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.

[RobinOfKingston]

If they do, most of what is given away will wind up damaging our country ala Henry Ford’s millions powering the “Ford Foundation.”

[Ann Archy]

Johnson of BET also!!

[aeonspromise]

While you billionaires are feeling warm and fuzzy I’ll take some..

[Jack Black]

Another transfer program to the 3rd world, mostly. The so-called "Robber Barons" donated a lot of money to charity too: they build Carneige Hall, Rockefeller University, Standford, funded new museums, built hospitals and great institutions of learning here in the USA.

Bill Gates, who has made his fortune in the West and in America in particular, has given his millions to save Africa. Even more obnoxious, he created a huge scholarship that everyone except White kids can apply for.

The much derided Robber Barons at least had a sense of loyalty to the nation and people who made them rich.

[DManA]

It took generations and the work of millions of people to create that wealth. The States could destroy it all in a few months:

$26 Billion State Aid Measure Survives Senate Vote

[Misterioso]

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?

That's not the altruist's way.

[Moonman62]

The private foundations are nothing more than sociological think tanks and population steering mechanisms.

I thought they were tax dodges.

[Moonman62]

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

Tiger Wood's half is already accounted for.

[Moonman62]

Bill Gates, who has made his fortune in the West and in America in particular, has given his millions to save Africa.

That's better than George W. Bush who gave our billions to save Africa.

[Mr. Wright]

Yea, forgot about him . . . but, as you pointed out, his half is already accounted for . . .

[Mike Darancette]

They should all die this year (before the death tax comes back) to make it more meaningful.

[trublu]

either during their lifetime or after their death.

Why not now?

[RipSawyer]

“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.”
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Except that there is ZERO guarantee that a loaf of bread won’t cost a million dollars in two or three years! At the time the sixteenth amendment became effective people were lulled into submission by the promise that it would only apply to people earning over five thousand dollars a year. Very few expected to ever earn anywhere near that amount.

The income tax was passed in 1913, the very next year Henry Ford turned things upside down by paying employees FIVE DOLLARS A DAY. To qualify to earn forty percent of the threshold for the income tax employees had to show that they could be trusted not to waste this huge income on “riotous living”.

“On January 5, 1914, Henry Ford announced a minimum five dollar salary for all elegible employees working eight-hour days. It was conceived as a profit-sharing plan which would motivate Ford employees to adopt efficient and productive habits at both the factory and the home.”

“The Ford Sociological Department was created to administer the plan by sending field agents into the community to visit workers at home to determine the quality of their home lives. It was believed that influencing the behavior of employees at home would turn them into better workers. All employees over 22 were eligible for the plan, which included a shortened work day from nine to eight hours in addition to the opportunity to earn five dollars per day. In order for a worker to be eligible to receive his share of the company’s profits he “must show himself to be sober, saving, steady, industrious and must satisfy the...staff that his money will not be wasted in riotous living.” Workers who didn’t comply risked being payed half as much for performing the same work as their co-workers, and could eventually lose their jobs.”

[calex59]

Thanks for your rant, however, I was pointing out the way things stand today and saying that even if they gave half of their wealth away they would not be hurting. What happens in the future wasn't part of my comment.

Hopefully we can stop the communists before we have super inflation.

[Friendofgeorge]

If they had the courage they would give all of the amounts pledged to World Vision. World Vision with that kind of money would change the world. But NO it will mostly go to UN charities and Global warming environmental crapola.
Might as well flush the money if it goes to UN etc

[Friendofgeorge]

They need to give the money to World Vision!!!