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View Diary: Mitt donated 30% to charity? (53 comments)

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  •  notagain - while foundations don't need to (0+ / 0-)

    maximize returns they do have a minimum annual 5% distribution of assets. So if they make 1% loans to insiders eventually the foundation will self liquidate. Plus even if someone has a large unrealized capital gain, the rate is only 15%, so they do get to keep 85%. The use of foundations, and other complex tax avoidance mechanisms, are much more compelling when marginal tax rates on the 1% are much higher.

    "let's talk about that"

    by VClib on Sat Oct 13, 2012 at 06:56:40 PM PDT

    [ Parent ]

    •  The book (1+ / 0-)
      Recommended by:
      VClib

      explains far better how these foundations, and trusts work then I could ever attempt to. Math and I are not friends, so there are many parts of the book that make my eyes glaze over. It is my understanding that it is not the dollars and cents, but how much control is wielded via ownership of blocks of stock in various corporations, ownership of banks, board positions, etc., and how they all interplay.

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