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by Retric
3226 days ago
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If I pay you 10,000$ you and I pay a tax. But, there is a separate gift tax deduction and small gifts.
https://www.irs.gov/businesses/small-businesses-self-employe... Donations are really a 3 way tax break, I don't pay taxes on the gift, you don't pay taxes on the gift, and I don't pay income taxes on the money I use as a gift. (The arguable forth deduction is I don't need to realize capital gains before giving a gift.) PS: The only way to actually lower taxes is to lower spending. Anything else is just shifting the burden to someone else. |
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That doesn't make sense given the sums we're talking about. If I give someone $100 million (non-charitable), I don't have to pay an extra tax on the giving, I only pay taxes on the income. You're referring to a very specific gift tax scenario.
The majority of the Gates Foundation giving is not within the US. The people on the end receiving should not pay taxes on that as it pertains to the US. Further, the Gates Foundation giving within the US will frequently end up taxed after the gift via income taxes on salaries (whether we're talking about scientists, secretaries or in the field workers receiving foundation dollars to operate as part of a charitable organization).
The scope to the triple tax premise is, in reality, dramatically more narrow.