Billionaire Gives Away 2 Thirds

by Satanus 14 Replies latest jw friends

• 

  Who are you?

  http://www.nytimes.com/2006/06/26/business/26cnd-buffet.html?ex=1190260800&en=d42fc12640c474d5&ei=5070

  Mr. Buffett, the grandson of a grocer and the son of a stockbroker, has never made any secret of his distaste for inherited wealth, and has often said that he had no intention of making mega-heirs and heiresses of his children. So it was not surprising that he said on Sunday that he would give away more than $37 billion of his fortune.

  What was surprising, however, was that he outlined specifically what he would do with the bulk of his wealth while he was still very much alive. He had said previously that he would wait to do so in his will. Apparently mindful of the place in history held by philanthropists like Andrew Carnegie and J. Paul Getty, Mr. Buffett, 75, said today that he hoped his giving would inspire other wealthy people to give generously as well, and referred several times to John D. Rockefeller Sr.

  "I would hope that a few of them would pick up on this model; I think it's a sensible model," he said. Not that his children will be left empty-handed. Mr. Buffett said that the assets he is not giving to charity today will be divided up later between other philanthropic causes and his family. His children, he said, were not at all disappointed not to be receiving the lion's share of his fortune.

  "They've known all along my views on inherited wealth, and share them," he said in a news conference this afternoon. "They have money that most people would dream of. They're lucky, in that respect, when they selected their parents."
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  buffalosrfree

  The idea of charity on part of the Watchtower Society is a pipe dream at best. When calamities happen they rush to guilt trip other jdubs to rush to the help of those (R&F) affected., but do little to actually help them as a society. They don't help the general public unelss its just unavoidable or will make them look good so they may help a handful of "worldly people," but not often. The words Charity and Watchtower are so far apart as to be a tradegy.
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  skeeter1

  I am sure that Warren is a great guy. I've heard that Mr. Gates also does not want his children to inherit the earth, only a few plots.

  One of the purposes of the estate tax is to put the next generation on a more equal footing. The estate tax takes away over 1/2 of a wealthy person's wealth when they die. But, when your dad's worth billions, does inheriting only $500 million a real problem? I mean, you are still set for life by Skeeter's standard of living. But, some kids will blow through that lot of dough. A few ferraris and French villas, and you're wiped out. This is why Mr. Gates & Mr. Buffet will not give millions & millions to thier kids. They earned their way, and the kids must do the same.

  One way to get out of some of the estate tax is by setting up private foundation (with a charitable purpose) (this is what Bill Gates does) or giving it directly to a charity (Warrent Buffet style). A private foundation has its own tax rules and state laws to follow. Just following them, makes lots of work for CPAs and attorneys. Warren Buffet probably knows the "mini government" needed to run a private foundation. Since large public charities already have their own mini government in place, why set up second? To give attorneys & CPAs more work? Warren is into the economy, and economies of scale yield more favorable to a good, large charity.

  Of course, if you want your name after you die to endure in the public eye, a private foundation is for you...."This PBS program brought to you by a generous gift from the Skeeter Private Foundation" That's so NOT Warren Buffet.

  Skeeter
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  skeeter1

  A little cynical, moi?

  We've freed Iraq from Sadam (good), but killed how many civilian's in the process (bad)...all the while putting the US just a few dollars in debt?

  I'm all for fire fighters, soldiers, teachers, pot hole fixers, garbage collecters, water testers, etc.

  But, school boards, city counsel members, Presidents, court judges gone awry....that's a different matter.

  Skeeter
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  SixofNine

  Quote: "Warren Buffet is doing what he can to avoid estate taxes, so the US government does not end up with his hard earned loot."

  I'm pretty sure I've heard Warren Buffet advocating FOR keeping the estate tax (back when there was a republican push to eliminate it). I know Bill Gates senior advocated for keeping it.

  Warren Buffet has been very clear that he understands that his wealth came from within a system, and he wants that system to be repaid and remain healthy along with his own pocketbook.