Here’s another reason for the deep desdain I have for charity along with the fashionable BS bourgeois rhetoric of self-congratulation “Social Entrepreneurship” “Socially Responsible Enterprises” etc. >:/
One-percenter (more like 0.001%) laughing all the way to the bank:
“Instead of contributing their own money, the Walton family relies on charitable lead annuity trusts (CLATs) to fund the foundation. The report suggests that the primary role of the foundation is not to give charitably, but rather to increase the family’s personal wealth through tax avoidance schemes. Using CLATs, a previous report released by Americans for Tax Fairness indicated the family successfully avoids an estimated $3 billion per year in estate taxes.”
Read the whole story: http://www.jwj.org/americas-wealthiest-family-uses-phony-philanthropy-to-increase-personal-wealth
Punkonomics (@DearBalak) 