SMN: Billionaire Philanthropy Is Kind Of A Scam
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The Importance of Donor Advised Funds
In 2021, Musk donated $5.7 billion to charity in the form of Tesla stock rather than cash. Through this loophole, Musk was able to deduct so much from his federal tax bill and capital gains tax that he ended up saving 74% of his gift to charity compared to if he donated in cash or was tax in full. There are entire industries based around allowing rich people to store their wealth under the guise of charity.
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