40 billionaires pledge to give away half of wealth

http://www.msnbc.msn.com/id/38556042/ns/us_news-giving/?GT1=43001 ^

[Lucky9teen]

Bill Gates, left, and Warren Buffett, seen in this 2007 photo during the annual Berkshire Hathaway shareholders meeting in Omaha, are trying to persuade other American billionaires to give at least half their wealth to charity.

More than three dozen of America's wealthiest individuals and families have joined Bill Gates and Warren Buffett in agreeing to give away at least half their fortunes to charity.

The announcement was made Wednesday by The Giving Pledge, an effort officially launched by Gates and Buffett earlier this year to persuade the richest people in America to commit to giving the majority of their wealth to the philanthropic causes and charitable organizations of their choice, either during their lifetime or after their death.

In addition to Buffett and Gates — America's two wealthiest individuals, with a combined net worth of $90 billion, according to Forbes — 38 other billionaires are taking the give-it-away pledge. They include New York Mayor Michael Bloomberg, entertainment executive Barry Diller, Oracle co-founder Larry Ellison, energy tycoon T. Boone Pickens, media mogul Ted Turner, David Rockefeller, film director George Lucas and investor Ronald Perelman.

[absolootezer0]

no. rather than applying it to the national debt, congress would find new programs to spend it on, then expect us to pony up the same amout through higher taxes next year to keep those programs running.

[Dixie Yooper]

Presumably this money is currently invested and being used to grow new wealth. So we take half of this out of the productive economy to be consumed, won’t we all be worse off?

I think you nailed it right on the head!

[Yollopoliuhqui]

Presumably this money is currently invested and being used to grow new wealth. So we take half of this out of the productive economy to be consumed, won’t we all be worse off?

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Exactly- why not use the money to invest in new technology start ups and schools to retrain and put people to work?

[fightin bronco]

Makes sense. You still are giving a large sum to family and get to avoid the estate tax on the rest. I would guess this was already in their estate plan

[McGavin999]

I think it’s great, but you can do a lot of damage with money that is given away carelessly. Also, many employed by these foundations do not have the best interests of this country or it’s people in mind. A lot of money is being syphoned off into the pockets of people who have no thought for the betterment of those they are supposed to be working for.

[BwanaNdege]

Exactly!

They will spend a good bit of their money steering a second faction of the ruling class, the political class, into passing laws that will take away MORE than half of our wealth and future. Finally, a third faction, the press, will try to convince us that is all being done “for the children”, “for the under privileged”.

A significant portion of their wealth will go to “education”, to fund the indoctrination of our children.

Hey rich dudes! Just spend your money. Buy good & services that we working stiffs produce. Invest in R&D and production of goods & services for all the “little people”.

Hang, send a bit my way. With $500 worth of hand tools, a round trip plane ticket and $500 for food & lodging, I can go to Africa and teach villagers to drill water wells for their homesteads.

[DManA]

This is just another front in the war on wealth.

[Billthedrill]

I pledge to give the entirety of my second $10 billion to charity. Because I’m that kind of a giving guy.

[OpusatFR]

That’s why I will always like Carnegie. He just gave it away for libraries and other things.

He didn’t try to control it.

[cydcharisse]

And administered by their relatives?

[Steve_Stifler]

Let them give it to the government to spend as elected officials choose and then maybe I’ll give them some credit. But, probably not.

[rhombus]

And just in time to avoid the expiration of the Bush tax cuts? But it makes them feel soooooo good about themselves.

[Mr. Wright]

Where is Oprah Winfrey, Michael Jordan, Bill Cosby, Famous Amos the cookie maker, and all the other Obama supporters who can share the wealth?

[calex59]

Ok, lets look at this. A billion dollars is a 1000 millions. That means, with no investments at all, you could spend 1,000,000 bucks per year for a thousand years before you went broke. So, if you have 60 billion, as Gates is supposed to have, then you could pretty much dump 30 billion and not be hurt by the loss.

Even if you have a paltry billion and dumb 500,000,000 you would still be pretty set for life even without investing in a thing.

[calex59]

Before you get the wrong idea, I am all for people getting rich. I wish I had the brains and drive to make a few billion. However, when billionaires claim they are doing something great you need to put it in perspective.

I believe they will not really give their money away but will set up a trust of some kind so they still have control over it.

[freespirited]

They can spend their money however they like; however, it’s the need to send out a press release and seek adulation that gets on my nerves.

If you want to give away half your wealth, just do it. Dont demand that others do the same, as if to say that your choice of how to spend $$ is better than theirs.

[LoneRangerMassachusetts]

It's a shame that those who profited greatly don't return the favor and invest in middle-class entrepreneurs. The charitable causes are all a waste of effort.

[Gator113]

Go ahead and put me on the list. I pledge to give up half of my fortune the very day that I have a total of 10 billion dollars.

It’s been a bit of a struggle to make any progress on reaching my goal lately, so if you would like to help me out, please send your donations to: Money Me, 10 Billionaire lane, USA.

Please hurry folks, this is a once in a lifetime chance for you to own part of a billionaire. Heck, I’ll even send you letters and photos of me having a ball all around the world... oh, and I promise, the first time I see Kerry, I’ll break his sissy nose.

You may also call 1-800- moneyme... do it now, operators are standing by.

[LoneRangerMassachusetts]

It’s a shame that those who profited greatly don’t return the favor and invest in middle-class entrepreneurs. The charitable causes are all a waste of effort.

[Ueriah]

“... oh, and I promise, the first time I see Kerry, I’ll break his sissy nose.”

That is worth five bucks to me.