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Zuckerberg to donate 99% of FB shares; $45B - Page 2

post #31 of 45
Quote:
Originally Posted by crcballer55 View Post

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Originally Posted by dmbrhs View Post

 
Quote:
Originally Posted by crcballer55 View Post

The tax evasion couldn't be more apparent.


This "loophole" really needs to be closed. If someone wants to donate money to charity it needs to at least be an arms length donation so the person can't donate the money, receive a tax benefit and also direct the funds.


It's the same thing Bill


Again, the alternative is the world sees none of this money. Then again, Steve Jobs became a demi-god and he was a greedy a-hole. So maybe the key to your legacy is NOT giving away money and having people call you a heartless tax evader.

No, the alternative is if he wants to get the tax deduction from the donation, he can't donate it to himself. I'm about as anti-tax as most people, but some of the loopholes are so apparent. I fully believe that non-profits should exist to serve the better good of society and we should get tax breaks for it since the government much more inefficient than the private sector. But don't allow someone to not pay taxes because they create a foundation that they run and direct the funds from.

..i don't think it's about taxes....he already has money, so why do this to pilfer more?

This is more about political influence that this LLC status will enable (you can't lobby on behalf of a charity) nerd.gif
post #32 of 45
Lol
post #33 of 45
@LuckyLuchiano @sea manup @JohnnyRedStorm @FrankMatthews can you guys school me on all of this ? I'm lost on how these rich dudes get over and I need to educate myself. I work for a non profit and alot of shady **** goes on at the top and I need start to educate myself further on shady business practices or just business in general. Thanks in advance
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post #34 of 45
Lol people saying this is not about taxes obviously don't know how the wealthy preserve their wealth. Mega donations are a known tax loophole, which is exactly what this is.

When you are wealthy your goal is to pay as little taxes as possible throughout your life and when you die.
post #35 of 45
Quote:
Originally Posted by BeezyGotSole View Post

Lol people saying this is not about taxes obviously don't know how the wealthy preserve their wealth. Mega donations are a known tax loophole, which is exactly what this is.

When you are wealthy your goal is to pay as little taxes as possible throughout your life and when you die.

**** is still foul tho
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post #36 of 45
Counting another mans pockets is what's popping on NT now?
post #37 of 45
^^ shut up. The argument here is solely about taxes which we're all subject to. No reason working folks get stiffed on them but the wealthiest have loopholes available to skim them.
post #38 of 45
So at the end of the day he's still rich right?
post #39 of 45
5 Tax Deductions That Favor the Rich
(Last one is the charity deduction)

http://www.bankrate.com/finance/taxes/tax-deductions-favor-rich-1.aspx
post #40 of 45
Quote:
Originally Posted by KingFoamNYC View Post

@LuckyLuchiano @sea manup @JohnnyRedStorm @FrankMatthews can you guys school me on all of this ? I'm lost on how these rich dudes get over and I need to educate myself. I work for a non profit and alot of shady **** goes on at the top and I need start to educate myself further on shady business practices or just business in general. Thanks in advance

I believe all non profits have to post their financial numbers, in those you are able to see how much money goes to the actual causes and how much go to salaries and "admin" cost. Many people start non profits to shuffle money around and put them in "safe havens" so they use the money for personal stuff and chalk it up as "admin" cost.

Not all charities are bad, but there are a butt load of shady ones. For some stuff I rather give a person that needs help money myself than to give money to some org I dont know anything about but felt emotionally compelled to donate because they use images of poor children.

My mom told me growing up about the missionaries that came to her town and how they would show pictures to people in their home churches in America of my mom and other children in the clothes people donated and going to school with the help of money people gave, but little sis those people know my mom and many others had to work as servents and maids for the missionaries to be able to get the clothes or the money to go to school.

Thats some straight shady stuff
post #41 of 45
lil zucchini the finesse kid, boy who hot as him

pimp.gif
post #42 of 45
Quote:
Originally Posted by ksteezy View Post

Counting another mans pockets is what's popping on NT now?

 

The question is not that the money is tax deductible. It's that someone can donate money to themselves and self direct the funds for "the greater good" while also getting the tax write off. I'm all for non-profit donations being tax deductible and it's shown that those deductions weigh heavily in the amount of donations that non-profits receive. Hence why I've always been against a flat tax.

 

My point is more so that if someone wants the tax deduction from a charitable contribution it should be an arms length transaction so another organization that doesn't have the person's name on it (unless the organization wants to name something after that person). The whole "____ family foundation" thing should be put to rest unless the members of the foundation are raising money from other families towards their goals.

post #43 of 45
Quote:
Originally Posted by crcballer55 View Post

The question is not that the money is tax deductible. It's that someone can donate money to themselves and self direct the funds for "the greater good" while also getting the tax write off. I'm all for non-profit donations being tax deductible and it's shown that those deductions weigh heavily in the amount of donations that non-profits receive. Hence why I've always been against a flat tax.

My point is more so that if someone wants the tax deduction from a charitable contribution it should be an arms length transaction so another organization that doesn't have the person's name on it (unless the organization wants to name something after that person). The whole "____ family foundation" thing should be put to rest unless the members of the foundation are raising money from other families towards their goals.

lol like Starting the Lucky Luchiano Foundation and dumping all of my money into it to avoid tax.
post #44 of 45
Quote:
Originally Posted by LuckyLuchiano View Post

Quote:
Originally Posted by crcballer55 View Post

The question is not that the money is tax deductible. It's that someone can donate money to themselves and self direct the funds for "the greater good" while also getting the tax write off. I'm all for non-profit donations being tax deductible and it's shown that those deductions weigh heavily in the amount of donations that non-profits receive. Hence why I've always been against a flat tax.

My point is more so that if someone wants the tax deduction from a charitable contribution it should be an arms length transaction so another organization that doesn't have the person's name on it (unless the organization wants to name something after that person). The whole "____ family foundation" thing should be put to rest unless the members of the foundation are raising money from other families towards their goals.

lol like Starting the Lucky Luchiano Foundation and dumping all of my money into it to avoid tax.

Pretty much. Get the tax break for "donating" and avoiding Capital Gains Tax, clutch.

Us broke dudes are doing it wrong man I tell u. Churches gettin over, rich gettin over. Broke Boys R Us about the only folks that are strapped w/ their full tax rate and taxable income.
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post #45 of 45
Quote:
Originally Posted by Dathbgboy View Post

Pretty much. Get the tax break for "donating" and avoiding Capital Gains Tax, clutch.

Us broke dudes are doing it wrong man I tell u. Churches gettin over, rich gettin over. Broke Boys R Us about the only folks that are strapped w/ their full tax rate and taxable income.

nah it aint even hard to start a non profit lol it's just we aint up on game, sooooo many cats start these joints and write off EVERYTHING and or rack up personal cost as part of "admin cost".
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