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Politics : Stockman Scott's Political Debate Porch
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To: Gary Walker who wrote (61431)10/18/2004 5:04:58 PM
From: TigerPaw  Read Replies (1) of 89467
 
John D. Rockefeller gave away millions this way.

Of course the various Rockefeller charities also provided a benefit to the Rockefeller's. In a time when the estate tax was significant these endowments provided a tax free place to park money. They money was still under the control of the Rockefeller families as were the voting rights to the stocks within the endowments. These institutions could be counted on to vote the Rockefeller family onto boards of directors and other positions where the family could be assured of a large income for perpetuity without having to personally own (and possibly pay taxes on) the actual majorities in the companies.

TP
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