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192 Comments
- gcnaddict, on 10/12/2007, -5/+119Isn't Bill also planning to do something similar once he reaches old age? I love how people always bitch about bill being evil even though he donates so much cash to charity (even if it's his own charity)
- p9s50W5k4GUD2c6, on 10/12/2007, -4/+98When I first read this story: I couldn't help but think this development ~might~ be connected to Gates' stepping down at Microsoft. Either way: a great deal of good will come from this.
Not a bad way to spend the rest of one's life... - Petrarch1603, on 10/12/2007, -9/+101something very pecuilar is happening...
- strictnein, on 10/12/2007, -2/+88Gates' plan is to die with "only" $3 billion
- rewritable, on 10/12/2007, -5/+73Then it will be ginormouser
- Dayyve, on 10/12/2007, -17/+76I think it would be hard to be an American billionaire right now and sleep well at night...think about it...You just got huge tax breaks and more money since this administration has been in power and you have to see your country's poor people sent off to war to die to protect your interests. And those poor people and their families are getting more and more shafted by this society by the minute. How could you even watch the news anymore knowing that people's quality of life are spiraling downward with higher gas/insurance costs and you just got 170% of your normal tax return which is just going to sit in one of your accounts because you've run out of things to buy.
Long live these guys - they should retire and then go into politics. They've got the rare gift of business brilliance and humanity. - inactive, on 10/12/2007, -8/+67TDWilson...that is because you are a ***** IDIOT who has no idea what tax write offs are..
- Rojahon, on 10/12/2007, -5/+59The gates foundation is going to be ginormous!
- charmedguy18, on 10/12/2007, -4/+58It's already ginormous. :-D
- M2Ys4U, on 10/12/2007, -0/+50They're not exactly going to be poor though, are they? They just won't inherit huge sums of money.
- LabRat777, on 10/12/2007, -7/+53THE GOGGLES! THEY DO NOTHING!
- Subcranium, on 10/12/2007, -0/+46Of course it is. Buffett is picky about how his money is spent on charity--it's easy to give too much and not get results.
Buffett got Bill interested in charity in the first place.
BRK has had charity for years. When you own a share of BRKa, you can designate where the gift goes. - Bdog2g2, on 10/12/2007, -2/+4444 billion minus 85% still leaves u with around 7 billion or so.....
If anyone cries about that...they should visit a few countries south of our own for a week or two. - jwoelich, on 10/12/2007, -0/+37Yeah, having access to bags of cash has done wonders for the likes of Paris Hilton.
When you have everything handed to you, you appreciate nothing. Might be a "bummer" for their kids, but maybe their parents don't want them to grow up to be rich irrelevant douchebags. - TheWorkz, on 10/12/2007, -0/+31http://www.gatesfoundation.org/AboutUs/Announcements/Announce-060625.htm
- doubleYou, on 10/12/2007, -1/+31Tax deductions (writeoffs) and tax credits are not the same thing. In a deduction, you claim some amount of money as a "loss" and are given some consideration for that. In a tax credit, you get a 1:1 return for your expense. Purchasing a hybrid vehicle or installing certain kinds of energy saving equipment results in some amount of tax credit (though not the cost of the purchase).
Tax deductions and credits are used by the government to reward "desirable" behaviors. Donating money to charity, buying a house (mortgage interest and points are deductible), getting married, having children, making certain kinds of purchases, etc. are all considered "desirable" because they put money into the economy or have other beneficial outcomes.
Bill Gates has had his charity for quite a while, and I believe his dad actually got him on that bandwagon, not Warren Buffet. I don't think these billionaires donate the money because of US policy, but because they have toooooo much money for themselves. Bill Gates was donating money when Bill Clinton was president, and has been donating in the current administration too.
Last year, US citizens donated 260 billion to charities, and I'm sure that only a few of those funds came from billionaires.
Being "nice" and being "good" are basic human characteristics. Do not try to dilute the motivations of the people who want to give back to the world. When a rich men like these give money back, it's interesting to see how some people are quick to jump to negative conclusions. - scottevans, on 10/12/2007, -12/+40Buffett is a very smart man, and I respect his business IQ, as well as his philanthropy. BUT!!!....how would you like to be one of his children? He has said that he doesn't believe in passing wealth from generation to generation. Bummer for his children.
- culbeda, on 10/12/2007, -0/+27This isn't exactly the first philanthropic thing Buffet has done.
His stance on tax giveaways to the wealthy: http://money.cnn.com/2003/05/20/news/buffett_tax/
Honestly, he's one of the few billionaires that I give a rats ass about or for which I have any respect. Now all we need are a couple hundred more just like him and this country will be fine. ;-) - strictnein, on 10/12/2007, -1/+27"And all the people were complaing in the CEO story that everyone thats rich gets it from their parents"
Roughly 80% of millionaires are first generation millionaires. More people need to read The Millionaire Next Door. It's an excellent book.
http://www.amazon.com/gp/product/product-description/0671015206/102-8986987-3127313
http://www.nytimes.com/books/first/s/stanley-millionaire.html
It really exposes the myths about millionaires, the major one being that they are not the people you expect they are (hint: they're not the people living in the big houses with the fancy import cars, they, many times, have little to no net worth). - inactive, on 10/12/2007, -2/+27bill gates haters will start complaining about how he's monopolizing the charity business.
- lava, on 10/12/2007, -1/+26Looks like they're about to start the most influential international organization since the UN
- dh8r, on 10/12/2007, -2/+26If Bill's only keeping $3 bil for himself, that's more than 85% of his fortune that he's donating. No matter what people say, Bill Gates is a charitable person. Yes, it's easier for a rich person to give up a higher percentage of their wealth because they only need a small percentage for living. But instead of criticizing people for not donating enough money, praise people for donating the amount that they did, even if it's a small amount. It's just the way you look at the world, cynicism just breeds more cynicism.
- strictnein, on 10/12/2007, -0/+23The Oracle from Omaha.
I heard a story about him when I worked at Gateway. One day he shows up at a Gateway store in a beat up old car wearing old ragged clothes. He goes in asks for help with a computer. The salesman helps him and sells him the cheapest computer without ever asking him what he wanted. He only realises that it's Warren Buffett when he starts to ask him for his information and payment. Buffett could buy Gateway and liquidate it and barely even blink. - fitzfan, on 10/12/2007, -0/+23And all the people were complaing in the CEO story that everyone thats rich gets it from their parents, obviously like Buffet not all families believe in handing it over to their kids, there are people that create it on their own through hard work and a little luck
- xXShadowstormXx, on 10/12/2007, -2/+24Well. It's going to a good cause. To fight Malaria, and possibly AIDS.
I hope the Foundation finds a cure to these. - brandizzle, on 10/12/2007, -3/+25STFU.
Even if you don't like Microsoft's products Bill is an AMAZING man. - knightblade2oo4, on 10/12/2007, -10/+31"Looks like they're about to start the most influential international organization since the UN"
The UN is influential? - tehbear, on 10/12/2007, -2/+22Makes sense to me. I'm trying to start up a small endowment/charity to help fund high school arts and music programs. Before I decided to go the charity route, I just wanted to donate so much a year to a school but the catch was how difficult it was to control what my donation was spent on. After seeking legal advice, the pain in the butt is starting the endowment and having a board of directors but you have full control over what schools can spend it on. And that is just my small donation, I couldn't imagine billions of dollars being donated across the world.
- Vapid, on 10/12/2007, -1/+21Lol, you're retarded man. Dont post comments please.
- scan2, on 10/12/2007, -0/+19He is doing them a favour, letting them create their own wealth and success and not having to be responsible for billions of $.
- aquax, on 10/12/2007, -0/+17Bill Gates has also stated that he isn't going to pass much wealth to his children. I believe they each will receive $10M.
("much" of course, being completely relative. $10M would sure be a hell of a lot to me). - EvilDr.X, on 10/12/2007, -6/+22@ otherland
"like there weren't any billionares before the current administration was in office?" -- Doesn't change the fact that these billionaires got huge tax breaks and more money under the current administration, and that poor people are being sent off to war, again under the current administration.
"Freeing the Iraqi people from that butcher Saddam was in the interest of all of humanity." -- Really? Is humanity really that much better off now? Really? - ylocav, on 10/12/2007, -0/+15actually, he recently bought a 2006 Cadillac DTS. it was in the news, because he specifically bought a GM vehicle because he was impressed with how GM's Chairman handled himself on Face the Nation or something like that.
not exactly a crap car, but certainly no bentley either. and it's nice to see he's supporting american workers (the DTS IS actually built in america, unlike a lot of 'american' cars)
I'm very impressed with what he's doing here. nice to know not all old rich guys are greedy and use their money and power for the greater good. - Artifez, on 10/12/2007, -1/+15Yeah, I don't often insult people but you are a moron.
/(invisible hand) lol - Pseudorious, on 10/12/2007, -5/+19Hero.
- yllabianbitpipe, on 10/12/2007, -1/+15If you are truly logical think about it this way. Is it better for the future of humanity to take your billions and spread it out over the earth over millions of people, or give it all to your kids, who in the larger scheme of things, have probably done nothing to deserve all that money except be born into your family?
Also, the odds are pretty great that a kid who never has to work his whole life because he has several billion in the bank from his dad is going to amount to nothing, never produce anything of value, and probably resent his parents for giving him all this money. The kid's sense of self worth will be in the toilet. - dusingaz, on 10/12/2007, -1/+15What no 300+ comments talking about how people shouldn't be so rich? like on the 40k a day CEO story?
- friend18, on 10/12/2007, -4/+17Maybe the ghost of Christmas past has been visiting all of these billionaires.
- blakyce, on 10/12/2007, -5/+18Ya that is scary. A person who gives billions to helping victims of Aids and malaria making these decisions. Maybe the money would be better off going to the government for billions more in arms spending or big corporations to continue to exploit the third world
- Jakelshark, on 10/12/2007, -1/+14It is stunning to see the number of people who claim Gates and Buffet do this for tax deductions. Do you people not know the difference between yearly income and networth? Gates for example makes roughly $1 million in salary, his networth is in the billions due to his stock. The government taxes income, not stocks. And the current administration only takes ~35% of that salary.
Also Gates is a strong advocate for raising the top level tax brackets if you didnt know, you know the ones Reagan, Bush, and Bush drastically cut from the original ~80% pre-1980s. - rollergoof, on 10/12/2007, -2/+13have you heard of the foundation? do you know what it does?
- Tebixan, on 10/12/2007, -1/+12People are outraged to learn the average CEO ears 42k a day because we know that most of that is going to sit in a bank somewhere, or be spent on frivolous ***** like yachts and personal jets.
This man makes an insane amount of money, but he understand that he doesn't need 42k a day to live, and since the government isn't trying to more fairly distribute the wealth, he's taken it upon himself to do the right thing. The world should take a cue from Buffet and Gates.
The super rich who horde all their money should be ashamed of themselves when they see actions like this.
"All this is necessary for the triumph of evil is that good men should do nothing" - Edmund Burke
"With great power (wealth) comes great responsibility" - Uncle Ben :) - saska, on 10/12/2007, -0/+10"I wouldn't say having a million to retire on is "poor shape", unless you're including in that all the money they will get from pensions, social security, medicare, and whatnot."
I don't know how old you are, but I sure as hell don't expect to see anything from Social Security or Medicare by the time I retire, and I hope nobody else is counting on it either. - Artifez, on 10/12/2007, -0/+10After a certain level of wealth you can live like a king for the rest of your life and your children will be provided for. What is the point of amassing more wealth? I don't have a problem with people being wealthy but after a certain point it is just vanity or lust for power that drives these people and then I have a problem with it.
- fitzfan, on 10/12/2007, -0/+10Well considering Bill is going to give up his day job to focus on the foundation, I think he will know where the money is needed rather than just picking random founcations to give it to.
- ilitirit, on 10/12/2007, -0/+9A great man. People should learn from him.
- gamekid, on 10/12/2007, -1/+10Words like "daaaaaaayyum" don't describe this well.
(For those wondering, his company owns such household names as GEICO. http://www.geico.com/about/background/investorRelations.htm ) - scottevans, on 10/12/2007, -0/+8I totally agree with his philosophy in not leaving his wealth to his children. I think people should make their own way in life, if they are able to (and not mentally challenged or physically unable to). I just meant that it must be a real bummer to see all that cash sitting in your dad's coffers all those years, and know that it will never be yours.
- saska, on 10/12/2007, -0/+8I know the article was all long and stuff, but good grief. Buffett is joining the foundation's leadership. Buffett and Gates both share the strong belief they should decide how their money is spent. Why hand it to somebody else to make decisions with?
- ojonesjr, on 10/12/2007, -1/+9He doesn't own a nice car. He drives a old piece of crap. Very Cool... (better man than me and most)
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