The $600 billion challenge: Gates, Buffett asking billionaires to pledge to give half their net worth to charity
by
yoasif
2 years ago
Topics:
bill-gates
charity
money
philanthropy
warren-buffet
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Buffett and Gates and his wife, Melinda, set the goal: They are driving to get the super-rich, starting with the Forbes list of the 400 wealthiest Americans, to pledge — literally pledge — at least 50% of their net worth to charity during their lifetimes or at death.
Without a doubt, that plan could create a colossal jump in the dollars going to philanthropy, though of what size is a puzzle we’ll get to. To begin with, a word about this article you are reading. It is the first public disclosure of what Buffett and Melinda and Bill Gates are trying to do. Over the past couple of months Fortune has interviewed the three principals as the project has unfolded, as well as a group of billionaires who have signed up to add their names to the Gates/Buffett campaign.
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When it comes to the investment of billions, I have great difficulty with the vague term “Charity”. One reason I support a very heavy estate tax is that I think at some point we as a society have to make sure the money is spent on what society needs. There’s something strange about the idea that we have a huge national debt weighing down our entire society while at the same time allowing money to be given away, often overseas, sheltered from and effectively subsidized by US tax dollars. That this happens at the whim of a few rich people is very troubling.
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This sounds like a great initiative. I hope it works out!
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