eli5 what do people mean when they say billionaires dont get taxed
In: 9253
Remember that rich old man who sold his company to save climate?
He sold 90% of the shares to the climate defense NGO and 10% to his own family’s foundation. Those 10%? They are the control shares so essentially, he kept power of his company within his family.
Why through a foundation and not directly to his children?
Because it’d be taxed 40% out of the $3B. Instead it was about hundreds millions. A drop in the ocean.
Why retaining power?
Because the foundation turns out to be under a special regime where they can invest $ into political campaign without cap, whilst regular NGOs can’t.
In short: 1. the man dodged taxes you and me would pay, 2. turned his business into a $3BILLION worth political influencing/lobbying machine that can literally change the face of the world, 3 gets painted as a climate change hero.
The city he was born in erected a museum for him actually decades ago.
This is what billionaires do: write themselves in history as self made, altruists by getting in control of media.
I’ll never forget how LinkedIn was flooding with adoration and I could sniff how fishy that all was. The. Adage savage posted his video, and yeah. He confirmed my suspicions.
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