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Tax dodging is when you illegal don't pay tax. And the assumption is the only reason they give it away is so they don't have to pay as much tax...but if they are giving away 50% of their income each year they are far exceeding the amt. needed to dodge tax.
Buffet doesn't dodge tax, he just submits his taxes using the rules that exist. That isn't 'dodging' taxes....that's following the tax code and yes he admits he pays a smaller rate than his secretary (I think he's making a point not necessarily basing it on fact).
Tax dodging is when you illegal don't pay tax. And the assumption is the only reason they give it away is so they don't have to pay as much tax...but if they are giving away 50% of their income each year they are far exceeding the amt. needed to dodge tax.
Buffet doesn't dodge tax, he just submits his taxes using the rules that exist. That isn't 'dodging' taxes....that's following the tax code and yes he admits he pays a smaller rate than his secretary (I think he's making a point not necessarily basing it on fact).
you are right, these people are using the tax code to avoid paying taxes. but remember a few things;
1: romney did the same thing and he was burned for it.
2: remember who controls the gates foundation, bill gates.
3: gates still gets money from the foundation, since he runs it, and the foundation can pay his living expenses as part of its contract with gates.
American Henry Wellcome left a fortune to British Scientific research, the Wellcome Charitable Trust now has an endowment of over £20.9 billion and is second in the world after the Gates foundation.
the kochs, waltons, mercers, romneys, etc. all have their own foundations. when you get that rich, regardless of whether or not you are liberal or conservative, you set up the foundation to protect your money to protect it from the government. its a standard practice by the super rich.
and all these foundations do good works around the world, you just dont hear the conservatives blowing their own horns in this manner.
but where do you think the foundation money comes from to begin with? from the businesses you either love or hate. you hate walmart, but the family does put a lot of money into their foundation. as for what walmart pays their employees, that is a subject for a different thread, and even then you are likely wrong about it as well, since most walmart jobs are ENTRY LEVEL jobs. perhaps you should run your own business and pay your employees what you think they should make for what ever job you hire them for, and come back in a few years and let us know how ti is working out for you.
yes i know about what the gates foundation does, and i think it is a good thing. in fact, except for the clinton foundation, they all pretty much do great things with the money invested in those foundations.
once again however you took something i said and are trying to make it seem like i said something else. my point was that gates is putting money away out of reach of governments around the world. foundations are tax free instruments that the super rich use to avoid paying taxes. the only catch to setting up a foundation though is the foundation has to give away a certain percentage of its net worth each year, but that is far lower than the taxes that would have been paid on that money.
here is another bit of hypocrisy from the left; in 2012 romney was excoriated by the left for donating $14 million in one year to a variety of causes. he could have wrote off ALL that money on his tax returns, but he only wrote off half that amount. so romney paid MORE in taxes than he should have. and then he was excoriated for having LEGAL offshore bank accounts. he wasnt hiding any money, yet the left blasted him over their assumption that he was.
now gates publicly donates to HIS foundation, and the left praises him for not paying taxes. even though you dont realize that little fact.
as i have said many times, foundations are great, i like them and the good works they do. but dont get hypocritical here and claim that this donation is purely a humanitarian thing, because it isnt.
o and who do you think controls the gates foundation? thats right bill and melinda gates. they also make money off the foundation. one more thing, foundations are not only insulated from taxes, but they are also insulated from lawsuits.
Gates does NOT make money off the foundation, you are simply making that up. like many low information posters you are taking unfounded rumors and adding to them with made up BS.
The gates foundation is fully reviewed by the IRS just like any foundation, if they caught Gates taking monies out of it in any way shape or form (and that includes self dealing) Gates would land in court pretty damn fast. and NO NO NO they are NOT insulated from lawsuits. like any entity in the USA if they breach law they can be sued in criminal and civil courts.
What i see is you trying to discredit a good man with unsubstantiated slights and accusations. You are lucky the libel laws are so lax in the USA .
Gates does NOT make money off the foundation, you are simply making that up. like many low information posters you are taking unfounded rumors and adding to them with made up BS.
The gates foundation is fully reviewed by the IRS just like any foundation, if they caught Gates taking monies out of it in any way shape or form (and that includes self dealing) Gates would land in court pretty damn fast. and NO NO NO they are NOT insulated from lawsuits. like any entity in the USA if they breach law they can be sued in criminal and civil courts.
What i see is you trying to discredit a good man with unsubstantiated slights and accusations. You are lucky the libel laws are so lax in the USA .
if gates is running the foundation, then the foundation can pay his living expenses, pay him a salary, etc. so yes gates IS making money off the foundation, but he is doing so in a legal manner. i in no way said gates was doing anything illegal, in fact just the opposite. perhaps you need to study up on foundations and learn what the people who run the foundations can and cannot legally do to make money off the foundation.
remember that a foundation is just a business that does charitable works, and is tax free to minimize the tax bills of the ones that run and donate to said foundations. also foundations can make money without paying taxes, or did you not know that?
There's one falsehood after the next in this thread.
In summary:
Bill Gates pays taxes.
Warren Buffett has not bragged about paying so little in taxes.
Gates and Buffett have stated more than once there is something with our tax system that they pay less in taxes percentage-wise than the people working for them who make far less.
Trump pays taxes but takes advantage of legal loopholes - the largest one being a loophole pushed by Bill Clinton when he was President.
The Clintons take advantage of those loopholes, as well.
if gates is running the foundation, then the foundation can pay his living expenses, pay him a salary, etc. so yes gates IS making money off the foundation, but he is doing so in a legal manner. i in no way said gates was doing anything illegal, in fact just the opposite. perhaps you need to study up on foundations and learn what the people who run the foundations can and cannot legally do to make money off the foundation.
remember that a foundation is just a business that does charitable works, and is tax free to minimize the tax bills of the ones that run and donate to said foundations. also foundations can make money without paying taxes, or did you not know that?
Again BULL. You are making junk up because you lack facts.
so you use weasel words to cover up you lack of knowledge. You did not say "gates gets paid living expenses" you said he "can" claim them. pure weaseling BS
it is simple Gates does not take a nickel from his foundation for a damn thing,
let me help you so you can finally stop making stuff up.
gates saved about 11-12% in taxes they would have paid on the $31,000,000,000. so by completely giving away 30 billion bucks they saved taxes worth about 3 billion. that is like giving away your house to reduce your taxes by one car. not exactly trying to rip anyone off are they robhm? seems to me you narrative has been crushed.
but dont believe me , why not look it the hell up like a reasonable human being..
i know i know , it is easier to just make stuff up so here you go , here is a link that PROVES you completely full of it.
it is all there for you. Including page 9 point 4. that makes it plaint the TRUST holds the 40 billion NOT bill G and the foundation may take up to 100% of the 40b at any time to fund operations.
Your attacks on Gates trying to pretend he is somehow fleecing the state or his foundation is disgusting and childish. You lack so much as a single shred of proof. all you have are empty accusations.
also worth noting gates does NOT run the foundation, he is a co chair not CEO. Gates does a lot of things, he cannot commit enough time to run his foundation or MS or his many other endeavors.
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