A Favorite Loophole of the Rich Is Leaving Charities High and Dry

29m ·

A Favorite Loophole of the Rich Is Leaving Charities High and Dry

Billionaires are increasingly taking advantage of a provision in the US tax laws that lets them park money designated for charity in something called a donor advised fund. They get a tax break up front…and can let the money sit in the fund for as long as they like. It’s eventually got to be given to a charitable cause, but they don’t have to say when, or where it’ll go. 

Bloomberg reporters Noah Buhayar, Ben Steverman and Sophie Alexander join Wes for a look at their analysis and reporting on donor advised funds–and why they’ve become so popular among the super wealthy. Jan Masaoka, CEO of the California Association of Nonprofits, also stops in to talk about what it means for charities that depend on those delayed dollars.

Learn more about the episode: https://bloom.bg/3GxT3ll 

Listen to The Big Take podcast every weekday and subscribe to our daily newsletter: https://bloom.bg/3F3EJAK 

Have questions or comments for Wes and the team? Reach us at bigtake@bloomberg.net.

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