I'm ambivilent.
So, they don't have to pay estate tax and get to maintain control of the money since it's in one of their private foundations. They put who they want on the board, I fear this is going to perpetuate the wealthy's grasp on wealth quite possibly for generations.
Fern
^_^
You got it.
Hardly any taxes to pay in the first place >> threaten to go outside the US if no tax reductions received (As do many big companies and have done before).
I would not be surprised if gifts and donations are tax deductible.
And it creates an enormous amount of goodwill among common people until the end of time. Because of their lack of understanding or because of their blinding view of a messiah like figure.
Just last week i told these very same reasons to a colleague and he responded that i should not be so negative. I guess i offended his god. I was and am just being realistic. Oh by the way, that colleague sees Bill Gates as a god while my colleague favours Marxism... Now that i think of it, interesting it is. Because from a certain perspective, it would seem the nouveaux riches are creating a revolution when reading about these donations(which they still have full control over).
Do not get me wrong, if i where in the extreme rich position, some of those very same techniques i would use myself if i was that rich. Money is a tool to accomplish things.