It’s just a way of moving money into nonprofits controlled by the same families. These massive donations are all about long term tax planning for inherited wealth. These billionaire family will still control the wealth they donate. Most of these donations are given to “philanthropies” that are started by a friend. You donate to mine I’ll donate to yours and we both get to control tax free money.
There’s also the argument that the Giving Pledge is ludicrous as both Warren Buffet and Bill Gates net worth has more than doubled since they created the pledge. When Gates first made the pledge in 2010 he had a net worth of about $53billion. Today after giving away $33.4billion, per the chart didn’t actually confirm this, he has a network of about $115billion.
Now yes the Bill and Malinda Gates foundation has done some great things with STI/STD and other infectious diseases as well as food insecurity and global hunger. However the reason they were able to do this was because the gutting of the US tax system and Bill gates being one of history greatest monopoly players. Instead of nation-states providing these services the world now must rely on the benevolence of globalized oligarchs.
deMachiavellian t1_iv5b9vh wrote
Reply to comment by Ambitious-Concert-69 in [OC] Forbes 2022's Most Philanthropic US Billionaires by row64software
It’s just a way of moving money into nonprofits controlled by the same families. These massive donations are all about long term tax planning for inherited wealth. These billionaire family will still control the wealth they donate. Most of these donations are given to “philanthropies” that are started by a friend. You donate to mine I’ll donate to yours and we both get to control tax free money.
There’s also the argument that the Giving Pledge is ludicrous as both Warren Buffet and Bill Gates net worth has more than doubled since they created the pledge. When Gates first made the pledge in 2010 he had a net worth of about $53billion. Today after giving away $33.4billion, per the chart didn’t actually confirm this, he has a network of about $115billion.
Now yes the Bill and Malinda Gates foundation has done some great things with STI/STD and other infectious diseases as well as food insecurity and global hunger. However the reason they were able to do this was because the gutting of the US tax system and Bill gates being one of history greatest monopoly players. Instead of nation-states providing these services the world now must rely on the benevolence of globalized oligarchs.