1. Buy a 'work of art' like a painting or sculpture for $100.
2. Have it evaluated by an 'art critic' for $100K
3. Donate it
4. Subtract $100K off of your tax bill
5. Repeat until you owe nothing

You can also do this with other things besides art, like overvalued land, houses, cars, etc, etc.

Basically, the amount you 'donate' to charity can be deducted from your declared income, there fore not paying taxes on that amount, either cash or the value of a 'thing'. In the old days of many layers of taxation it could be favorable to donate enough to get your income into the next lower tax bracket and pay a lower percentage on the remaining income, say 25% instead of 33%. I remember reading that the Clintons used to list donations charities, one of the items was Bills old underwear, and listing the retail value of new.

I haven't looked lately but it used to be it was not an advantage to try to itemize a charitable deduction unless it was at least 2% of total income. The standard deduction was supposed to cover smaller amounts.

It works like this; - Be jew - get given a multi billion dollar corporation by the CIA like facebook, google, amazon etc. - create 501.c3 (that's the one I think) - donate all of your income to your own 501.c3 - do no actual charity work or monetary spending - keep money anyway - pay 0 taxes