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Slate News
Slate Money: Is Billionaire Charity a Sham?
Jan 6, 2024
Felix Salmon, a finance expert, discusses the value of massive tax-deductible donations, the influence and lack of accountability in philanthropy, and the adverse impact of private equity on healthcare in this thought-provoking podcast.
48:04
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Quick takeaways
- Donating shares instead of cash allows wealthy individuals to avoid capital gains tax while charitable foundations can sell the shares tax-free, resulting in tax-saving benefits for both parties.
- Investing in the construction of factories in the US through legislation like the CHIPS Act and the Bipartisan Infrastructure Law aims to boost manufacturing, create jobs, and stimulate economic growth.
Deep dives
Mega Charitable Donations and Tax Benefits
The Chronicle of Philanthropy released its annual list of the biggest charitable donations, which showcased significant contributions from well-known individuals. Warren Buffett, for example, donated $540 million worth of Berkshire stock to the Susan Thompson Buffett Foundation, which focuses on women's healthcare. Donating shares instead of cash allows donors to avoid capital gains tax, while the charitable foundation can sell the shares tax-free. Although donors may not receive significant tax deductions, they can avoid paying taxes on the wealth accumulated in the donated shares over time.
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Discover
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