You can give away 99%+ of your wealth and there will still be critics accusing you of enriching family members via foundations. That’s the lesson I take from critics of Buffett’s philanthropy. It’s useless to argue with such people who almost never even have basic facts straight.
Thanks for comments, however I not critique him or his moves. I was merely pointing out the nature of his strategy as a consequence of I.R.S code and how it reforces behavior which in America concentrates wealth via philanthropic industrial complex, which is unique to America in its breath & scope. But still while the Gates Foundation has received majority of his wealth so far, his children will be one of the richest family in the world. All because of how the tax code is structured, they have indefinite access to low cost capital. And as long as they maintain the minimum distribution of 5-10%-which they should giving their history of running charitable organizations-they will forever be maintain.
Buffett has said that the trust will be self liquidating within a decade. You’re wrong about the Buffett family someone benefiting from the foundations in any meaningful way. Buffett specifically does not want some bloated perennial foundation. He says so explicitly in the latest press release and on many other past occasions.
Yes that's what he said. And that trust is separate from the trust each of his children runs which have been seeded with BRK shares from their grandfather, mother, & Warren himself and which he doesn't really have a say in. So to say they haven't benefited is a stretch. I review Howard's endeavors more than his other children & his foundation has granted 1.1 billion dollars over the past 20 years while simultaneously receiving 100-150 millions from the Orcale alone over that duration. From the foundation latest annual report the the President makes $602,140 per annum-which he is not & CHOSE not to take a salary-which is in the 1% of wage earners in the country. Chosing not to take a salary is not the same as not benefiting it's a choice. Plus we haven't touch on other benefits like social or political capital.
What is more interesting is the fact that his "charitable" giving is to his family, for his family to control, a feature of thebtax code-which is fibe by me-that allows someone with proper structure to avoid taxation or goverment oversight while creating a economic cast system. Think about this from Peter Buffett:"Between 2001 and 2011, the number of nonprofits increased 25 percent. Their growth rate now exceeds that of both the business and government sectors. It’s a massive business, with approximately $316 billion given away in 2012 in the United States alone and more than 9.4 million employed." This needs to be updated to reflect inflation and growth however his points have never been disputed or proven wrong, in fact Warren's behaviors proves it.
Based on the data I've maintained (which is based on public disclosures), of the $51.8 billion Buffett has given to the five foundations since 2006, $39.2 billion has gone to the Gates Foundation so he is not favoring the family foundations at all.
No matter what he does, there will be critics. If he had spent the money on yachts, homes, and cars, he would have critics. If he spent money on political influence, he would have critics. Now that he's chosen to donate nearly all his wealth to foundations of his choosing, he will have critics. Many people have criticized the ultimate recipients of the foundations, many of which support abortion rights. Doesn't matter if I agree or disagree with abortion, it's his money and his decision, and ultimately none of my business.
There is no way to have this kind of wealth without critics.
I personally do not regard it as any of my business to say how Warren Buffett should dispose of the wealth he has generated over a long lifetime. I do consider his choice admirable but I would not think less of him if he had consumed much more of it. It is ultimately his money, to do as he wishes with. I see nothing objectionable whatsoever in his gifts or the estate plan he's outlined.
I wish he'd make some significant gifts to institutions that support his classical liberal (even traditional) values. Buffett has 30 years on me, but this 65 yr old is worried that Enlightenment values (free speech, individual rights, the scientific method, objectivity, etc) are in danger of disappearing. That would be a loss that makes any good Gates might do pale by comparison.
You can give away 99%+ of your wealth and there will still be critics accusing you of enriching family members via foundations. That’s the lesson I take from critics of Buffett’s philanthropy. It’s useless to argue with such people who almost never even have basic facts straight.
Thanks for comments, however I not critique him or his moves. I was merely pointing out the nature of his strategy as a consequence of I.R.S code and how it reforces behavior which in America concentrates wealth via philanthropic industrial complex, which is unique to America in its breath & scope. But still while the Gates Foundation has received majority of his wealth so far, his children will be one of the richest family in the world. All because of how the tax code is structured, they have indefinite access to low cost capital. And as long as they maintain the minimum distribution of 5-10%-which they should giving their history of running charitable organizations-they will forever be maintain.
Buffett has said that the trust will be self liquidating within a decade. You’re wrong about the Buffett family someone benefiting from the foundations in any meaningful way. Buffett specifically does not want some bloated perennial foundation. He says so explicitly in the latest press release and on many other past occasions.
Yes that's what he said. And that trust is separate from the trust each of his children runs which have been seeded with BRK shares from their grandfather, mother, & Warren himself and which he doesn't really have a say in. So to say they haven't benefited is a stretch. I review Howard's endeavors more than his other children & his foundation has granted 1.1 billion dollars over the past 20 years while simultaneously receiving 100-150 millions from the Orcale alone over that duration. From the foundation latest annual report the the President makes $602,140 per annum-which he is not & CHOSE not to take a salary-which is in the 1% of wage earners in the country. Chosing not to take a salary is not the same as not benefiting it's a choice. Plus we haven't touch on other benefits like social or political capital.
What is more interesting is the fact that his "charitable" giving is to his family, for his family to control, a feature of thebtax code-which is fibe by me-that allows someone with proper structure to avoid taxation or goverment oversight while creating a economic cast system. Think about this from Peter Buffett:"Between 2001 and 2011, the number of nonprofits increased 25 percent. Their growth rate now exceeds that of both the business and government sectors. It’s a massive business, with approximately $316 billion given away in 2012 in the United States alone and more than 9.4 million employed." This needs to be updated to reflect inflation and growth however his points have never been disputed or proven wrong, in fact Warren's behaviors proves it.
Based on the data I've maintained (which is based on public disclosures), of the $51.8 billion Buffett has given to the five foundations since 2006, $39.2 billion has gone to the Gates Foundation so he is not favoring the family foundations at all.
No matter what he does, there will be critics. If he had spent the money on yachts, homes, and cars, he would have critics. If he spent money on political influence, he would have critics. Now that he's chosen to donate nearly all his wealth to foundations of his choosing, he will have critics. Many people have criticized the ultimate recipients of the foundations, many of which support abortion rights. Doesn't matter if I agree or disagree with abortion, it's his money and his decision, and ultimately none of my business.
There is no way to have this kind of wealth without critics.
I personally do not regard it as any of my business to say how Warren Buffett should dispose of the wealth he has generated over a long lifetime. I do consider his choice admirable but I would not think less of him if he had consumed much more of it. It is ultimately his money, to do as he wishes with. I see nothing objectionable whatsoever in his gifts or the estate plan he's outlined.
I wish he'd make some significant gifts to institutions that support his classical liberal (even traditional) values. Buffett has 30 years on me, but this 65 yr old is worried that Enlightenment values (free speech, individual rights, the scientific method, objectivity, etc) are in danger of disappearing. That would be a loss that makes any good Gates might do pale by comparison.
Has WEB made any comments about the intended donations to the Bill & Melinda Gates foundation post divorce?
Not that I know of. He resigned as trustee some time ago but the annual gifts have continued as pledged in 2006.