Posted on 11/24/2017 3:00:14 PM PST by reaganaut1
Congress is still scrambling to find ways to pay for its tax cut, so perhaps it should pay closer attention to last month’s news that George Soros had transferred $18 billion of his fortune to a private charity that he controls. There it will be sheltered from the Internal Revenue Service forever. This may be the single biggest tax dodge in U.S. history, yet no one on the right or left seems to have raised an eyebrow.
True tax reform is predicated on the principle that all income should be taxed at a low rate once, and only once. But much of the wealth that Mr. Soros spent years moving into his Open Society Foundations will never be taxed. A gift of billions of dollars of appreciated stock escapes any capital gains tax, and the estate tax as well. So Mr. Soros can donate appreciated stock that Open Society Foundations can liquidate without the government ever taking a cut.
There’s more. When a person donates untaxed, appreciated assets to a private foundation, he may also deduct up to 20% of its market value on his personal return, carrying forward this deduction for five years. This double write-off may be the sweetest deal in the tax code.
The donors also can retain control of the money within the private foundation for years or even decades before it is disbursed. Since the foundation can employ family members at six-figure salaries for life to “administer” it, the umbilical cord to the donor never has to be cut.
Congress should stop ignoring this tax-avoidance scheme. The super rich have already poured hundreds of billions into private foundations, but the figure could soon be in the trillions.
(Excerpt) Read more at wsj.com ...
Sunset the foundations.
Bill Gates put 28 billion in his foundation.
Bookmark
Is it like the Clinton Foundation “non-profit” that pays for all the Clinton utilities, servants, cars, private jets, parties, in other words almost everything they do?
“Foundations” were founded in the early 20th century to launder money and clean up the reputations of the evil oligarchs—elites like the Rockefeller and Rothschild and Carnegie families. Through the foundations they are able to become filthy wealthy, skim money, keep money in the family and make their evil buddies filthy wealthy, people who will do their bidding (like politicians). It ends up being the Leviathan which controls absolutely everything like schools, universities, textbooks, politicians, Hollywood, script writers, musicians, etc., so they can control all ideas and perceptions of the masses.
We have to destroy the System-—it is evil and only produces evil.
So glad to see this in the Wall Street Journal this morning.
Agree
Foundations, and other similar structures are Tax Shelters for the 1%,
They should pay their fair Share of taxes just like everybody else
One can contribute all you wish, but the contribution,
after some maximum, must be declared as taxable income
Say... ~$10,000
Or remove the Tax deductability of
ALL contributions to all non-profits
... Including... Ahem... Churches
ALL contributions to all foundations and the like
ALL contributions to politicians, and political parties
All contributions to Labor Unions
Adjust the tax schedule accordingly
This idea is infuriating.
Pres. Trump got hammered for a carry forward tax write off
Not a peep on this one.
“can employ family members at six-figure salaries”
Then those employees would be paying income tax and FICA on that money.
Why would the legislators want to change anything? They don’t pay taxes. They get perks. Remember during the campaign the president saying he could buy politicians?
I have to tell you though, for the last couple of days I have been studying the book of Micah in the Old Testament. There truly is nothing new under the sun...
chap 3
1 “Hear now, heads of Jacob
And rulers of the house of Israel.
Is it not for you to know justice?
2 “You who hate good and love evil,
Who tear off their skin from them
And their flesh from their bones,
3 Who eat the flesh of my people,
Strip off their skin from them,
Break their bones
And chop them up as for the pot
And as meat in a kettle.”
11 Her leaders pronounce judgment for a bribe,
Her priests instruct for a price
And her prophets divine for money.
*****
Our nation is in the same condition as Israel and Judah were during this prophecy. God is patient. When the people repent, then and only then will He hear their prayers.
It sure is. You nailed it.
And I was just listening to Jay Dyer, a philosopher, who
studies the elites and Hollywood and the Lucifereans and transhumanism— and he was basically quoting your Chap. 3, verse 2 and 3-—EXACTLY.
Why can’t everyone here do the same? It’s legal. All I need is someone here to give me 18 Billion dollars so I can set up my own foundation to control and manipulate.
Flat tax 10 percent. No deductions of any kind...none. Sunset the dodges. ALL pay something...All!
I agree. End all tax-exempt foundations and 5013c’s.
The FOUNDERS specifically set up the Federal Government to be funded by excise taxes, which still bring in close to a TRILLION dollars each year.
NO INCOME TAX, NO 10%.
There are hundred of thousands of FEDGOV employees in make work shuffle paper around jobs making over $125,000.
The income tax is EXTORTION used to pay for a jobs program for imbeciles and to pay off half the population to vote for Democrats.
And NON-profits can employ ANYONE at those wages.
NP sure as heck does NOT mean low benefits.
I'd like to see a compromise which caps the deductible contribution at, say, $10,000 or a modest percent of income. Maybe 10% for those earning $250,000 or less, gradually decreasing to 1% (or less) for those earning over $5 million. Charitable contributions which even partially replace government handouts are a good thing.
Buffet, Gates, Soros, all billionaires that sheltered their enormous wealth. The same guys that want to social engineer society, use tax payers to fund their grand designs, and lecture tax payers constantly that they are not doing enough. All hypocrites.
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