Is that because of a technical definition? I thought he does do a load of good for people. Regardless of whether he also profits from it. Isn’t that sort of a win-win? More reason to give back for him as well. But I don’t watch his videos and don’t know the fine details.
I don’t understand your annoyance. I would 100% be ok with my reaction being on the internet if my living situation gets a 1000 times better lol, and I’m pretty sure all the people in the videos feel the same way. You seem to have some Vendetta against this guy.
maybe you could say that about his YT channel, but he also runs a food bank in his city, right? I don’t think he profits from that, so at least by that token he is a philantropist
I’m not American, but tax write-offs aren’t free money afaik—you still end up with less money than you started with, had you not started the charity.
But, aside from that, you could say that about any other philanthropist, as most of them don’t get their money from thin air, which means they could use their philanthropy for tax write-offs. If that makes them not philanthropists, then there are no true philanthropists, which makes the distinction between fake and true ones meaningless.
tax write-offs aren’t free money afaik—you still end up with less money than you started with, had you not started the charity.
Exactly. Giving to charity basically just offsets the amount of income you’re taxed on. To give a really simplified example, say I’m making $100,000 per year and I’m taxed at 25%, so I pay $25,000 in taxes. But if I give $10,000 to charity and write that off on my taxes, I would be taxed as if I made $90,000 in the year, so I’d pay $22,500 in taxes.
Of course it gets really complicated when you own a business as well as your own tax-exempt charitable foundation and you distribute your money by donating to your own foundation…
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Is that because of a technical definition? I thought he does do a load of good for people. Regardless of whether he also profits from it. Isn’t that sort of a win-win? More reason to give back for him as well. But I don’t watch his videos and don’t know the fine details.
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Can you expand on this?
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Ok, but how is the person they are being generous to not benefiting from this arrangement as well?
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Yes, and they’ve accepted this arrangement in exchange for some benefit. Why is this bad?
I don’t understand your annoyance. I would 100% be ok with my reaction being on the internet if my living situation gets a 1000 times better lol, and I’m pretty sure all the people in the videos feel the same way. You seem to have some Vendetta against this guy.
maybe you could say that about his YT channel, but he also runs a food bank in his city, right? I don’t think he profits from that, so at least by that token he is a philantropist
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I’m not American, but tax write-offs aren’t free money afaik—you still end up with less money than you started with, had you not started the charity.
But, aside from that, you could say that about any other philanthropist, as most of them don’t get their money from thin air, which means they could use their philanthropy for tax write-offs. If that makes them not philanthropists, then there are no true philanthropists, which makes the distinction between fake and true ones meaningless.
Exactly. Giving to charity basically just offsets the amount of income you’re taxed on. To give a really simplified example, say I’m making $100,000 per year and I’m taxed at 25%, so I pay $25,000 in taxes. But if I give $10,000 to charity and write that off on my taxes, I would be taxed as if I made $90,000 in the year, so I’d pay $22,500 in taxes.
Of course it gets really complicated when you own a business as well as your own tax-exempt charitable foundation and you distribute your money by donating to your own foundation…