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Politics : Politics for Pros- moderated
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To: LindyBill who started this subject3/8/2004 4:14:10 PM
From: redfish  Read Replies (1) of 793895
 
If you want to point a finger at the tax code, private foundations is where you should point it.

Bill Gates gets an income and gift tax exemption for contributing to his private foundation. In exchange, he gets a deduction and has his dad on the board, earning a handsome sum every year.

But the foundation only has to donate 5% per year to keep its tax-exempt status. It will almost certainly earn more than 5% per year, so the assets are constant or rising.

Thus, Bill has established a "piggy bank" for his family for generations to come ... anyone in the family who is hard up for money can come work for the piggy bank.

And you and me paid for it.
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