Just a reminder, these donations go to his own charities as a tax deduction.
If the charity itself is doing proper work, that makes sense tbh. I mean, if you had billions to donate, would you give it to some random ass organisation… Or set up your own thing to do things that you personally agree with?
If the charity itself is doing proper work
I would be utterly shocked if it was.
I’d you want to see how it’s done, check out what his Ex-wife did with her money from the divorce
https://www.theguardian.com/society/2022/dec/15/mackenzie-scott-billionaire-donations-non-profits
Agreed, and I’m find with the tax deduction if the charity works they do is legit, it’s not like he is paying taxes anyway.
That’s… actually a good point.
Yeah and if he donates a majority of his wealth, thats more than he would have been taxed regardless.
This is exactly the issue. He doesn’t “donate” shit. He opens a non-profit that does nothing but funnel his fortune to his children. It’s all a sham. Same as with that other clothing company who “donated” their entire fortune.
Not sure about elsewhere, but in Canada a Charity is a special kind of non-profit that has more public oversight as to how they manage their money, and allowed to write charitable receipts. Non-profits might do some good things, but you don’t get a tax credit for donating money to them, and there’s less oversight of how they’re managed.
Honestly, I’d go for the middle option: donate to existing charities that appeal to me. I don’t want to run a charity, it sounds like a massive headache.
You’re probably a different demographic. I’d guess the kind of people that become billionaires, assuming they actually want to be philanthropic, think that they can do a better job of managing their charities than existing charities would do managing their donations.
It’s definitely fair to say I’m in the “extremely unlikely to ever be a millionaire, let alone a billionaire” demographic!
i would definitely do the latter but that is not whats happening here
Because of course they do. Thanks for the additional info!
And there it is…
Also irs
I mean if you donate billions you kinda don’t want someone do a extit scam or it going to some very sketchy places… Tax reduction is a point but pretty far down the list.
And even if its for tax purposes, the money is then tied to certain purposes and will definitely do more good than as regular taxes. (and its way more than regular taxes)
Man i hate that guy but this bashing isn’t justified.
I wasn’t bashing him, just providing additional information as the headline is makes him sound like an altruistic hero “uniting humanity”. He isn’t. He will benefit from this in one way or another or else he wouldn’t do it.
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I’m so fucking sick of all these billionaires “pledging” their fortunes. “I promise to donate all my wealth when I die” then fucking do it you cowards, die already.
They donate their wealth to avoid taxes. Basically their families control the foundations, they donate and avoid a whole shit ton of taxes their next of kin get the money from the foundation.
Adam Conover did a video on it.
Now say this about Bill Gates and watch the downvotes pour in for… some reason
Eh, Gates is older and has shown more commitment to the idea than most. I still wouldn’t trust him as far as I could throw him but the foundation has done some good things for a long time. And maybe with fewer self-aggrandizing press stories compared to others.
How do you go and, true to the expression, really throw someone?
Does it imply throwing a human being as we’d throw a log? Perhaps a brick? I’d expect it involves a lot of physical strenght. And does it imply being from a stationary position?
Does throwing someone down a window or from a moving car or perhaps a boat count?
It intrigues me.
Left hand by the scruff, right hand by the belt, lift, swing forward, back, forward, and release. Easy :)
Let’s not forget, that while they “pLeDgE”, they are also literally fucking their workers at the same time and expect that it all cancels out…
Was just gonna say its always some vague cause instead of an actual concrete thing they’re donating to.
This is the same thing that other billionaire did with his fortune. Gave 3 billion “away” to his own charity so his kids could inherit without paying a penny in taxes.
I make under 200k and the highest bracket I hit is 51% of my salary. Warren buffet has paid less than 10% taxes on his entire fortune. They’re playing us, the new cool thing is just to say it’s for the climate.
Bezos pledged 40 billion (maybe 20, can’t remember) I believe in 2019.
To date he has actually donated less than $200 million of it IIRC to any climate-related funds.
It’s just a bold face lie, not even taking his own charity scams into account.
FYI it’s “bald-faced” lie
Hey, don’t attack the man based on his follicles!
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It’s tax “brackets”. So from say 20-30k you’re taxed ~21%, the following 30-50k you make is taxed at another amount like 30%, and so forth. The last 30k made from 160-190k is then taxed at 49% (51% because I’m taking a bit more money instead of dumping into my pension fund etc…)
And yeah it’s Canada, but in the province of Quebec, the most taxed province of all (where education is still heavily subsidized/ free for people born there etc…)…
I’ve done this whole exercise on /r/theydidthemath years ago on reddit comparing to the US, and with all the medical insurance garbage they have there like co-pays after deductibles, tax credits, dental, daycares, tolls/infrastructure etc… It amounts to roughly the same as the taxation + private insurance in the US. It just “looks worse” because it’s all mostly up front. I know ex-millionaires in the US who were basically homeless because they had a sick baby who needed to stay in the hospital for a year after birth. It cost them 5 million dollars to keep the baby alive without having to go to court with the insurer. This doesn’t happen in Canada.
I’m fine with it, I just want the rich assholes to pay the same. I live very comfortably, bought a home in February this year and have more than enough.
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The thing you drug up about the US hasn’t been a thing for more than a decade. The individual out of pocket limit is $9,450 this year for an individual, and Pregnancy, maternity, and newborn care are considered “essential health benefits” so as long as it was an actual factual real health plan and not something like a health care sharing ministry, there’s no way you’re going in a millionaire and coming out destitute unless you did something phenomenally dumb like demand an NICU be built into your house. Out healthcare is broken in so many ways, but the bandaids do exist on the system.
I have no idea what his situation was, he had full healthcare. There’s the law, and then there’s bringing insurance companies to court over the law. This might have been about a decade ago.
An out-of-pocket maximum is a cap, or limit, on the amount of money you have to pay for covered health care services in a plan year.
The key word being “covered health care services”. This also does not cover their own expenses, loss of salary etc… These laws are intentionally complicated so it’s theoretically possible to be covered, but good fucking luck going through the loops.
You can still find studies that claim that over 500k people file for bankruptcy every year due to accumulating medical costs I’m sure all these people are stupid and had NICUs built in their homes…
Might be Canada, I’m in a similar situation and GTFOing. No way am I going to continue paying this much in tax but still lack quality education and healthcare for our kids.
Are you/your children Quebec citizens? Education and healthcare are very cheap and accessible. If you’re a foreigner here then yeah it might not be as easy. Healthcare is still free and medicine is subsidized to a minimum of 80%. Also medicine potency is regulated, knock off brands of “advil” are guaranteed to be as potent as the brand name, which is a huge plus and keeps medicine costs very low.
I have a lot of experience with the medical system in canada; my parents both died of cancer, so did my mentor, and were in treatment in the public system the same week they got diagnosed. They didn’t wait months to see specialist like is often thrown around on reddit.
Taxes. He should pay taxes.
What good does that do when government bans books, defunds schools and persuades people to become parents against their will and then cares more about corps then citizens? and breathe
Maybe the government wouldn’t do those things if they weren’t in the pocket of corporations. Corporations who buy politicians so to create tax loopholes so they don’t have to pay taxes…
the wonders of capitalism
Revolt.
Revolt? We haven’t even volted.
Haven’t even:
No. The government should take it from him as taxes that he avoided. So the people can decide how best to invest it instead of over egomaniac with a history is abusing his people.
To be honest, going all toward climate change seems better than what the government would use it for. That being said, he should definitely pay more taxes.
Dude for sure is going to spin up his own charities with lofty mission statements that he “donates” to which exclusively pitch solutions that require a lot of investment in his for-profit endeavors.
Don’t mistake money laundering for benevolence.
You know he’s not really giving it away, right? I bet my bottom dollar that his assets are being transferred to a fund he controls. Because the fund is categorised non-profit, it will receive max tax write-offs.
His ex-wife on the other hand, has given away butt load of money to actual charities.
Yeah if it actually goes towards climate change and “uniting humanity” that’s way better than giving it to any government.
And if it isn’t done with anti-public stuff on the side. Take bill gates, he funded a Covid vaccine which is great! But strings were attached, namely they were required to patent it. His charity consistently mandates ownership of intellectual property and partnerships with corporations. I fear something similar with bezos. You’re gonna need new technology and a push against overconsumption to do Jack shit against climate change. I fully expect him to not permit that new technology to reject patent or use a copyleft style license agreement. And I don’t believe the owner of Amazon will promote things like creating a society where we only work 20 hours and consume less low quality goods, instead opting for long lasting and repairable things that end up using less natural resources in the long run. Instead I expect him to throw billions at carbon capture, which is needed and can be done responsibly (especially if we build a strategic biofuel reserve), but is also the carbon equivalent of trying to out exercise your fork.
Jeff bezos funds a study how to fight climate change. Study finds humanity needs to decrease their usage of energy drastically and stop consumerism as we are doing it right now. Jeff bezos: (╯°□°）╯︵ ┻━┻)
The US government? LOL. How much of the taxes goes to fossil fuel and corn subsidies and to the military industrial complex?
The majority of our taxes goes to social programs and healthcare. Military spending is insane, but we have to keep in mind that taxing billionaires will absolutely bring benefits to the common folks.
I agree in principle, but the government would take the money and allocate 99% of it to the military budget rather than do anything useful with it.
No, the government generally has a plan and definite budget for their money, which includes social programs and infrastructure. You can debate about how good it is, but at least it’s there.
Giving money to a charity directly controlled by them (or their kids, or one of their billionaire friends) might just make that money disappear.
“Billionaire pledges” is the same vibe as “hopes and prayers” .
Except prayers have a higher chance of changing anything.
Unless he’s donating everything tomorrow, this is all bullshit.
First off he doesn’t have 124 billion. He is WORTH 124 billion, the vast majority of it being the worth of his stakes in Amazon. If he sells all his stakes in it, the Amazon worth would plummet and he’d be worth a fraction of what he’s worth today.
But lets say he has a 124 billion dollars. If he gives out 10 millions every day it will still take over 300 years. In that time his worth likely would.grow faster than he’s spending it so in 300 years he’d still be worth more than he is today.
All this charity stuff is bullshit, TAX THE RICH. Taxes will give honest amounts of money to governments who can then use that money for universal healthcare, universal education, universal income…
governments who can then use that money for universal healthcare
Press X to doubt
I’ll believe that if his plan is to unify humanity under his rule.
lol, “Pledge” just means, I might do it, so you can write a nice fluff peace on me and then I just conveniently forget to “Pledge” x amount.
It’s all fucking BS and theatrics, it’s easy to promise shit AFTER YOU DIE.
Way to make people root for your death
Yeah, let’s go! We should start posting: Jeff, die already, we need that funding.
Yea, unless he liqidates his assets and donates it right now, get t he e fuck outta here
lol you are a silly person. You must think if he liquidated his asset he will walk away with $124 billion dollar, don’t you? So silly… lol Once he is caught selling his stocks, so will the market sell theirs, and his stock will become worth pennies in no time, before he even clears his first stock-block sale. None of these billionaires are worth the tag assigned to them, that is a market value so long they stay in the game lol
Isn’t this the guy who wants to abandon earth and build a stupid sphere thing in space?
TOOK THE GHOSTS LONG ENOUGH
Ah, philanthropy. When you really want to fuck shit up, while keeping a clean facade.
Someone make Gates explain all his trips to Eppstein’s island already!
Not possible, they, ones that know, all been killed, others blackmailed.
What that means is he will invest that much in energy related projects during the course of his life. He did this the last time as well. He is not giving his money away. We are just used to turd ass quality journalism.
You can kiss all the babies you want, you still eat the ones at home.
Fuck a pseudo Phil.
