Current Events > What do you think of bill gates and warren buffet proclaiming that they'll give

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away 99 percent of their fortunes after their death or soon after their death and , presumably saying that they won't leave the majority of it to their children?

I'd suspect it's some sort of lawyer-ball to avoid inheritance taxes.

Questionmarktarius posted...

I'd suspect it's some sort of lawyer-ball to avoid inheritance taxes.

oh you believe so? iirc when they said, i won't leave most of it to my children, many people really lauded them for doing that.

bump

What's wild is that the 1% leftover is probably still like a billion or 2

SquantoZ posted...

What's wild is that the 1% leftover is probably still like a billion or 2

it's better than nothing. iirc gates went' to all of the world's billionaires , offering his giving pledge, which is donate at least half. and most refused to sign it

Instead of giving it to some charity, how about evenly distributing it to every american citizen

Lordgold666 posted...

Instead of giving it to some charity, how about evenly distributing it to every american citizen

Everyone gets $30 yay!

Tyranthraxus posted...

Everyone gets $30 yay!

Better than having billionaires around.

Why not do it now?

Bass posted...

Better than having billionaires around.

Then, who pays the "fair share" for everything everyone else demands billionaires pay for?

They should give it out sooner. Like really. What is the point in sitting on all that money until you die? They could help millions of people TODAY.

I will say they seem way more morally conscious than your average billionaire but still...I don't get it.

Bass posted...

Better than having billionaires around.

If every billionaire did it, that would be a different story.

Just Bill Gates doing it won't change shit.

It's also kinda low-key racist to give the money to just Americans simply because Gates himself is an American.

AP3Brain posted...

They should give it out sooner. Like really. What is the point in sitting on all that money until you die? They could help millions of people TODAY.

I will say they seem way more morally conscious than your average billionaire but still...I don't get it.

They are spending it today. It just takes time to spend that kind of money unless you're trying to Mansa Musa the place.

I want some of that. Like 1% from each

Tyranthraxus posted...

They are spending it today. It just takes time to spend that kind of money unless you're trying to Mansa Musa the place.

Yeah I get it takes time to distribute that amount of money without it going into corrupt/greedy hands but still seems a bit slow. But that's why I don't knock these two too much.

AP3Brain posted...

They should give it out sooner. Like really. What is the point in sitting on all that money until you die? They could help millions of people TODAY.

I will say they seem way more morally conscious than your average billionaire but still...I don't get it.

yeah it's far from perfect but at least they are doing something. many billionaires will not give anything at all to charities and def. won't sign gates' giving pledge

Why wait?

everyone would get a 350 dollar check, actually

To be honest, Id be up for inheritance being done away with entirely.

Buffett has stated that the reason he doesn't donate his money now is because he's so good at using it to make more money. That means he'll be able to give away more money after his death.

Like rather than feeding 100 people today, that money could be invested and used to feed 200 people in the future.

Robot2600 posted...

everyone would get a 350 dollar check, actually

You might be right. But many many people believe it is like a million

Astro1446 posted...

Buffett has stated that the reason he doesn't donate his money now is because he's so good at using it to make more money. That means he'll be able to give away more money after his death.

Like rather than feeding 100 people today, that money could be invested and used to feed 200 people in the future.

Do you agree with buffets reasoning?

He should give it to me

Bump

Its a small admission that they've raped and helped destroy the world so that they could amasss absurd amounts of wealth.

Its nice, but its not as philanthropic as it seems. Id bet you anything that their kids and family and close associates have secure employment as board members with very, very high pay with a perpetuating cycle of investments to keep the operation going.

But that being said, it is objectively better than just hoarding billions for generations just for the clout of being rich.

Good on them, but on a national scale even billions won't amount to much in the long run.

And even if it was distributed in a check during the pandemic we've already seen what the average normie does with such things. So it wouldn't matter still.

Prismsblade posted...

Good on them, but on a national scale even billions won't amount to much in the long run.

And even if it was distributed in a check during the pandemic we've already seen what the average normie does with such things. So it wouldn't matter still.

Yeah I kinda agree, but many people disagree with this

The statement means nothing. Billionaires usually escape estate taxes by making charitable organizations in their name, donating 99% of their money to it, and putting their inheritors on the board so that they can extract their inheritances as a salary. Even the Kochs went this route.

Edit: Whoops. K181 already said it earlier in the thread.

BB_mofo posted...

The statement means nothing. Billionaires usually escape estate taxes by making charitable organizations in their name, donating 99% of their money to it, and putting their inheritors on the board so that they can extract their inheritances as a salary. Even the Kochs went this route.

Edit: Whoops. K181 already said it earlier in the thread.

But you don't support getting rid of the estate tax? Thought they usually did collect a lot from the estate tax, iirc the IRS gets over 100 bil from it every yr

GranTurismo posted...

But you don't support getting rid of the estate tax?

What I mean is that the promise out of their mouth means nothing when it's a loophole to exploit that would still benefit them.