Jump to content

Billionaire No More


RVP
 Share

Recommended Posts

https://www.bloomberg.com/news/articles/2022-09-15/patagonia-billionaire-who-gave-up-company-skirts-700-million-tax-hit

 

Is this really about philanthropy or just billionaire estate planning and tax avoidance in a way that's also virtue-signalling?

 

Still, the moves mean Chouinard won’t have to pay the federal capital gains taxes he would have owed had he sold the company, an option he said was under consideration. On a $3 billion sale, that bill could be more than $700 million. It also helps Chouinard avoid the US estate and gift tax, which is a 40% levy on large fortunes when they’re transferred to heirs.

Link to comment
Share on other sites

1 hour ago, mcliu said:

https://www.bloomberg.com/news/articles/2022-09-15/patagonia-billionaire-who-gave-up-company-skirts-700-million-tax-hit

 

Is this really about philanthropy or just billionaire estate planning and tax avoidance in a way that's also virtue-signalling?

 

Still, the moves mean Chouinard won’t have to pay the federal capital gains taxes he would have owed had he sold the company, an option he said was under consideration. On a $3 billion sale, that bill could be more than $700 million. It also helps Chouinard avoid the US estate and gift tax, which is a 40% levy on large fortunes when they’re transferred to heirs.

 

Way to spin a good deed.

Now do Buffett.

Edited by DooDiligence
Link to comment
Share on other sites

We should have an open mind, why can't it be both - doing a good deed whilst also benefiting from it. Gotta be able to count to more than one I guess. There is a saying - two birds with one stone.

 

I will still admire it because we (they) are all here to make money and in this process if it ends up doing some good, more power to us (them). That is why I also admire (but will not invest with) Elon. The guy single handedly changed the tajectory of EVs and did more good than many environmentalists would, together, in their entire lifetime. But he is also crazy and a jerk from a business point of view imo and could easily blow his (and stockholders) fortune due to his eccentricities.

 

People are complicated, issues are complicated.

Link to comment
Share on other sites

1 hour ago, patience_and_focus said:

We should have an open mind, why can't it be both - doing a good deed whilst also benefiting from it. Gotta be able to count to more than one I guess. There is a saying - two birds with one stone.

 

I will still admire it because we (they) are all here to make money and in this process if it ends up doing some good, more power to us (them). That is why I also admire (but will not invest with) Elon. The guy single handedly changed the tajectory of EVs and did more good than many environmentalists would, together, in their entire lifetime. But he is also crazy and a jerk from a business point of view imo and could easily blow his (and stockholders) fortune due to his eccentricities.

 

People are complicated, issues are complicated.

Also, by giving Ukraine Access to Starlink, he might have done more helping them than many governments.

https://www.wsj.com/articles/ukraine-leans-on-elon-musks-starlink-in-fight-against-russia-11657963804?mod=Searchresults_pos10&page=1

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...