“It is now laundered.”
Posted on 07/13/2022 7:27:26 PM PDT by E. Pluribus Unum
Billionaire Microsoft co-founder Bill Gates said Wednesday that he plans to give his wealth to his foundation.
In a Twitter thread that doesn’t allow replies, Gates announced he was transferring $20 billion to the Bill and Melinda Gates Foundation’s endowment this month and will increase spending to $9 billion per year by 2026.
“As I look to the future, I plan to give virtually all of my wealth to the foundation,” Gates wrote. “I will move down and eventually off of the list of the world’s richest people.”
Gates is currently the fourth-richest person on earth and has a net worth of about $129 billion, according to Forbes magazine. Gates has also been characterized as the largest private owner of farmland in the United States, owning over 260,000 acres of land.
“I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives,” Gates added on Twitter. “And I hope others in positions of great wealth and privilege will step up in this moment too.”
According to FoundationSource, private foundations such as the Bill and Melinda Gates Foundation are classified as tax-exempt 501(c)(3) organizations by the Internal Revenue Service. They are not subject to either federal or state estate taxes.
“Being self-funded is an advantage, enabling foundations to avoid the IRS tests that are required of public charities. Although not prohibited from doing so, private foundations do not typically engage in fundraising,” the website says.
Bill Gates, Melinda French Gates, and Warren Buffett founded the Giving Pledge about 12 years ago, asking wealthy individuals to commit to donating more than half their fortunes to various causes. In his Twitter thread, Gates also thanked Buffett—also one of the richest people in the world—for donating to the Bill and Melinda Gates Foundation in recent years.
Farmland Purchase In recent days, Gates has courted controversy in North Dakota after a Gates-associated entity, Red River Trust, purchased 2,100 acres of farmland in the state for $13.5 million. But on June 29, North Dakota’s attorney general cleared the sale of the land after finding that it complies with state laws.
“I’ve gotten a big earful on this from clear across the state, it’s not even from that neighborhood,” Doug Goehring, the state agricultural commissioner, told local media. “Those people are upset, but there are others that are just livid about this.”
When asked about why he purchased so much farmland in recent years during a Reddit thread, Gates said that “my investment group chose to do this. It is not connected to climate.”
“The agriculture sector is important. With more productive seeds we can avoid deforestation and help Africa deal with the climate difficulty they already face. It is unclear how cheap biofuels can be but if they are cheap it can solve the aviation and truck emissions,” Gates said.
“It is now laundered.”
Henry Ford II resigned from the Board of Trustees in a "surprise move" in December 1976, but his grandson Henry Ford III currently serves on the board:
(Channeling Red Buttons) I bet he could still get a dinner!
Is that like Hillary giving money to her own foundation? 🤪
So he cares more about the plight of poor Africans than he does about Americans? How many poor Africans bought his stuff, thereby making him a billionaire? It’s called “biting the hand that feeds you.” 🤬
"Uncle Remus, who said to Uncle Ben, 'You're a credit to your rice!'. Never got a dinner!"
No doubt he’ll squirrel away enough wealth to pay the maintenance and upkeep on his five mansions (ranging from 10,000 to 66,000 sq ft) and his two $40 million, 13-passenger Bombardier jets (sleazeball didn’t even buy American-made).
Ha!
Welcome to the party.
It is scary looking behind the curtain.
He will manage his agricultural empire and concentrate on the Great Reset. He’s not through with us yet.
Foundation
Globalist code word for tax shelter/money laudering
Giving your money to your self bill ?
Poser.
Even conservatives that set up foundations end up creating an organization that is eventually run by a bureaucracy that shares the beliefs of the inteligencia. For the last several decades that means liberals. The organization will continue to misallocate resources for many many years into the future.
Which, in turn will buy him everything he wants.
Tax scam is all, not generosity.
Any property placed into a residuary trust is subject to gift tax if during life or estate tax if at death. It does not avoid any taxes. Gates is avoiding taxes because he’s making donations to a 501(c)(3) charitable organization. He gets a charitable donation deduction for whatever he gives away. If he gave his entire $130 billion to the foundation he would pay no gift or estate taxes.
He’s basically taking money out of one pocket and putting it in another. I don’t give people that much credit for ‘giving away’ their fortune when they’re really keeping control of it. Or for giving away money after they die and can’t use it anyway. Or if they ‘give it away’ to accomplish some political goal they want to accomplish anyway. So maybe he screwed his kids out of their inheritance. So what, maybe he doesn’t like them. Not much of a sacrifice if you’re a psychopath. What would be more impressive is if he gave away his money in a fashion where he completely lost control over it well before he shuffles off into the great beyond. Or maybe give back the money to the people he cheated out of it so they can gain accolades on social media how wonderful they are.
Except he’s giving the money away. Sure,the feds don’t get any of it, but he doesn’t have it any longer.
this is a way to live like a billionaire but not pay income tax
“Except he’s giving the money away. Sure,the feds don’t get any of it, but he doesn’t have it any longer.”
The Foundation will always use the money better than the Feds.
Buy some bras first....
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