Billionaire Charitable Giving A “Capitalist PR Scam”, Says CEO Who Slashed His Own Pay By $1 Million (Reblog)

Getting attention and patting yourself on the back is often the goal for a lot of charitable giving.

The irony is that this includes conservative business owners/investors and the liberal counterparts as well.

It is one thing that giving at the smallest level does more for those that need it. But it is another if the person handing out money might not care for what the goals of the charitable are.

Please ponder these concerns when you feel your heart tugged while reading news reports.

——————————————->>>>>>>>>>>>____________________________________

Courtesy of Tyler Durden @ Zero Hedge

The CEO of credit-card processing company Gravity Payments, Dan Price, has not only cut his own pay by $1 million and raised his employees minimum salary to $70,000 per year, but he’s also blowing the whistle on “charitable” giving by billionaires.

Billionaire philanthropy is “one of capitalism’s biggest PR scams”, Price proclaimed, according to the Daily Mail. He noted that the average billionaire donates only 1% of their worth to charity each year. Another estimate from Giving USA has put that number closer to 2%.

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His comments come in the midst of supporting a bill that would increase taxes on wealthy business owners like him. HB 1406 proposes a net worth tax that would apply a 1% levy to anyone with a net worth over $1 billion. Price thinks the bill could help the state’s budget shortfalls and correct a broken tax system where low income households pay too much. 

Charitable giving “helps them avoid having to face steeper bills,” 36 year old Price said. Price became a millionaire at the age of 31.

“The average billionaire donates 1% of their fortune to charity yearly – less than non-billionaires. But when you donate $200 you don’t get glowing articles, a hospital named after you and a massive tax write off,” Price wrote on Twitter this week.

“In reality, the amount they donate is a fraction of what they would pay if their tax rates were in line with the working class,” Price said.

He also shares a link to an article showing the top charitable contributions of 2020. The name at the top of that list was Amazon founder Jeff Bezos, but alas, his “increase in donations did not correspond with his increase in wealth,” the Daily Mail reported. Bezos’ net worth is now approaching $200 billion and the new proposed tax could cost him $2 billion per year. 

In 2020, he pledged $10 billion to the Bezos Earth Fund – his fund to combat climate change. He also donated $100 million to Feeding America.

Price become a celebrity in 2015 when he announced that he was raising the minimum wage at his Seattle headquarters to $70,000 per year and taking a nearly million dollar pay cut so that his salary could match his staff’s. 

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3 Responses to Billionaire Charitable Giving A “Capitalist PR Scam”, Says CEO Who Slashed His Own Pay By $1 Million (Reblog)

  1. He cut his own pay, but he stills own the business outright, correct?

    Billionaires gonna billionaire. Increasing their taxes (fine by me) won’t actually solve any real problems. The society needs an overhaul.

    Liked by 1 person

  2. Lexet Blog says:

    Charity and non profits have always been a scam. Now that the tax code altered the standard deduction, its even more of a scam that only benefits the wealthy, and cuts out the middle class entirely.

    There is a reason conservative institutions stopped arguing for tax reform- the current system benefits them. Non profits are actually for profit institutions, except $$$ does not go to shareholders, but board members and senior suite staff.

    Non profits and charities funnel outrageous salaries to high profile leaders, while staff gets paid garbage. Not only that, they can purchase homes and vehicles for their executives.

    Best practices is that 17% of a nonprofits revenue goes to administration, but most are 30% or higher (meaning a large fraction of your donation doesn’t go to the cause).

    The worst offenders are churches that register as non profits and charities. Often times large ministries will create multiple LLCs, so their revenue streams fall under exempt status for reporting to states (any charity has to register with every state they solicit in, etc).

    Liked by 1 person

    • Lexet Blog says:

      The bigger scam is how most charities are political entities that skirt the law by not endorsing candidates.

      While most people think non profits can’t engage in political activity, that’s not true. They are able to conduct a minimal amount of work, and even donate a small amount of money to political organizations.

      Go to the federal election commissions website and look up 501c3 giving. You will see they move money into their own pacs, and then donate to other pacs. What this does is washes money and makes the individual donor indeterminable, which means a wealthy donor can actually give more to campaigns than the legal limit (there are prohibitions as to the max you can donate to candidates, multiple candidates and parties over a set time frame)

      Liked by 1 person

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