The criminal MO to skim off tax-free money for themselves: The recipient Foundation takes a cut and deposits the rest of the donation offshore for the donor Foundation to use later.......all tax-free.
Makes one wonder if that is the pitch Democrat bundlers were using?
“We can make your campaign donation TAX DEDUCTIBLE! Just wire it in to the Clinton Foundation.”
Yep.
prime example of this skim was the xlintonista’s russian/uranium deal where donations were funneled though a canadian tax free foundation (w/no FOI) to the xlintonista foundation for $100mm or so.
reality is this allows tax exempt a dangerous competitive advantage compared to standard businesses.
(let’s take out the greasing of the skids by hildabeast state dept to make this illegal transaction possible)
eg: to end up with the same $100mm that was reported about this transaction, a domestic for profit “C” corp wanted to buy the same uranium fields they would have to have a taxable income of about $135,000,000 just to net the $100,000,000 the tax exempt foundation needed.
where the standard “C” may be operating on a net profit of a generous assumption of 10% that means the “C” corp would have to have Gross Income from operations of about $1,350,000,000 to net after tax the same $100mm the tax exempt 501C has.
the real magic is as Liz mentions, one charitable 501C3 can dontate to another 501C3 and deduct the donation.
so to end up with $100mm bottom line, they simply take in tax exempt donations of $100mm.
the beauty of this, in the eyes of the xlintonista regime, is that they reported to the IRS a deduction that they made on a charitable donation of $1 million last year to their own foundation which pays NO taxes,
it actually screwed the US gummit taxpayer out of about $350,000.00 in the process.
I mean the scam is soooo great “the bern” has already set up his own foundation!!
and just by reading the news of obammy family’s $20,000 dresses and $25mm home purchases, I’m sure he’s got his own tax exempt foundation up and running by now.
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The IRS has affirmed that the biggest money-laundering, tax evasion frauds are one Foundation writing a check to another Foundation.
The criminal MO to skim off tax-free money for themselves: The recipient Foundation takes a cut and deposits the rest of the donation offshore for the donor Foundation to use later.......all tax-free.
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If illegal, what’s the prosecution vs. win rate? I’d bet $ to donuts it’s more akin to ‘lock up the small potatoes and let the big fish go’