I consider Gates to be “better” than most billionaires, but, I recognize that he’s still a billionaire, and as such, his philanthropic endeavors are as much about him having wealth and maintaining his wealth as they are about him being a “good person”.
Let me explain: it’s a tax write off. Basically, billionaires often donate to charity, not because they’re particularly giving, but because it reduces their taxes. They basically take the money they would otherwise pay in tax, and instead pay it to a charity that then does whatever they do with it.
By establishing a charity for himself, he can personally pay his charity the money that would otherwise go to tax, then as the charity, dictate where those funds are spent. Instead of giving the money to someone else to do with as they will, he basically pays himself, so he can dictate what happens with his money.
In turn, he pays little to no taxes, and only has to ensure the money circles around his charity somehow. That may be in the form of paying himself (or others) as a function of running the charity, or sending the money to places and people who he believes can benefit from it (or indirectly, benefit him).
It becomes a large circle jerk of money that otherwise would have gone to the government for taxes.
EDIT: before this gets any worse: he’s not making money with tax write-offs. That’s literally impossible. The point is to control where your money goes. Here’s an example. In situation A, bill, the individual, wants a thing to happen… Say, it’s research into a new form of energy. So Bill takes $1000 from his gross income and pays someone to research that thing to make it a reality. At the end of the year, bill gets a knock on the door, it’s the tax man, looking for his cut off the $1000 bill earned. His cut is 30% or $300. Now let’s move to situation B. Bill wants the thing to happen, but Bill owns a charity. So Bill donates the money to his charity and gets a tax write off for it in the form of a receipt that he can submit later. As a representative of the charity, bill then pays that $1000 to people to make the thing. At the end of the year, the tax man comes calling for his $300 of bills income. Instead, bill hands the tax collector the receipt for the charitable donation he made with the $1000 of income. The tax man accepts it and leaves with nothing.
The charity is a tax shelter so that bill has more money available to spend on the things he wants to have happen. So more of his money can go towards those things without being taxed.
I hope that clears it up a bit. Jesus, there’s a lot of people here that don’t understand tax write-offs. There’s more that simply don’t understand me, or have literacy issues, and assume far too much about what I’m saying here. Yikes.
I’m convinced no one on Lemmy or Reddit knows what a tax break actually is or that YOU DON’T MAKE MONEY FROM THEM!
The above post seemed to be saying that:
-
Bill Gates pays less taxes as he donates to a charity
-
Bill Gates runs that charity
-
Bill Gates then gets to decide how that charity spends his donated money
This then means that he can use what should have been tax to:
-
Pay himself with the charities money, as he is an employee of the charity
-
Lobby politicians using the charity’s money
-
Otherwise direct the charity to work in his best interests
Which part are you disagreeing with? I guess he doesn’t “make money” in the strictest sense, but it sure seems like he’s exploiting the system to keep more of it
Pay himself with the charities money, as he is an employee of the charity
Why does Bill Gates earn nothing through the Bill and Melinda Gates Foundation?
Lobby politicians using the charity’s money
A 501©(3) organization is subject to heightened restrictions on lobbying activities, A 501©(3) organization may engage in some lobbying, but too much lobbying activity risks loss of tax-exempt status. Lobbying may not constitute a “substantial part” of the activities of the 501©(3) organization. [1]
Otherwise direct the charity to work in his best interests
I guess you can argue that eliminating malaria is in his best interests, but it’s pretty reaching. I guess nobody should do anything good if it might indirectly benefit themselves.
Fair, in this example Bill Gates isn’t exactly the best one to pick. And the clarification on the lobbying rules is definitely a valuable bit of information, so thank you for adding that.
I was more trying to point out that the original comment wasn’t saying that the tax break “made money”. It’s all about shuffling it around to avoid taxes.
At the end of the day, it allows Bill Gates (or other billionaires) to spend otherwise taxable income on whatever they deem important. Whether or not you agree with how they’re spending their money is irrelevant
to spend otherwise taxable income on whatever they deem important
Yes, that’s absolutely true, but the language hides the truth a bit. People don’t get the nuance of what “taxable income” is.
If Bill donates a thousand dollars to charity, he saves ~$370 in taxes. That means he’s still losing $630 on the deal. The government gets to effectively triple their money by allowing you to decide where it goes.
There may also be a limit of 60% of your AGI? I’m not sure how this works with billionaires.
Issue is if he’s paying himself with the charity’s money he’d have to pay tax on that, and if he wrote that off with a donation and paid himself again then it’d reset the loop - there’s no loophole there, literally, as it’d be an endless closed loop of transferring money.
Given the best interests of the US government are destabilising other countries and supporting unfair healthcare companies, and given what is known about Bill Gates’ charity spending I think a higher proportion actually goes to the betterment of society than would if it went to the US government
The part where he “gets to keep more of it.”
$1 in charitable contributions does not lower your tax burden by $1, and certainly not more than $1.
If that dollar would have been taxed as capital gains, assuming 20% capital gains and 3.8% NII tax, it saves 23.8 cents meaning the $1 donation costs 76.2 cents.
If that dollar would have been taxed as normal income, assuming a marginal tax rate of 37%, it saves 37 cents meaning the $1 donation costs 63 cents.
(These two examples are not intended to be an exhaustive list.)
Charitable contributions cost money, just not as much money as they would if there wasn’t a tax deduction.
-
I’ve come to the same conclusion. Every time there’s a corporation or billionaire either scrapping something or giving something away, then it’s “for the tax breaks”.
None of that makes sense with how taxes actually work. For every $1 donated to charity, the maximum you’re getting back is 0.37 from the tax deduction. That’s assuming you’re in the max tax bracket. The higher your tax bracket, the cheaper it is to give to charity, but it’s never better than keeping the money yourself.
There are games that can be played with charitable donations, but cash to a foundation is not really the way. The real games are played around with hard to value assets like art/jewelry where massively inflated values and weird lease terms can lead to some really questionable outcomes. For example “loaning” art to a museum and writing off the “rent” after having it appraised for some insane value.
The 0.37 you get back is the tax you paid on the income. The exercise is more about controlling where your money goes and what it goes to.
Instead of giving the money to the government, who you may not agree with, you’re giving it to a cause that either directly or indirectly can benefit you, whether that cause is a direct benefit in the form of helping with a problem that is causing you trouble, or simply as a good PR move.
You spend money to get there, but now often than not you’re getting a benefit from the transaction.
Billionaires and their mentality and interests are fairly well known, for the most part. Bill is a co-chair of the foundation and likely recieves many benefits from holding that position, including a salary. He can also, as chair, influence who is hired, providing stable employment for people who are in his favor, while also getting a massive boost to his public image, all while paying himself a salary. He can also direct the funds that would normally go to the government as tax, who may spend it on things he doesn’t want to happen, and redirect those funds to something he would like to see happen, such as R&D into technologies (which is a nontrivial part of what the foundation funds).
For Bill, the charitable foundation is a win all the way around, except to his billion dollar bank account, which I’m certain is providing plenty of income on its own.
Quite literally he’s taking money out of the hands of the government and making sure money is being funneled into things that he thinks should happen. It looks very selfless on the surface but gates is a business man, this is just his most recent endeavor.
deleted by creator
Let you explain? That’s literally not how taxes work. Who falls for this shit?
The number of people who don’t understand the difference between a tax deduction and a tax credit is too damn high.
I’m not sure what you mean, since money you donate to charity is exempt from income tax. The taxes you would otherwise pay on income that you donate is refunded to you.
deleted by creator
You’re not wrong.
Check out the Behind the Bastards episodes on him to see how his charitable efforts often end up more destructive than not.
Isn’t he the sole reason that the covid vaccine (that was funded by 97% publlic funding) was sold for a profit?
Just listened to Behind the Bastards on Gates… Gates Foundation is all about drumming up capitalism in other countries. Worth a listen I assure you.
He’s not doing it for tax write-offs, he’s donating billions of dollars per year because he genuinely wants to help. He crushed a lot of people to get to the top, that’s indisputable, but he’s genuinely trying to offset that destruction now, and he’s possibly at a net positive effect on the world now. Actually, I’d say he’s probably at a net positive impact on the world.
See also early-1900s philanthropists who felt there was no point having a lot of money if you did not intend to spend every last cent. Liquor was illegal and the blowjob hadn’t been invented yet, so hell, why not build a bunch of pools and libraries?
Human beings can be complex enough to acquire money through evil means and still want to do good things with it. Sometimes even for good reasons! They’re not robots and they’re not monsters. They’re just assholes.
I don’t think it took tens of thousands of years of human evolution to learn that mouth on penis feels good. My dogs figured that one out entirely on their own.
Now, it may have seen renewed popularity with modern hygiene practices, but that’s a different topic.
So imagine there exists a charitable billionaire that wants to do good. How in your eyes would a billionaire go about donating their money without drawing this same criticism?
Hasn’t Gates already pledged pretty much his entire fortune to charity after he dies?
I guess the Devil’s advocate argument here is would you rather trust Bill Gate’s charity to spend the money or the US Government? Because from what I’ve seen, any time there is excess money in the US government it is not spent on social programs but on enriching government contractors and tax breaks for the wealthy.
They could use their money and influence to lobby the government in a positive direction, such as making sure taxes go toward social programs instead of killing brown people, and then simultaneously help fund that by filing their taxes fairly and paying their intended share rather than do this arcane skullfuckery to pay as little as possible. A great next step would be to lobby for tax code reform to close the arcane loopholes (and ofc massively raise taxes on anyone with an income north if $1M/yr) so that other, less charitably minded billionaires can start paying their fair share too, whether they want to or not.
So imagine there exists a charitable billionaire that wants to do good. How in your eyes would a billionaire go about donating their money without drawing this same criticism?
I’d say the answer to that, is that they should simply give significantly more than what they’re currently giving. We’re talking of people who could easily give away 99% of their wealth with 0 personal sacrifices. If they’re giving less than 0.1%¹ instead, I just want to know why?
I found this webpage extremely helpful for putting into perspective just how much good they could be doing: https://mkorostoff.github.io/1-pixel-wealth/
¹) That number probably needs to be a lot smaller, but I don’t want to make any claims.
Removed by mod
“Charity is the drowning of justice in the craphole of mercy.”
deleted by creator
deleted by creator
You should see what he released on Epstein’s island
We joke, but Epstein masqueraded as a wealthy investor/entrepreneur for like two or three decades before he was caught, so him merely having some one’s contact written down doesn’t mean much. In fact, Bill Gates has never been shown to have visited the island at any point, and Epstein was very invested in the Gates Foundation charity work such as loaning his plane for high profile individuals to fly to charity sites across Africa.
The fact that Melinda immediately filed for divorce after the news came out is pretty damning to me.
While I thought the same at the time, since then I’ve adopted a more nuanced view. My guess is that she was planning to divorce him for a while and just used an opportune moment to actually do it. Some rumors that can be explained away are not something that would end a healthy marriage.
Some rumors that can be explained away are not something that would end a healthy marriage.
I agree. My theory is he came clean with her, because he assumed it was going to come out anyway, and that what he told her was really bad.
I always thought it was more to do with the fact that their youngest son had just turned 18. So he was probably moving out of the house to college. There is a big culture here in the US to “stick it out for the kids until they move out” mentality. So I just thought that is what they were doing.
Thought it was because his office behavior was sus.
Oh no, not sus, dude was big on scorin with his employees.
deleted by creator
There’s evidence that Gates knew what was going on at Epstein’s parties, didn’t participate, but still choose to stay silent. Gates had enough power and wealth that he didn’t need to worry about retaliation either.
Does any of this “evidence” exist in a tangible way, or is it all hearsay?
It’s listed in Wikipedia and they have three sources listed for it.
Link?
https://en.m.wikipedia.org/wiki/Bill_Gates#Marriage_and_divorce
Edit: sorry, these are sources for that she chose to divorce him because of his association. I think I saw other sources before, I’ll look more later.
Gates met with him after 2006, where Epstein was inidicted for prostitution of a minor. It was known he was a POS.
“There’s no reason only consenting adults should have the experience.”
I hate mosquitos. All my homies hate mosquitos.
Mosquitos, flies, roaches. I could do with them all gone.
You probably couldn’t as the ecosystem is linking into each other
I’d take 1 global apocalypse for having all those suckers die. Thank you.
Well, too bad. We’ve got several already.
I don’t know man… So many species died out naturally and unnaturally and things moved along. I’d guess wager we can do without them 😝
Typical human.
And you’re not?
I sure am. Maybe just not as nonchalant about the whole “meh, so we killed off species” part
One of the reasons mosquito populations are out of control is that we’ve killed off a lot of their predators. No mosquito anywhere is a keystone species, and you would only need to wipe out the vector species. Other, less harmful species of mosquito would fill in nicely with less competition.
At least, that’s the theory. Previous theories included introducing mosquitofish to eat the larvae, but that backfired because the moquitofish are aggressive and don’t eat as many mosquitos as local predators driven off by the mosquitofish.
Mosquitoes are pollinators…
There are 3,500 different species of mosquito, and like 10 that are responsible for most disease transmissions.
We have enough pollinators
Idk man, unless someone can prove their vitality to the ecosystem I say we kill them and see where the chips fall.
One of the few good billionaires (lol maybe he is the only one ).
Edit : By comparison of course like good he done : evil he done ration . Not saying he is a saint.
He helped championed one of the Covid vaccines, but also forced the private ownership and profit of it. Something the scientists working on it didn’t want to do. This in an stark contrast to the polio vaccine, which was free and who’s lead scientist referred the idea as “trying to own sunlight”.
More specifically it was Jonas Salk, and what he said was “There is no patent. Could you patent the sun?” and then laughed at the thought.
Video of him saying it here:
This is true. It was said by Jonas Salk, who was attributed with the creation of the injectable vaccine in the 1950s that was greenlit for widespread use.
The injectable vaccine is a non-sterilizing vaccine (meaning you still get the disease, but your body can fight it off effectively - which is most vaccines). The injection vaccine was replaced by a sterilizing vaccine (where your bodily systems can kill the virus before you become contagious, and in many cases, before symptoms). The sterilizing vaccine, used to this day, is basically a magic potion that you drink. It kills the polio virus in your gut, which is the ingress method for polio.
From what I’ve seen, Salk didn’t live to see the success of his vaccine; but he’s a hero in my mind.
My late father was a polio survivor. He was permanently disabled as a result of the disease. He lost something like 70% of the use of his right (?) leg (could have been his left). He was still ambulatory, and could walk, but often needed to use his stronger leg when climbing stairs because his disabled leg was too weak to lift him up the stairs. He walked with a limp… And he was lucky. Post-polio survivors frequently had much more severe disabilities. I saw him struggle with the effects of it my entire life, and given he only had a relatively mild disability, I consider anyone who developed a poliovirus vaccine to be a hero of humanity, and anyone who refuses that vaccine to be an ignorant fool.
Salk’s comments are just icing on that hero status for me.
Don’t be a fool, get vaccinated.
You are unfortunately mistaken. Maybe in comparison better than others but that does not mean good.
I don’t have any links ready to prove that though, so I understand if you disregard that.
Of course i meant by comparison and no need for links i have heard some shit
Even with issues like polio where he’s supposedly doing good, he does lots of harm from my understanding. Probably not though malice, but being a know-it-all who uses their money to shape policy, the end result is still the same. Having a tech billionaire in charge of medical policy has caused many more people to suffer from polio as a result than would have without his meddling. And that’s the problem with billionaire: even if they try to be good, they’re no dieties and giving that much power to unaccountable individuals means they can accidentally cause lots of harm. And often the have perverse incentives (see Bill Gates and all he’s done to hurt education in the US, for example).
Sauce or it didn’t happen .
Source: Trust me, bro.
The best source now i have to believe it the power of the brohood compells me.
On the education thing, this AP article doesn’t go too heavily into policy details but does cover the extent of Gates’ influence on the American education system.
Or were you talking about the controversies surrounding the Foundation’s handling of certain diseases? Here’s one from PBS that’s arguably the most neutral I could find outlining criticisms regarding joint efforts between the Gates Foundation, WHO, and various governments/orgs on eradicating polio and issues with their strategies.
Or what didn’t happen? That the public didn’t get a chance to vote on how Bill Gates spends his money?
only a forcibly expropriated billionaire is a good billionaire
Gonna take a few downvotes and agree with you. Dude donates so much to the world health organization he beats all other COUNTRIES except for the US. If all billionaires were like him, the world would be a much better place.
Wrong. Gabe Newell is the only good billionaire.
bruh gaben is literally an ancap nutjob whose company is a breeding ground for all kinds of bigotry under the guise of mEritOcrACy
it’s only because he’s basically not a public figure that he isn’t tied with elon for worst billionaire
Yeah i had to look him up as i am not a gamer . Guy seems really nice but i don’t get what he did to be the only good one maybe share dome sauce ?
He and Buffet have been making a lot of progress towards affordable, renewable energy in poverty stricken and rural areas. So Buffet might be alright too.
Huh thanks that seems nice of him
He also held on to that COVID vaccine
He fucking did! Why the downvotes? He personally lobbied governments to make sure nobody released the patents to allow cheap vaccinations in developing countries
Gates got a bunch of defenders for some reason
deleted by creator
It couldn’t possibly have anything to do with his work in the eradication of polio and malaria, his efforts to provide clean drinking water to impoverished areas, and his program to create renewable cheap electricity for impoverished rural areas? Seems like that probably has a lot more to do with people’s perspective of him than the fact that trumpy bois don’t like him.
deleted by creator
It just wasn’t in your circle of influence before. He has been working in humanitarian aid for decades. His contributions are well known, and well documented. You can check for yourself, he has accomplished a great deal towards the things I mentioned.
some people like to join the winning team. It makes them feel like winnners themselves.
Citation needed.
Civil society organizations active in poorer nations, including Doctors Without Borders, expressed discomfort with the notion that Western-dominated groups, staffed by elite teams of experts, would be helping guide life-and-death decisions affecting people in poorer nations. Those tensions only increased when the Gates Foundation opposed efforts to waive intellectual property rights, a move that critics saw as protecting the interests of pharmaceutical giants over people living poorer nations
https://www.politico.com/news/2022/09/14/global-covid-pandemic-response-bill-gates-partners-00053969
Yikes. Do you know what justification was given?
i remember hearing, that their argument was, that a strong profit-incentive would motive the manufacturer to increase production as well as quality. I also remember that the debate around that topic was drowned out by some weirder theories. E.g. during that time q-anon was on the rise, and some people argued, that the gates foundation was using covid to implant microchips into people or something like that
source: my memory from a couple years back
Thanks. Sounds like the same ol “free market” argument then.
A not insignificant line of reasoning (though probably less important to people in power than the profit incentive) was also to keep the secrets of making the vaccine from bring revealed to other countries, which would apparently erode the USA’s pharmaceutical research advantage. An interesting article about this from the former director of NIST is here but I don’t necessarily agree with the reasoning.
I guess it doesn’t fit the good billionaire narrative
Anyone doubting this claim should read this article: https://www.politico.com/news/2022/09/14/global-covid-pandemic-response-bill-gates-partners-00053969
Gives a really good breakdown of the role of the Bill and Melinda Gates Foundation had in the global pandemic response and how they donated more money to the WHO during that time than any member country. How they have close ties to the WHO and how they hoarded the IP rights to the COVID vaccine resulting in lower income countries not having access to the vaccine.
It wasn’t “lower income countries not having access to the vaccine”. It was just preventing them from making it. They can have subsidized access to high quality vaccines.
India wanted to manufacturer the vaccine in less than ideal factories. That would have hurt or killed some of the people who took it, and the vaccine would have been blamed. This is the literal reason why they said “no”. They fucking invented the vaccine. They would know.
The poor also experience gun violence in Minecraft
