Before [the] donations, Abbott’s private fundraising campaign had stalled at about $1.25 million around mid-August, two months after its launch — a drop in the bucket for a project with a price tag estimated in the billions of dollars. But on Aug. 27, a state website that tracks donations to the crowdfunding effort said the fund had jumped to nearly $19 million. By the end of the month, it had topped $54 million.
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Tax experts say [the billionaire's] decision to donate stock instead of cash could yield a tax benefit for the billionaire.
Normally, a person has to pay taxes on profits made on their investments when they are sold. But investors who donate stock to charity avoid paying a tax on the earnings on their investment and get a tax deduction for the full amount of stock.
