this post was submitted on 10 Sep 2023
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Clever Comebacks
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Moving $124B from the "Fuck Around Fund" to the "Fuck Around Fund (Tax Exempt)"
Exactly.
They aren't giving their money to other people. They're giving their money to their own charities, either that they created or that they have some control over the board.
They get to take a deduction on their personal taxes the year that they move the money, so they move is slowly based on how much they want to limit their tax liability that year. Good year for amazon = move lots of money. Bad year where he can take a business loss = retain direct control over the cash.
Then when it comes time to spend it, they know what it's getting spent on. Vaccines for the poor like Bill Gates? Buy up pharma stocks. Climate change initiatives? Buy up stock in carbon capture companies, solar companies, etc.
They make this money back, and they get a benefit every time it moves.
All that plus they control even more stuff, which is all they care about at that level of wealth.