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The only good billionaire
(lemmy.world)
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this post was submitted on 09 Dec 2024
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Then they didn't actually give the money away, and they still aren't saving or making more money themselves by doing that.
If I sell a million dollars of stock and pay $400k in taxes, I have $600k. If I give away $1,000,000 in unrealized gains I get either nothing, or I can do a tax write off and maybe save like $200k in taxes. Either way I'll have less than the $600k I would have had. At best it's a workaround to give several other people working for the "charity" money, but at that point why not just put those people on my own payroll and give them the $600k?