What is the provision in the tax code that allows companies to "deduct up to twice the cost of donated goods"?
Why America’s biggest charities are owned by pharmaceutical companies
"Using co-pay charities to support high prices is good for business, but charitable contributions foster healthy profits in another way, too: they are tax-deductible. [...] in America the system is more generous, says Jason Factor, a tax lawyer at Cleary Gottlieb Steen and Hamilton. Companies that give products for the benefit of the “needy or ill” can deduct up to twice the cost of donated goods. How convenient!"
Bill Takes Aim, Again, at California’s Kidney Dialysis Industry
"Assemblyman Jim Wood [...] accuses dialysis companies of indirectly subsidizing private insurance premiums for these patients via donations to the nonprofit American Kidney Fund (AKF)."
Banks and brokerages abuse the system, too, not just the health care industry.
Why money meant for charities isn’t getting to them -- Roughly $100 billion that’s supposed to go to charities sits fallow in tax-avoidant accounts
"In 2016, the single biggest recipient in the United States of “charitable” giving was Fidelity’s DAF business. In 2017, six out of the top recipients of “charitable” giving were donor-advised funds.
This massive amount of money is all hidden from charities that need it, and there are no public processes for charities to get access. The institutions themselves, given their financial incentives, are not motivated to move the money out the door expeditiously."