Re:High taxes be damned, the rich keep moving to California
by blihp on Tuesday March 12, 2019 @03:16AM
(#19366020)
You set up your own charitable foundation/trust which you control. While technically not your money anymore, you get to decide how it gets spent. I even heard about a man who had his charity buy a portrait of himself ;-) Snark aside, lots of people with money do this and while they don't technically ever get to see that money themselves again, they can and do spend it in exchange for influence/favors.
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Re:High taxes be damned, the rich keep moving to California
by gnicholas on Tuesday March 12, 2019 @03:27AM
(#19366080)
There are limits on how much you can deduct when donating to a foundation you control. So you can’t wipe out all of your income this way, whereas there aren’t the same type of limits on donations to unrelated charities.