Source?
I have watched that series. Quite liberal though.
Concerning Billionaire philantropy and the broken system that is increasing income inequality.
Yea it is a very liberal series. Doesn't stop me from watching it though. I've seen the philanthropy one before (watched them both again for good measure). Adam likes to leave out little important bits, he doesn't provide a straight shot at the issue, he usually has a bent. That's true in both the home ownership one I posted earlier, and the philanthropy one. I own a home, Adam didn't talk me out of it, even though presents only the side of the story that advocates for renting. My point was that it can be a service that is better, depending on personal circumstances.
My point with that was not that Adam has the truth of it, but Adam has a part of the truth of it. And his commentary on philanthropy is also a part of the truth. One thing that I really don't like about the philanthropy video is that he strongly implies that rich people set aside money that they don't pay taxes on, and then also take a tax deduction for setting it aside. That's not
generally correct, you don't take a tax deduction on money you weren't taxed on. If you contribute to charity from your bank account, you're contributing money that you were taxed on, and then can take a deduction on that money. The net result is that you're taxed on it, and then untaxed. So if you donate $1000 to charity, your taxable income is lowered by $1000. It's not lowered by $1000 PLUS a deduction of $1000 ($2000 total). Which is what Adam strongly implies.
There is a way around that, and I literally just exercised it. I just donated some of my DIS to charity. The reason being that I don't want to pay capital gains on it (and it has had a run up recently). So I donated the stock directly to charity. Come tax time, I can take a tax deduction on the full amount, and I never paid capital gains. So for example, DIS is trading at $150 right now. So let's say I bought a share at $100. I "made" $50 pre-tax in gains. I then donate $150 to charity, without paying capital gains (15%) on the $50 of gains. I then take a tax deduction to the tune of 30% of $150 come tax time. The $150 I donated was worth $142.5 to me. The deduction is worth (I'm spitaballing at 30% income tax rate here) $50 to me. As a result, my charitable contribution cost me $92.5. So I donated $142.5 of my money, the charity got $150, and it costs me $92.5. So Adam is right about how it
can work, but he's a bit misleading about it.
Here's the point...
it costs me $92.5. It's not free money I'm giving to charity, it's still charity.
Adam also points out that only a small fraction goes to basic needs. That's true because a lot of charity goes to things like medical research. I'm considering contributing to the Humane Society this year, I'm sure that's not a "basic public need". But it's still an important charity.
Lastly, he complains about crony capitalism and lobbying. Which, as you know, is a symptom of big government. His implied big government solution will only exacerbate it.