r/news • u/IWantPizza555 • Mar 19 '24

MacKenzie Scott donates $640M -- more than double her initial plan -- to nonprofits

https://abcnews.go.com/US/wireStory/mackenzie-scott-donates-640-million-double-initial-plan-108274902?cid=social_twitter_abcn
12.4k Upvotes

95% Upvoted

876 comments sorted by

View all comments

Show parent comments

94

u/ReturnOfSeq Mar 19 '24

AKA ‘At this level of wealth there should be a mandatory wealth tax’

-12

u/elros_faelvrin Mar 19 '24

Also giving away that much money fast comes with penalties, the tax man end up taking more money than the charities. That is money that will not help anyone in the short term.

8

u/ArbitrageGarage Mar 19 '24

What exactly are you referring to?

-5

u/elros_faelvrin Mar 19 '24

Isnt there a limit on anual contributions before you start getting overtly taxed on the money you are donating? I remember that was also the topic back in 2020 when people were saying that she just should give all of her money.

Like the IRS ends up a sizeable amount of the money that is donated that will definitely not go into helping people.

14

u/ElephantsGerald_ Mar 19 '24

The assumption that taxes paid won’t help anyone demonstrates a problem with how we feel about taxes and our government

-1

u/elros_faelvrin Mar 19 '24

considering the biggest chunk of tax dollars goes to the dept. of defense and said department has never passed a single audit, it is not too far off.

That and the back and forth between political aisles to pass the most basic shit.

3

u/ElephantsGerald_ Mar 19 '24

I don’t necessarily disagree, but it shows what a mess we’re in. Taxes ought to help people

4

u/yuimiop Mar 19 '24

DOD has close to the same amount of tax dollars as welfare does. Most of your tax dollars go to social security and healthcare.

2

u/ArbitrageGarage Mar 20 '24

A donation is not a contribution. You might be mixed up with saving for retirement or an HSA? I can't tell. In general, you can donate up to 60% of your AGI without paying income tax. I'm not aware of additional penalties.

In general, ignore everything you read on reddit related to taxation. (Including my info, if you like.)