Back "in the day", the rich were inclined to giving away their money willy-nilly, just so they could say they did. I like so see that at least of late, philanthropy is tending more towards sustainability. Gates and Buffet did something to amass those fortunes. I like that they're trying to pass on a little more than just money.that's a lot of money!
The vast majority of the money both Gates and Buffett "donate" goes to their own "charitable" foundations which, as everyone knows, is a great tax shelter.
They retain ALL control over the money. That's the reason they set up the foundations in the first place. Lower tax burden for them, and they get to keep and control all the money. It's a sweet setup if you're ultra-wealthy and want to shelter your money but still have the ability to spend it as you please...That it's a great tax shelter is the way it's supposed to be. We give them a break and they pay us back in spades. And frankly, considering the skill sets of the likes of Buffet and Gates, I think I'd prefer that they retain at least some control over these pots of dough, rather then just simply dumping them into a pool to be squandered by others.
They retain ALL control over the money. That's the reason they set up the foundations in the first place. Lower tax burden for them, and they get to keep and control all the money. It's a sweet setup if you're ultra-wealthy and want to shelter your money but still have the ability to spend it as you please...
And let me note that I'm totally ok with that. I respect these guys for finding ways to keep what's theirs and not have the incompetent, greedy, corrupt assclowns in the government confiscate it and give it away to political cronies and welfare junkies...
I really don't know much about how the Waltons spend their money, and I think that's the way they want it. Gates is so high profile, he has an obligation (deserved or not) to make a bit of a show about his philanthropy, hence the existence of his foundation and his various proclamations about giving all his money away, etc. Buffett has a bit of a "look at me" tendency around what he does as well, also likely due to his celebrity. It seems the Walton family have very few people to answer to, unlike Gates and Buffett, who have a much larger group of shareholders who want to know how the companies in which they invest are being run.I'm not surprised at the tone of your second paragraph, but at least in principle, I don't disagree. But then, how do we fold the likes of the Walton family into all this? You've rationalized what Gates and Buffet have done, noted how clever it is, and even allowed that it's not so bad.
So, why aren't the Waltons doing the same? I think I have an idea why. For what it's worth, Wal*Mart is doing some pretty good things around pharma for elders, "greening" their operations, and so forth. But, there's a certain set of rich people that really resists the idea of their appearing to be forced by the rabble, into doing good things. They want to do good things, but they need for it to appear to be entirely on their own terms.
there's something "special" about the Waltons. they're so cheap that we the taxpayers have to supplement their employees' wages via social programs. WalMart stores conduct holiday food drives for their OWN employees, fergawdsake.
Microsoft, Walmart...Even Apple, which i imagine Buffet has holdings in...strive very hard on the cheap labor front. Say, why dont nobody ever complain about the cheap labor/sweatshop cities used to build oh, i dunno...computers, ipads, xboxes... Foxconn, a major supplier of these services to the above...pays some 260 bucks a month... yikes. talk about cheap.I really don't know much about how the Waltons spend their money, and I think that's the way they want it. Gates is so high profile, he has an obligation (deserved or not) to make a bit of a show about his philanthropy, hence the existence of his foundation and his various proclamations about giving all his money away, etc. Buffett has a bit of a "look at me" tendency around what he does as well, also likely due to his celebrity. It seems the Walton family have very few people to answer to, unlike Gates and Buffett, who have a much larger group of shareholders who want to know how the companies in which they invest are being run.
I really don't know much about how the Waltons spend their money, and I think that's the way they want it. Gates is so high profile, he has an obligation (deserved or not) to make a bit of a show about his philanthropy, hence the existence of his foundation and his various proclamations about giving all his money away, etc. Buffett has a bit of a "look at me" tendency around what he does as well, also likely due to his celebrity. It seems the Walton family have very few people to answer to, unlike Gates and Buffett, who have a much larger group of shareholders who want to know how the companies in which they invest are being run.
taxpayers don't have to supplement the wages of Microsoft or Apple employees, but we're on the hook supplementing the wages of WalMart employees.....SNAP, Medicaid, housing, etc. because the Waltons are too cheap to pay a decent wage or work them full-time.Microsoft, Walmart...Even Apple, which i imagine Buffet has holdings in...strive very hard on the cheap labor front. Say, why dont nobody ever complain about the cheap labor/sweatshop cities used to build oh, i dunno...computers, ipads, xboxes... Foxconn, a major supplier of these services to the above...pays some 260 bucks a month... yikes. talk about cheap.
They cannot "spend it as they please." At least 95% must be given to qualifying non-profits.They retain ALL control over the money. That's the reason they set up the foundations in the first place. Lower tax burden for them, and they get to keep and control all the money. It's a sweet setup if you're ultra-wealthy and want to shelter your money but still have the ability to spend it as you please...
And let me note that I'm totally ok with that. I respect these guys for finding ways to keep what's theirs and not have the incompetent, greedy, corrupt assclowns in the government confiscate it and give it away to political cronies and welfare junkies...