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Here’s my take on philanthropy
The Commonwealth bank helps set up a system whereby a community can barely afford housing, only if the people within the community live below the poverty line. Everyone is working two to three jobs and the missus sucks a few dicks on the weekend to help pay a few bills. The hubby sells grandma’s morphine to the local kids and has to give his boss’s gooch a bit of a lick to keep in line for that promotion. He also sucks a few dicks on the weekend to help pay the bills. Due to most of the community barely having time to live in or maintain the housing there are rat problems and a few zoonotic diseases, the water carries typhoid. The needles from the local kids end up in the gutters.
But fortunately for the community the Commonwealth Bank donates $2,000 to the local cricket team.
The Comm Bank donates $2,000 to the Shane Warne Foundation on behalf of the community.
If you move billions into a charity you can invest it with 0% tax, pay yourself your regular pay, spend 4% on the actual issues and pocket the rest.
Make $100,000,000 and pay no tax, spend $4,000,000 on a cause you get to use as publicity and save $30,000,000 in tax.
They only need to pay 4% of the money they generate towards their cause, the rest can be used to pay the administration staff millions of dollars to run the charity they set up to skip out on paying tax on their grand dad's cash....and a lot of charities have a massive amount of administration to feed.
CEO gets
Member of board gets
Marketing gets
etc etc gets
And finally the scraps come out the bottom to the people actually needing it
What is interesting is the Gubmint actually has all the infrastructure set up without the need for admin duplication to do the same job...
Apparently Zuckerberg, Buffett, Gates etc want to donate half their fortune to philanthropic causes in their life time.
From what I understand Warren Buffett donated $30 billion to the Gates foundation...
They only need to pay 4% of the money they generate towards their cause, the rest can be used to pay the administration staff millions of dollars to run the charity they set up to skip out on paying tax on their grand dad's cash.
F
Foundations they control with an iron fist and pay negigible tax. Its not my definition of giving money away.
And anti-aging skin cream is not my definition of 'curing all the worlds diseases'
Oh how cynical of me: the zuckerberg foundation 'accidentally discovered the anti-aging cream while researching the worlds serious diseases, and it would have been selfish to not 'share the love'
I think you need to be a bit careful with this particular story...
But as for the philanthropy thing though, how long is Buffet planning on living if he still plans on giving away half his wealth?
In every news outlet and Facebook it was announced the Zuckerbergs would be 'giving their wealth away' if not for that, this wouldnt be the issue
Fortunately some charities are quite transparent about their spending. Oxfam have an extremely high % of their donations utilized in actually helping the people they represent. Others, not so much.If you move billions into a charity you can invest it with 0% tax, pay yourself your regular pay, spend 4% on the actual issues and pocket the rest.
Make $100,000,000 and pay no tax, spend $4,000,000 on a cause you get to use as publicity and save $30,000,000 in tax.
Here’s my take on philanthropy
The Commonwealth bank helps set up a system whereby a community can barely afford housing, only if the people within the community live below the poverty line. Everyone is working two to three jobs and the missus sucks a few dicks on the weekend to help pay a few bills. The hubby sells grandma’s morphine to the local kids and has to give his boss’s gooch a bit of a lick to keep in line for that promotion. He also sucks a few dicks on the weekend to help pay the bills. Due to most of the community barely having time to live in or maintain the housing there are rat problems and a few zoonotic diseases, the water carries typhoid. The needles from the local kids end up in the gutters.
But fortunately for the community the Commonwealth Bank donates $2,000 to the local cricket team.
Zuckerberg apparently wants to invest $3B in curing all disease, from what I understand he wants to create a Silicon Valley for disease cure.
Here’s a juxtaposition that young Zuckerberg should take into account
Back in ye olde days some anthropologists come across a highlands tribe, and this tribe had many thyroid problems...
Meanwhile in the not too distant future such-and-such a city has been identified as the new location for Health Valley, attracting engineers and scientists from hither and yon, the local indigenous people are displaced with rising house costs and rising cost of living...
Back in ye olde days and the anthropologists recognise that the thyroid problems are related to a lack of iodine in the diet, iodine is usually found in seafood products, and these highland peoples rarely have seafood as part of their diet...
Meanwhile in Health Valley, ghetto-like suburbs have sprung up to house the previous indigenous inhabitants, along with methadone clinics. With the cost of living so high the Scientists and engineers are burning through Zuckerberg’s munny faster than the crap is coming out of a speed-addicted junkie’s a-hole, to get a person to do some minor CT scanning costs >$200K...
Back in ye olde days and the anthropologists are giving the highland peoples tablets of iodine to remove the highlands thyroid problems. Problem solved. So the anthropologists congratulate themselves and head off back home...
In the future, in Health Valley and after raising munny in the hundreds of billions, the scientists finally have a cure for one disease, dengue fever, fortunately for them there is a local population living in a ghetto nearby dengue fever has recently appeared...
After a few years time the anthropologists return and still see the same incidence of thyroid problems, they find the inhabitants are not used to taking tablets, it’s not part of their usual behaviour. But the anthropologists were smarter, and realised if they iodised the salt, the inhabitants would consume salt as part of their routine behaviour and therefore ingest iodine...
Meanwhile in Health Valley and the clinical trials are costing hundreds of millions of dollars, but there is an improvement in the ghettoed communities, dengue fever is on the decline, as long as the inhabitants took their tablets after they drank some of their polluted, dank, and mosquito-heroin infested water - poor people right? Haven’t they got any common sense?
Back in ye olde days and the thyroid problems are gone. Problem solved. A behavioural solution for a behavioural problem.
Meanwhile in Health Valley the scientists read about the anthropologists and infuse the dengue fever antidote into the heroin, seeing an instant marked improvement. The scientists congratulate themselves, problem solved. Now they just need to raise the billions and billions of dollars more to help cure the recent increase in parasite and bacterial load in the nearby ghettoed communities, if only there was a common cause for all these problems?
Just in case one of Zuckerberg's bots or minions has got hold of this and delivered it straight to Lord Zuckerberg's hands AND Zuckerberg is feeling a little dense or disillusioned...
The answer to the question is greed Zuckerberg, that's right, greed, if you want to cure all disease, start with the common cause, cure greed.
All charities should be taxed as businesses. If they keep records and actually incur deductions for charitable work then they don’t incur tax like a business that makes no profit.
If they are don’t have deductions, they get a tax bill. Problem solved!
Zuckerberg is legit the lex luthor of our era. Nothing he does is without self interest.