Quote:
Originally Posted by Hillcountry
You’re pretty ignorant yourself if you don’t think billionaires hide all the money that they legally can. What a dumb statement.
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Investment professional here--so I trust this will not be ignorant:
First when you "hide...legally"--by definition, that is not hiding anything. It is taking advantage of tax laws to pay less. (sone of these techniques are reasonable, some are not)
Second, are more importantly, this idea of donating to charity for "tax relief" is completely wrong. If a person donates, say, $30 billion, their "tax relief" is some fraction of that amount. The calculation depends on a whole bunch of things, but we could call it 25% as a rough guess. So our donor gives the charity $30 billion, and he gets a tax deduction of $7.5 billion--he is still $22.5 billion out of pocket. Pretty damn generous if you ask me, and only a person ignorant of the tax law would suggest his donation is in order to get something from the IRS.