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tj444 -> RE: Yet .....ANOTHER....study regarding the wealthy (8/11/2011 7:33:24 AM)
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quote:
ORIGINAL: vincentML
It is naive to believe that pride and power are not motivators for philanthropy. Why else do Carnegie, Stanford, Rockefeller, and Bill and Melinda Gates have their names on Foundations and Buildings? Modesty? Nah. The wealthy build monuments to themselves like the pharaohs built pyramids, but they call them institutes or colleges.
Check me on this. To retain tax exempt status a charity need distribute only 5% of its Funds each year. The remainder can go to salaries/costs or continue to grow untaxed. Once Bill and Melinda completed their 66,000 square foot cottage for two (lavishly advertized and showcased) any further accumulation of price in Microsoft shares would be taxed at what 35%? His donations were in the form of Microsoft shares. What else could he do with them? And, oh btw, wasn't the donation tax deductable? Makes me wonder how much charity would be given by the wealthy if it were not denied to the Federal and State govts.
Pride, power, and tax evasion: prominant motivators for charitable giving by the wealthy, I think.[/size]
Yeah, and where i am living now the owner has subdivided his property into 4 lots and named the lane after himself.. so what? He is not rich and imo he named it that for lack of a better or more unique name (since so many have already been used). Imo, just because someone names a charity after themselves, it doesnt mean they do it just to see their name up in lights. FFS, him starting Microsoft and turning it into what it is today has done that for his name and ego well before his charities.
Imo, him using his name for his charity gives it instant credibility, encourages people to learn more about the charity and give a donation where they would not had it been named something generic, and those that he knows and respect him likely give a greater amount.. so a win for the charity, in that respect.
Do you have links to your claims to show that his charities showing that only a small amount actually goes to the cause and the rest to pay him a salary? Did the cost of his cottage get paid for by one of his charities? Again, I would like to see links? I would think donating the shares makes more sense since he would have to sell them otherwise and that would lower the amount he would get, as soon as he started selling them people would panic thinking their MS shares are gonna tank and they would sell too, creating a downward price spiral so less for the charity once he got thru selling them. Why shouldnt donations be tax deductible? I am far from rich but I can donate my old car and get a tax deduction too, tax deductions provide one incentive but not the only reason people give. Sometimes they do it because they lost someone dear to them (like from AIDs) or because they want to give back to the school and help someone else deserving help or various other personal reasons.
But you go ahead and think what you want, I just dont happen to agree with you.
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