> So he’s going to selflessly donate it to himself to save himself from taxes? What a hero.
You don't really "save yourself from taxes" by donating money to charity.
Option A: sell stock for $100, pay taxes of $20, spend $80 on yourself
Option B: donate stock of $100 to charity, and spend $0 on yourself
Which of these options leaves Gates with more money in his pocket to spend on himself?
Giving money away doesn't save you from taxes on your income; you just forego the income entirely. The money is gone. It's no longer yours. Why would you be paying taxes on it?
You don't really "save yourself from taxes" by donating money to charity.
Option A: sell stock for $100, pay taxes of $20, spend $80 on yourself Option B: donate stock of $100 to charity, and spend $0 on yourself
Which of these options leaves Gates with more money in his pocket to spend on himself?
Giving money away doesn't save you from taxes on your income; you just forego the income entirely. The money is gone. It's no longer yours. Why would you be paying taxes on it?