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Gates Makes Largest Donation Since 2000 With $4.6 Billion Pledge (bloomberg.com)
From a report: Bill Gates made his largest gift since the turn of the century, giving away Microsoft shares that accounted for 5 percent of his fortune, the world's biggest. The billionaire donated 64 million of the software maker's shares valued at $4.6 billion on June 6, according to a Securities & Exchange Commission filing released Monday. While the recipient of the gift wasn't specified, Gates has made the majority of his donations to the Bill & Melinda Gates Foundation, the charity he and his wife use to direct their philanthropic efforts. It's the largest gift of Microsoft shares that Gates has made since 2000. The 61-year-old gave away $16 billion worth of Microsoft shares in 1999 and $5.1 billion a year later, according to calculations by Bloomberg.
You think he's going to buy a yacht with it?
You think he's gonna buy hookers with it?
Why are you people so bent out of shape?
When Fascism comes to America, it will call itself Anti-Fascism, and tell you to give up your guns.
He still controls all of that money, but now he doesn't have to pay taxes on it.
He didn't pay any taxes on it before. You don't pay taxes on unrealized gains. Now, he's made it so that he'll never realize any gains on that stock, and so that he can't spend it on himself, but only on charitable efforts. By any reasonable definition of the word, that is "giving it away". The most you can argue is that until the Gates Foundation (assuming that's where it went) spends it on fighting malaria or whatnot, it hasn't actually been given away yet. But he's moved it to where it can only be given away, so that's a distinction without a difference.
Not that he doesn't still have more money than he could ever possibly spend on himself anyway. This gift will have no impact on his personal life.
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That should be enough for anybody.
The point that SANE people are getting is there AREN'T any benefits like you suppose.
Let's say you have $1B in unrealized gains. Your tax liability on that is exactly $0.
Supposed you realize the gains, and DO NOT donate. You pay $150M tax, and keep $850M for yourself. However, if you donate the shares, you pay $0 taxes and keep $0 for yourself. Where, exactly, is this supposed 'benefit'? It may be bad financially for the government (aww) if you donate, but it is worse financially for you if you DO donate.
The 'he controls the wealth' is nonsense. The foundation controls the wealth, and their are strict laws on what can and can not be done with the money. Chief among the 'can nots' is that the money can not benefit HIM.