Billions Donated to Charity

Anonymous Philanthropist writes " Warren Buffet , the world's second-richest man, announced over the weekend that he will soon donate 85% of his entire net worth, weighing in at around $37 Billion, to charities, with over 80% of it going to the Bill and Melinda Gates Foundation. This makes it the single largest monetary donation in history."

Comments

Before anyone asks...

[mjmalone]

From A conversation with Warren Buffett:

People will be very curious, I think, as to how much your decision - and its announcement at this particular time - is connected to Bill Gates' announcement in mid-June that he would phase out of his operating responsibilities at Microsoft and begin to devote most of his time to the foundation. What's the story here?

I realize that the close timing of the two announcements will suggest they're related. But they aren't in the least. The timing is just happenstance. I would be disclosing my plans right now whether or not he had announced his move - and even, in fact, if he were indefinitely keeping on with all of his work at Microsoft.

On the other hand, I'm pleased that he's going to be devoting more time to the foundation. And I think he and Melinda are pleased to know they're going to be working with more resources.

Although, it's hard to believe that the timing is entirely coincidental... especially since Bill said he'd be leaving Microsoft over the next two years, and Warren said:

With so much new money to handle, the foundation will be given two years to resize its operations.

Re:Before anyone asks...

[MMaestro]

And frankly the truth is the good Carnegie has done really have out lived the harm he did.

Uh, not really. Carnegie's complete and utter destruction of the unions cripped industrial growth for decades due to his tactics. The lack of a minimum wage (pay wages in the CENTS per day and the Ford Model T was priced at a 'cheap' $350), the methodology of simply decreasing workers' pay instead of increasing productivity or quality (sales are down? Fire some workers while maintaining the status quo!) and his own self-proclaimed "it was necessary at the time for the growth of the nation" while creating a permanent lower working class group of people in the U.S. (Oh yeah, building libraries is real helpful at a time when child labor is commonplace.)

Carnegie was a fool, even in retrospect. By the time his charities were felt by the masses, his company had already left its mark. Corporate intimidation and bullying was used for decades (and arguably to this day). Violence between factory owners and factory workers sparked on and off WELL into the 20th century. Unions have NEVER shaken off the image of essentially being puppet creations made by the corporations for calming the masses (unions in the U.S. are a joke compared to European counterparts and in many cases are being dismantled in some industries).

Re:Before anyone asks...

[Saige]

Do you have any clue what you're talking about?

No estate taxes are paid until the estate is over $1.5 million from a single adult, and $3 million from a married couple. Anyone who has a large enough estate to get taxed is not, by any means, considered part of the "middle class", let alone poor. $1.8 million puts the estate into the top %0.05 of the nation. And then there's the fact that family farms and businesses get even more exemptions.

Only the rich are even subject to the estate tax.

Claiming that the estate tax affects poor and middle class folks is completely and totally a baldfaced lie.

Re:85%!

[mccp]

"Today, with a $60 billion fortune, Gates is both hated and loved. Unlike many, he has promised to contribute over 90% of his wealth to charities when the big guy calls his number." 90% of the richest man is more than 85% of the second richest man. Gates is just being more low-key about it.