Posted on 07/13/2022 7:27:26 PM PDT by E. Pluribus Unum
Billionaire Microsoft co-founder Bill Gates said Wednesday that he plans to give his wealth to his foundation.
In a Twitter thread that doesn’t allow replies, Gates announced he was transferring $20 billion to the Bill and Melinda Gates Foundation’s endowment this month and will increase spending to $9 billion per year by 2026.
“As I look to the future, I plan to give virtually all of my wealth to the foundation,” Gates wrote. “I will move down and eventually off of the list of the world’s richest people.”
Gates is currently the fourth-richest person on earth and has a net worth of about $129 billion, according to Forbes magazine. Gates has also been characterized as the largest private owner of farmland in the United States, owning over 260,000 acres of land.
“I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives,” Gates added on Twitter. “And I hope others in positions of great wealth and privilege will step up in this moment too.”
According to FoundationSource, private foundations such as the Bill and Melinda Gates Foundation are classified as tax-exempt 501(c)(3) organizations by the Internal Revenue Service. They are not subject to either federal or state estate taxes.
“Being self-funded is an advantage, enabling foundations to avoid the IRS tests that are required of public charities. Although not prohibited from doing so, private foundations do not typically engage in fundraising,” the website says.
Bill Gates, Melinda French Gates, and Warren Buffett founded the Giving Pledge about 12 years ago, asking wealthy individuals to commit to donating more than half their fortunes to various causes. In his Twitter thread, Gates also thanked Buffett—also one of the richest people in the world—for donating to the Bill and Melinda Gates Foundation in recent years.
Farmland Purchase In recent days, Gates has courted controversy in North Dakota after a Gates-associated entity, Red River Trust, purchased 2,100 acres of farmland in the state for $13.5 million. But on June 29, North Dakota’s attorney general cleared the sale of the land after finding that it complies with state laws.
“I’ve gotten a big earful on this from clear across the state, it’s not even from that neighborhood,” Doug Goehring, the state agricultural commissioner, told local media. “Those people are upset, but there are others that are just livid about this.”
When asked about why he purchased so much farmland in recent years during a Reddit thread, Gates said that “my investment group chose to do this. It is not connected to climate.”
“The agriculture sector is important. With more productive seeds we can avoid deforestation and help Africa deal with the climate difficulty they already face. It is unclear how cheap biofuels can be but if they are cheap it can solve the aviation and truck emissions,” Gates said.
Well now that’s a pretty selfish thing to do. Equip your own business.
Is he Dying ?
Slip a couple of $B to your old college room mate.
Where would you have ever been without him?
Sounds like a great inheritance tax dodge !
Watch him die, and the foundation move to become more conservative and all his money then be used for GOD.
Ww can pray for it.
There should be a 33% annual tax rate on all foundations. They never end up being good.
Is it his foundation that’s buying up the farm and ranchland across America?
No. He’s putting it out of range of the tax man so he can continue to buy up the world.
Yeah, we need another Ford Foundation.
Didn’t his ex wife basically become one?
““I have an obligation to return my resources to society in ways that have the greatest impact for reducing suffering and improving lives,” Gates added on Twitter.”
Obligation? No. Rich people do not have any obligation to direct their money in any sort of way.
It is Gates’ choice to decide what to do with his money and his property.
So he cant be sued by the Lolita Express
His kids get bupkis.
Sounds like the Clinton’s.
Recently learned that Billy Gates Senior was on the board of Planned Parenthood. They’re all part of the same eugenicist, globalist movement. I never thought I’d sound this much like Alex Jones..
I bet they will get money from the foundation. This way it looks like he’s giving it all away, but not really.
From what I have heard, $129 billion goes a long way in North Dakota.
“It is Gates’ choice to decide what to do with his money and his property”.
Yes, it is. That’s how it should be in America. In his case, it is the America he and his fellow Globalists hate.
Doubtful, his daughter Phoebe, is a super woke ultra leftist.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.