00:00That's how billionaires avoid taxes by using charities.
00:02This might be the biggest loophole I've ever seen.
00:05Yep, just took the company public and now I'm worth five billion dollars.
00:08Eh, not so fast. Taxes are still due, you owe us a billion dollars.
00:12Oh no, I was actually going to donate a billion dollars to a charity.
00:15A charity that I created.
00:16Oh, well if you're donating the money, you don't owe any taxes on it.
00:19What are you going to do with a charity that has a billion dollars?
00:21I've got some ideas.
00:23Hey Stanford, I know my son didn't do well on his SAT scores,
00:26but my charity would like to make a donation to Stanford.
00:28You know, maybe you could pull a few strings.
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