this post was submitted on 23 Jun 2025
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I think they don't know how taxes work. Taxes are paid on income and realized capital gains. He's not renting venice from his Amazon stock...
Billionaires go so far as to ask donations to charities from their service customers so they can pay less taxes. They are effectively making themselves richer, common folk poorer and calling it altruism because some charities get money from average income people rather than billionaires.
This is a common misconception. If a person or corporation takes money for charity, like rounding up for bill at point of sale, that entity doesn't get to write that off taxes. They can claim publicity for raising money for charity, but they didn't get any direct financial windfall. They would only get something if they were to say, match the donation contribution.
Here is the kicker though; Often the entity in question will OWN the charity they are donating to.