They get a huge tax write-off but they are still giving up at least the same money aren’t they? The issue is rather that these foundations may benefit them in another way, for example by providing a salary to their family and friends, if I understand that correctly.
Exactly. A portion of the money is funnelled back to them. Social events for networking become tax write offs when they add a “Help the kids” box out front.
That’s the whole idea behind “philanthropic foundations.” Rich people benefit from “charity” by getting huge tax write-offs.
And then the government decides that society can depend on those charities rather than any sort of social safety net.
They get a huge tax write-off but they are still giving up at least the same money aren’t they? The issue is rather that these foundations may benefit them in another way, for example by providing a salary to their family and friends, if I understand that correctly.
Exactly. A portion of the money is funnelled back to them. Social events for networking become tax write offs when they add a “Help the kids” box out front.
Not necessarily. There are a lot of scams involving charity. Here’s a small, ad-hoc made-up example to illustrate:
Is it really possible to write off based on estimated art value rather than initial price?