Sorkin: Large charitable stock transfers by billionaires should be taxed
Andrew Ross Sorkin · Andrew Ross Sorkin on Meme Stocks, Bitcoin, SPACs, and Elon Musk · Jun 16, 2021 · at 55:20
CNBC anchor and DealBook founder Andrew Ross Sorkin discusses wealth tax reform and eliminating tax avoidance mechanisms used by ultra-wealthy individuals.
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“I very unpopularly would probably tax great philanthropy, meaning most philanthropists, including Warren Buffett or Bill Gates, effectively are transferring shares Typically founder shares into their foundations or to a charity, which means that those shares, which have created enormous value and wealth, if you will never be taxed ever. When they're sold by the charity. And so my view is maybe, maybe your, the first five million dollars you give away on an annual basis should be, you know, tax free. But after that there probably should be some rate.”
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