Charitable Foundations or How The Rich Avoid Paying Income Taxes


	Charitable Foundations or How The Rich Avoid Paying Income Taxes

Kauaiguy

4-29-2008 1:35 PM

301 views

tags:

taxes, weath, politics

Kauaiguy says:

So much for philanthropy.

1 Comment |

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4-29-2008 11:09 PM

masbury

And the Clinton Foundation?

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/7053d69a-6402-4b3f-9c80-fdb34858a9be/77BE94A6-4F0E-4CCC-AA04-8380BD9507E3/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.associatedcontent.com/article/437570/charitable_foundations_how_the_rich.html" href="http://www.associatedcontent.com/article/437570/charitable_foundations_how_the_rich.html" style="font-size: 11px;">www.associatedcontent.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.associatedcontent.com/article/437570/charitable_foundations_how_the_rich.html"><H1 id="content_title">Charitable Foundations, How the Rich Avoid Paying Income Taxes!</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.associatedcontent.com/article/437570/charitable_foundations_how_the_rich.html"><DIV>As part of the IRS Code there is an exemption from paying taxes that the rich can afford to take that the average income person cannot. It is a 501©(3) tax exemption. Simply put, it is the exemption that charitable organizations take. Why would rich people take the vast majority of their incomes and place it in charitable foundations? The answer is simple, because they own the foundations and can use the wealth that is in the foundation virtually to their heart's content. While a charitable foundation is required to use five percent for expenses and donations, they use that <A title="money" href="http://www.associatedcontent.com/theme/1358/money.html" class="link" linkindex="21" set="yes">money</A> for things that have absolutely nothing to do with charity. For instance, the charitable foundations, they, own the <A title="homes" href="http://www.associatedcontent.com/theme/1597/homes.html" class="link" linkindex="22">homes</A> they live in and write off the <A title="money" href="http://www.associatedcontent.com/theme/1358/money.html" class="link" linkindex="23">money</A> that they pay the people, such as housekeepers and gardeners, to maintain their homes.</DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/77BE94A6-4F0E-4CCC-AA04-8380BD9507E3/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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