Chuck Feeney Is Now Officially Broke

Re:Chuck Feeney Is Now Officially Broke by paulpauper on Tuesday September 15, 2020 @05:21PM (#24486842)

This would hurt family owned businesses. Under such a system, within a family, everyone would keep their money to themselves. Let's say your dad wants to open a restaurant, so you donate $1 million, and the business does well, but then he unexpectedly dies and the his net worth is assessed at $5 million. Now you are out $1 million due to the tax. pretty bad deal.

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Re:Chuck Feeney Is Now Officially Broke by JoshTko on Tuesday September 15, 2020 @05:48PM (#24487117)

I think that is the point? To reduce legacy wealth and force each generation to compete on a level playing field

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Re:Chuck Feeney Is Now Officially Broke by bena on Tuesday September 15, 2020 @10:41PM (#24489041)

Why donate? Why wouldn't you invest in it and become part-owner yourself?

But you can also flip that around: Let's say your dad opened a Facebook, but then dies, why should you get $98 billion? You didn't do anything. Why is that now yours in the first place?

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Re:Chuck Feeney Is Now Officially Broke by mleonhard on Tuesday September 15, 2020 @10:36PM (#24489011)

In your example, you could just make a loan instead of a donation.

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