I could be wrong but I think the strat is that you are donating to a “nonprofit” that is run by you and your failchildren. No idea if the Patagonia guy is doing l that, just saying.
My bad you literally said that lol. Somehow it works out for them though, they know how to make themselves look good and somehow cheat the public coffers
Tax deductions on charitable donations like the ones we make are not what rich people care about. There's much better ways to turn a profit or launder money with nonprofit donations than flat out donations. Even better though, this new nonprofit isn't actually a 501(c)3 so donations don't qualify for charitable deductions. They're a 501(c)4 (there's so many different nonprofit structures holy shit) and the big operational difference is that c4's are allowed to lobby politicians.
You have to pay 4 billion in taxes, instead you donate 1 billion to your failchild enterprise, now you pay 3 billion in taxes (or spread it over the years). It’s giving freedom to control where your taxes spent. At least I think that’s how it works
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I could be wrong but I think the strat is that you are donating to a “nonprofit” that is run by you and your failchildren. No idea if the Patagonia guy is doing l that, just saying.
My bad you literally said that lol. Somehow it works out for them though, they know how to make themselves look good and somehow cheat the public coffers
Shit if I know, the tax system has been engineered to be incomprehensible
Tax deductions on charitable donations like the ones we make are not what rich people care about. There's much better ways to turn a profit or launder money with nonprofit donations than flat out donations. Even better though, this new nonprofit isn't actually a 501(c)3 so donations don't qualify for charitable deductions. They're a 501(c)4 (there's so many different nonprofit structures holy shit) and the big operational difference is that c4's are allowed to lobby politicians.
You have to pay 4 billion in taxes, instead you donate 1 billion to your failchild enterprise, now you pay 3 billion in taxes (or spread it over the years). It’s giving freedom to control where your taxes spent. At least I think that’s how it works
Nah it’s a tax deduction not a tax credit, so you only lower your tax liability to the extent of your marginal tax rate x the amount donated.
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They do things like donating art/property/assets which are "valued" at a certain amount, even though they obtained it for a fraction of the price.