"Don't try that on me!"
Upon hearing this, David felt an inexplicable surge of anger.
Let's not even talk about how The Big Three Groups used foundations to provide campaign funds for Congressmen.
In America, the estate tax is extremely high; once the amount exceeds 2.5 million US dollars, a 50 percent tax must be paid.
This is why many tycoons like to make "naked donations." To the unaware, it may seem that these tycoons are benevolent and socially responsible.
But in reality, their so-called naked donations are basically for tax evasion.
According to federal tax law, donations made to charity can enjoy a 10 percent tax deduction.
Therefore, to evade taxes, these tycoons create a public trust fund in their own name while they are alive.
Then they transfer all their wealth to this foundation in installments, claiming externally that it's for charitable purposes to enjoy the 10% personal tax deduction.
