashing isn’t justified.
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.
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.
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I’d you want to see how it’s done, check out what his Ex-wife did with her money from the divorce
https://www.theguardian.com/society/2022/dec/15/mackenzie-scott-billionaire-donations-non-profits
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.
Yeah and if he donates a majority of his wealth, thats more than he would have been taxed regardless.
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
Because of course they do. Thanks for the additional info!
And there it is…
Also irs
I mean if you donate billions you kinda don’t want someone do a extit scam or it going to some very sketchy places… Tax reduction is a point but pretty far down the list.
And even if its for tax purposes, the money is then tied to certain purposes and will definitely do more good than as regular taxes. (and its way more than regular taxes)
Man i hate that guy but this bashing isn’t justified.
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.
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