Thanks for writing this, I’ve been somewhat skeptical of arguments for patient philanthropy. But at the same time mildly patient philanthropy has lead me to some more easy/sustainable ways to donate over time.

As a US citizen, instead of donating $5000 every year I can donate $1000 every year & invest $4000 every year. Starting in 2026 we can do a tax write off up to $1000 per year in donations even if we take the standard deduction. Then every like 4-7 years when the $4000 per year investment fund reaches around $30,000 (or whatever 30% of my annual income is as that’s the max one can stock transfer donate), I can do a direct stock transfer to GiveWell/EA programs, avoid capital gains, & itemize my taxes so I can get a better $30,000 write off than what the standard deduction offers. All that can make for an extra like $4500 in tax write-offs on net.

In some senses I really couldn’t blame them for spreading out donations with that kind of windfall. I’d personally just donate the maximum amount per year that I could still write off on taxes which is 60% of annual money income or 30% equivalent income if doing direct stock transfers.

On the margin I’d expect more AI safety donations, from them. But any guess to how much the cost effectiveness may change for health & biosecurity areas? 

I’d initially think there is a lot of room to absorb more funding with…

-Malaria vaccines

-Near HIV vaccine

-Chronic diseases (https://ourworldindata.org/causes-of-death)

-Sentinel / biosecurity global disease monitoring system

-Advanced Market Commitments for various vaccines & tests (https://blog.jacobtrefethen.com/10-technologies-that-wont-exist-in-5-yrs/)

Also promotion of more free trade always got a much higher cost effectiveness score than even any health intervention in the Copenhagen Consensus estimates. Maybe with building negative sentiments around tariffs EA could start pushing for more trade agreements with lower income countries. (https://copenhagenconsensus.com/post-2015-consensus)

By the way, the job market is getting worse while oil & inflation aren’t likely to see increases due to decreased demand/a recession.

Bad labor market & no extra inflation mean likely more FED cuts which makes it more likely the bubble will extend a bit further. I’ve continued to invest in AI for now but I plan to build a hedge position sometime in 2026.

Didn’t even know there was a provision to allow for charitable deductions coming in any year. Thanks for this!

If you are considering global health, helping the GiveWell All Grants Fund filling the most high impact programs affected by large US & European aid cuts the past couple years may be more significant than whether Anthropic employees donate a lot of money soon.

Also if you live in the US & want to decrease the cost of your donations by like 10% and/or give like 10% more, one option is to use a 100% equities investment account (like all S&P500 or something) to save all the money you would donate each year until you can make a big enough stock-transfer donation to an effective organization to reduce your tax bill.

100% Equities

In standard personal finance, you lower risk as you age to protect your retirement security. In "Investing to Give," the philosophy is different.

Because large charities and global problems are less vulnerable to market volatility than a single individual, many EAs advocate for a risk-neutral or high-equity portfolio.

* The Logic: If the market crashes 20%, a large charity (like the Against Malaria Foundation) will not "go bust" the way an individual retiree might. They can wait for the market to recover.

* The Portfolio: This usually points toward 100% broad-market equities (like a Total World Stock Market Index Fund). You accept higher volatility for higher expected long-term returns, maximizing the final donation amount.

Direct Stock Transfers

Direct stock transfers avoid capital gains taxes on your stocks that increased in value.

Standard Investment Account Batched Donations

Because I live in a US state with no state income tax to deduct, my "baseline" itemized deductions are likely very low (perhaps just mortgage interest, if I have any). This makes the "Standard Deduction hurdle" much harder to clear, meaning my smaller annual donations often yield zero tax benefit.

Here is how to solve that with “Batching".

Part 1: The "Batching" Strategy

The Goal: Stop giving small amounts every year where you get no tax credit. Instead, save up and give a massive amount in one single year to crush the Standard Deduction, then give nothing (on paper) for the next few years.

The Math (2025/2026 Projections):

* Single Standard Deduction: ~$15,000

* Married Standard Deduction: ~$30,000

Scenario: Let's assume you are Single and want to donate $5,000/year.

* The "Standard" Way: You donate $5k in 2025, 2026, 2027, & 2028.

   * Total Donated: $20,000

   * Total Tax Deduction: $0 (because $5k is less than the $15k standard deduction; you just take the standard deduction every year anyway).

* The "Bunching" Way: You save that money in an investment account for 4 years, then donate all $20,000+appreciation in Year 4.

   * Year 1-3: You take the Standard Deduction.

    Year 4: You donate $20,000+ through direct stock transfers. Combined with other deductions (e.g., sales tax, mortgage interest), you might reach $25,000+ in itemized deductions. For a single tax filer making $100,000 a year this would mean saving an extra $2000+ in taxes**.

Donation Deduction Limits

The amount you can deduct in a single year is subject to limitations based on your Adjusted Gross Income (AGI). 

• For gifts of appreciated long-term capital gain property (like stock) to a public charity (including Donor Advised Funds), the deduction is generally limited to 30% of your AGI (Income). 

• Any amount exceeding this limit can usually be carried forward for up to five additional tax years.

Also if you live in the US & want to decrease the cost of your donations by like 10% and/or give like 10% more, one option is to use a 100% equities investment account (like all S&P500 or something) to save all the money you would donate each year until you can make a big enough stock-transfer donation to an effective organization to reduce your tax bill.

100% Equities

In standard personal finance, you lower risk as you age to protect your retirement security. In "Investing to Give," the philosophy is different.

Because large charities and global problems are less vulnerable to market volatility than a single individual, many EAs advocate for a risk-neutral or high-equity portfolio.

* The Logic: If the market crashes 20%, a large charity (like the Against Malaria Foundation) will not "go bust" the way an individual retiree might. They can wait for the market to recover.

* The Portfolio: This usually points toward 100% broad-market equities (like a Total World Stock Market Index Fund). You accept higher volatility for higher expected long-term returns, maximizing the final donation amount.

Direct Stock Transfers

Direct stock transfers avoid capital gains taxes on your stocks that increased in value.

Standard Investment Account Batched Donations

Because I live in a US state with no state income tax to deduct, my "baseline" itemized deductions are likely very low (perhaps just mortgage interest, if I have any). This makes the "Standard Deduction hurdle" much harder to clear, meaning my smaller annual donations often yield zero tax benefit.

Here is how to solve that with “Batching".

Part 1: The "Batching" Strategy

The Goal: Stop giving small amounts every year where you get no tax credit. Instead, save up and give a massive amount in one single year to crush the Standard Deduction, then give nothing (on paper) for the next few years.

The Math (2025/2026 Projections):

* Single Standard Deduction: ~$15,000

* Married Standard Deduction: ~$30,000

Scenario: Let's assume you are Single and want to donate $5,000/year.

* The "Standard" Way: You donate $5k in 2025, 2026, 2027, & 2028.

   * Total Donated: $20,000

   * Total Tax Deduction: $0 (because $5k is less than the $15k standard deduction; you just take the standard deduction every year anyway).

* The "Bunching" Way: You save that money in an investment account for 4 years, then donate all $20,000+appreciation in Year 4.

   * Year 1-3: You take the Standard Deduction.

    Year 4: You donate $20,000+ through direct stock transfers. Combined with other deductions (e.g., sales tax, mortgage interest), you might reach $25,000+ in itemized deductions. For a single tax filer making $100,000 a year this would mean saving an extra $2000+ in taxes**.

Donation Deduction Limits

The amount you can deduct in a single year is subject to limitations based on your Adjusted Gross Income (AGI). 

• For gifts of appreciated long-term capital gain property (like stock) to a public charity (including Donor Advised Funds), the deduction is generally limited to 30% of your AGI (Income). 

• Any amount exceeding this limit can usually be carried forward for up to five additional tax years.