Comment Comment by vegetablepotpie Art done right is a tax dodge by the wealthy.Rich person buys a painting, by an artist, for $50 million and puts it in their collection.Another person buys another painting by the same artist for $75 million.The rich person gets their painting reappraised by an art expert. It is now “estimated” to be worth $75 million.The rich person donates the work to a museum, a non-profit. The donation gives them a $75 million tax write off.The rich person just saved $25 million that would have otherwise been taxed. parent vegetablepotpie 2 years ago
Rich person buys a painting, by an artist, for $50 million and puts it in their collection.
Another person buys another painting by the same artist for $75 million.
The rich person gets their painting reappraised by an art expert. It is now “estimated” to be worth $75 million.
The rich person donates the work to a museum, a non-profit. The donation gives them a $75 million tax write off.
The rich person just saved $25 million that would have otherwise been taxed.