Posted: Sat Aug 07, 2010 2:37 pm Post subject: US billionaires pledge 50% of their wealth to charity!
I think it's wonderful in this recession to see the wealthy people donate their cash to worthy causes! After all, they can't use their money when they reach their final destination. So I'm happy to see this news here about The Giving Pledge:
I know that it isn't a legal and binding contract but it's nice to know that some of them have a moral commitment to donating much of their huge fortunes.
Here is a video of Warren Buffett, Bill and Melinda Gates talking about their philanthropic efforts and why they do it:
What do you think of The Giving Pledge? Is it purely as altruistic as it seems?
thats pretty awesome....its about time some of these guys thought about how bad the rest of the world has it compared to them and what their money could do to help....i think lucas's idea to give most of his money to improve education is a great idea
There's a family in Saskatchewan, where I live, who is very wealthy. However, the kids are not getting a huge inheritance of any kind when the parents pass on. The money that's left over will be given to various charities and the estate( houses, vehicles, boats, etc) will be sold off or donated as well. The kids get no monies from their parents either. They have been taught that if you want it you earn it. The family has recently donated a large sum of money to a hospital foundation I believe it was with the restriction that their name NOT be attached to it.
I have a lot respect for the family and the way they are handling their finances. _________________ -2nd Person to Join
-1st Moderator
-Only Moderator to be here 4 years and Counting
I see it 2 sided. On one side i see it as a serious business respect.
On the second do nothing and get the pickle from uncle Sam from the new tax changes that takes affect next year.
Giving away 50% to the tax man or 50% to charity doesn't matter really . Eitehr way you're out 50%.
Even if the Bush tax cuts do expire the max income tax rate is still under 40% for those that make x amount.
Not bad thats 10% still in their favor. So 50% or even 60% they can make that back in no time.
If anyone really read that and truely understands it this is an estate tax move.
Meaning at least 20% - 30 % of that the money will be mismanaged AND will be eaten up in admin costs, etc like most charity does.
I am sure it will be taken advantage of one way or another even with the trusts and trustees they put in place.
While Im thinking whats up the Chinese billionaires why don't they give their money away or are they just better the the rest.
Well i bet Bill Gates would not be doing this had he still be the richest man alive, but now he is not.
And yes it is most likely highly motavated for tax reason's.
It's absolutly rediculous how rich some of these people are!
I guess it's really good for these charities, but it makes me wonder how much gets eaten in admin, paper work cost ect.
Good on them i say, but i doubt its without alteriour motive
It's really unfortunate how jaded people/society has become. People give money to charity and PEOPLE without expecting something back. Brett Wilson is one of them. While I may not be rich, God knows I don't have the money to do it, but I give to people without expecting to get something in return.
Tax breaks or not no one truly knows the reason they're doing it. I'm choosing to believe they're doing it because they can. The world is going to Hell in a handcart and I'm all for looking at the bright side of things. Too much disappointment, deceit, distrust and just general BS going on right now. The last thing the world needs right now is another Cynic. _________________ -2nd Person to Join
-1st Moderator
-Only Moderator to be here 4 years and Counting
im also hoping this is for the best. just seems odd Gates and buffet been deciding this since last year. Now this year is almost up and theirs big talk bout major TAX changes coming in /11.
Makes me think these billionaires know somethings comming.
The United States has roughly 400 billionaires — about 40 percent of the world's total — with a combined net worth of $1.2 trillion, according to Forbes. If they all took the pledge, that would amount to at least $600 billion for charity.
taken from
http://www.msnbc.msn.com/id/38556042/ns/us_news-giving/
400 billionaires in this country didnt know it was that high.
to take part of an icbm post, if my parents were rich and they gave all their money away when they died, i would HATE them. not that i would deserve any of the money, but if i had oodles of dough, my kids would live the high life. _________________ Your September 2010 MOTM
Johnny Carson may have died in 2005, but tax filings uncovered by the Smoking Gun this week show the legendary "Tonight Show" host became Hollywood's biggest philanthropist last year.
Tax returns filed in May for the fiscal year ending in June show that Carson quietly arranged for a donation of $156 million to his charitable trust, the John W. Carson Foundation. This donation makes Carson's foundation Hollywood's largest in terms of assets.
About time. If I had that much money that's exactly what I'd do with it, in fact probably 75%. All I need to be happy is £24k a year. What's up with most people? _________________
