this post was submitted on 09 Dec 2024
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The only good billionaire (lemmy.world)
submitted 2 weeks ago by [email protected] to c/[email protected]
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https://en.wikipedia.org/wiki/Chuck_Feeney

https://www.atlanticphilanthropies.org/news/former-billionaire-chuck-feeney-philanthropist-who-pioneered-giving-while-living-has-died-at-age-92

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[–] [email protected] -1 points 1 week ago (1 children)

If I sell a million dollars of stock and pay $400k in taxes, I have $600k. If I give away $1,000,000 in unrealized gains I get either nothing, or I can do a tax write off and maybe save like $200k in taxes. Either way I'll have less than the $600k I would have had. At best it's a workaround to give several other people working for the "charity" money, but at that point why not just put those people on my own payroll and give them the $600k?