They don’t get the same kind of social debts between each other when they donate to their own charities. You know, the back scratching thing that I mentioned.
There is a lot more to it than just the charitable donation deduction. They are all getting a tax deduction for exchanging money with other wealthy people through their charities and the charities spend money on each other’s businesses.
They put their money into other people’s charities so it doesn’t look so obvious. Scratching each other’s backs.
So what doesn’t look so obvious? You know that donations can be claimed on your taxes too, right?
They don’t get the same kind of social debts between each other when they donate to their own charities. You know, the back scratching thing that I mentioned.
There is a lot more to it than just the charitable donation deduction. They are all getting a tax deduction for exchanging money with other wealthy people through their charities and the charities spend money on each other’s businesses.