Don’t just focus on the books, as impactful as that is worldwide. Dollywood is the largest employer in the Pigeon Forge area now. She founded a bald eagle sanctuary in the 90s. Tons of scholarships in Sevier County to help address a dropout rate that was, at the height of her popularity in the 90s, over 30%. Coronavirus research donations and vaccine awareness. AIDS research funding (through a charity album). She helped fund a hospital, helped with wildfire and hurricane relief, so much more.
You might be right to go “well some of those were probably tax writeoffs”, but she clearly took the words and idea of the early country stars she knew like Johnny Cash and decided “all this money and power is worthless unless I help people with it.”
There’s no amount of writeoff that makes donation profitable, compared to simply keeping the money. The exception is when the rich “donate” to “charities” that they then use for their personal benefit. Then they get a writeoff AND full control of the money.
I mean, kind of? Usually you’re donating to a charity or something to minimize your tax burden or claim a loss.
“Profitable” is kind of a relative term, but if I pay a little bit of nothing for a good stock (for example) and I hold it for a long time, I might have to pay capital gains on like 90 percent of the value of a stock. If I have some more recently purchased stock with a out the same value, what I can do is donate my old stock money that super grew tax free and use it to offset the value of selling a LOT of more recent stock. This puts money in my pocket from the market basically for free.
It is definitely profitable to figure out how to get money from the market that doesn’t require you to pay a quarter of it in taxes up front. If the weight is “how much I put in” vs “how much I took out” you can definitely make profitable tax write-offs.
Don’t just focus on the books, as impactful as that is worldwide. Dollywood is the largest employer in the Pigeon Forge area now. She founded a bald eagle sanctuary in the 90s. Tons of scholarships in Sevier County to help address a dropout rate that was, at the height of her popularity in the 90s, over 30%. Coronavirus research donations and vaccine awareness. AIDS research funding (through a charity album). She helped fund a hospital, helped with wildfire and hurricane relief, so much more.
You might be right to go “well some of those were probably tax writeoffs”, but she clearly took the words and idea of the early country stars she knew like Johnny Cash and decided “all this money and power is worthless unless I help people with it.”
She’s helped Tennessee so much. I’m hoping to visit Dollywood next year, I’d much rather support that than give Disney more money.
There’s no amount of writeoff that makes donation profitable, compared to simply keeping the money. The exception is when the rich “donate” to “charities” that they then use for their personal benefit. Then they get a writeoff AND full control of the money.
This isn’t that.
I mean, kind of? Usually you’re donating to a charity or something to minimize your tax burden or claim a loss.
“Profitable” is kind of a relative term, but if I pay a little bit of nothing for a good stock (for example) and I hold it for a long time, I might have to pay capital gains on like 90 percent of the value of a stock. If I have some more recently purchased stock with a out the same value, what I can do is donate my old stock money that super grew tax free and use it to offset the value of selling a LOT of more recent stock. This puts money in my pocket from the market basically for free.
It is definitely profitable to figure out how to get money from the market that doesn’t require you to pay a quarter of it in taxes up front. If the weight is “how much I put in” vs “how much I took out” you can definitely make profitable tax write-offs.
Also, all of her Dollywood employees get their college paid for too. I came across that when our son was looking for a summer job.
Heck, if every billionaire did this many tax writeoffs to real charities, not their own personal foundations, maybe the world would be a better place.