News for hackers. Stuff that matters.

A comment on Jeff Bezos Surpasses Bill Gates as World's Richest Person. Parent comment

Re:Jeff Bezos Surpasses Bill Gates as World's Richest Person by TotallyHuman on Thursday July 27, 2017 @11:09AM (#14865997)
The philantrophy thing with foundations is just a tax evasion scheme.
[ Parent | on HN ]
Re:Jeff Bezos Surpasses Bill Gates as World's Richest Person by sobani on Thursday July 27, 2017 @12:53PM (#14867084)
Can you explain this to me?

As far as I understand, at best you can subtract your donations from your income, so you won't have to pay income taxes on those donations. Even if you can subtract the donation directly from your taxes, you still lose the same amount of money.

Either way the philanthropist loses at least as much money as the taxes he would've paid without the donations.

[ Parent | on HN ]
Re:Jeff Bezos Surpasses Bill Gates as World's Richest Person by Dirlewanger on Thursday July 27, 2017 @12:53PM (#14867093)
Was it one a century ago when Rockefeller pioneered the practice though?
[ Parent | on HN ]