Billionaires to give away half their fortune

reply to post by Raist

Of course feeding a child would be better. But they do get to choose where they're money goes, and the arts are important for the soul too. As long as the money stays here, I'm a BIT happier. Still reserving judgment.

reply to post by ~Lucidity


Oh, I in no way am saying where they should give their money to. I fully agree that it is their choice to do with it as they please.

Furthermore I understand arts are important but without food the arts cannot be done, therefore they are less important and fall lower on a priority list than food, housing, medical, and job, and education. With all of the above people will willingly contribute to the arts as they will have the majority of their worries removed through the help they received.

At the same time I am not saying they should just give money to people as then it could be spent on things that would not better their lives. If nothing else it would be nice to see them spend money on useful life giving products or just to help people that are in financial troubles.

Again, I fully understand it is their right to do as they wish with it. However, giving to a dance theater is ridiculous in my book. I was raised poor and have spent most of my life living just above poverty level, a dance theater has never done anything to better my life, in fact none of the arts has. Sure, they are great to listen to or see but at the end of the day, they have not given anything that helped me to stay alive.

I hope that I am clear on what I am saying. I am not downing them for doing what they are doing I just fail to see the real life giving value of giving money to that area verses giving it to say food banks, or helping those struggling to get by.

Raist

Originally posted by Cosmic4life
It's a tax scam!!!!

You might be on to something here. This article from the Christian Science Monitor makes that same claim.

Such family and peer pressure certainly has its uses if they encourage generosity. The Buffett-Gates campaign in particular may also help create useful publicity for a broad political discussion about government tax rates. In coming weeks, Congress will decide whether to eliminate the Bush-era tax cuts for families earning more than $250,000 – the other proposal to wrest money for the public good away from the rich.

~ Christian Science Monitor

So, in a bid to get the money into a philanthropic/charitable shelter to avoid being hit with ungodly taxation in the next fiscal term, they develop this ploy, or perhaps scam shelter, for the super rich to hide their money.

The investors get to choose where the money goes. Ok, that is all well and good. Here is one way it could work.
Each investor puts X dollars into the investment plan and earmarks it for Y cause. The money is never actually spent on the cause, rather just the interest return goes to the cause. Since $10 billion will garner a huge annual investment return, the cause sees a windfall investment...annually. They never need to touch the principal amount. That money remains and is essentially still owned by the original investor. The investor never has to pay taxes on that money, but never actually loses it either. In the future months/years down the road, that charity can be dissolved or the investor can pull out of the venture and the original money returned to the owner, without ever having paid gov't tax on it the entire time.

Its a heck of a way to stay one of the super rich, garner some community support, win a few awards, gain social and economic favor, and blind the eyes of those that currently see them as the elitest scum that they are.

I was going to use this bit for another thread but I think it is more appropriate here:



This definitely seems odd. However, I think it's a great idea. The reason behind it might be sinister and that is the only thing that worries me.

So the money they would have had to pay to the IRS which would have had a trickle down effect or at least paid the blackops which kept our taxes lower, they will not be paying and instead give to reputtable charities which also will be exempt from paying taxes?

Got it, the dollar is going to be worthless.

Originally posted by Come Clean

More than 30 US billionaires pledged today to give away at least 50 per cent of their wealth to charity as part of a campaign by investor Warren Buffett and Microsoft founder Bill Gates.

This don't sit well with me. Why are they giving away their money now? These elites seem to be afraid of something. Buffet wants to give away 99% of his money supposedly.

I note it says WEALTH not MONEY.
Are they going to donate worthless (or soon to be worthless) stock portfolios, land and real estate, used shoes and forgotten trinkets?

WILL any of this "wealth" be usable CASH sources?
REMEMBER wealth includes assets that may be worthless in the future.
That's my theory....

AND WHAT charity?
The 'new paint for rich guys private jets" charity?

[edit on 5-8-2010 by mumma in pyjamas]

reply to post by Raist


We're in agreement

With luck this money will be used where it does the most good. There have been a few new articles and viewpoints posted on this. Apparently they're getting billionaires from all over the world to do this.

Not to be too sarcastic about it, but I wonder if that will include things like the Roman Catholic Church and the Royal Family.

To make themselves look good/blameless.

The altimate masters at the shell game.

reply to post by Come Clean


This is going to Charity organizations, what are they gonna do with it? What have they done with billions of dollars worth of charity spent already? I still see millions die of hunger in Africa??

Charity Organizations have become corrupt, look at Haiti, they are still living in tents, the tents are not even from Charity, those are tents they made themselves.

And when reporters went to the headquarters of the organization which is suppose to take care of that huge sum of money, they saw no one, it was empty lol.

They are partying, the only thing in Haiti now is the clubbing and restaurant business, which is fed by Charity workers.

Who knows, the amount of money which charity organizations get, they might even be in to politics, so who knows, this money given to Charity must be politically motivated.

Good ol' Nader - the American equivalent of Bob Brown.

reply to post by Come Clean


Dear Come Clean

Yes there was a report yesterday on BBC World about this. Billionaires like Bill Gates want to give half of their wealth to charity.

Well the last I hared Bill Gates was worth about 90 billion USD so that would amount to a give away of 45 billion USD. He was also quote as saying that it was the best fun he has ever known.

All I can say is good on them cobber. Also Bill if you are looking in this little charity is in great need because of currency fluctuations lately www.hiv-aids-kids.org...

These children have a chance at life in this orphanage but the center needs cash to stay running.

It is bad enough that you have lost your parents to AIDS but to look at an uncertain future because of the lack of a few dollars is worse.

You can put your hands down now

Originally posted by wayno
reply to post by 547000

 

They could have very well kept their money and still laughed in your face
Damned if you do, damned if you don't.

I'm not damning them. I just don't buy the "charity" angle.
They are doing this because they are getting some benefit from it -- more than they would by just hanging on to the money or investing it to get even more money.

What it is they are getting from this type of gesture is really up to speculation. Maybe its just an image thing, considering how pissed off most regular people are at the rich. Maybe its something more.

Whatever it is, it aint charity. That much I can guarantee you.

You are condemning no matter what they do. If they don't give their money, they are selfish. If they give half their money away it's not charity. If they give most of their money away it's suspicious. People here sure do hate rich people a lot.

I know it can be a PR thing, but just as well it doesn't have to be.

reply to post by Come Clean


DISCLAIMER: This sleepy poster didn't have time to read the whole article, nor all of the thought-provoking replies, and is therefore granted a stay of rotten-tomato-throwage owing to ignorance of linked article content, or restatement of sentiments already expressed by the smart folks in this 'ere thread. (Disclaimer does NOT protect against general dissatisfaction with the poster's opinion, however; so feel free to fling, but please note that chocolate eclairs would be just as messy.)

Hey folks:

Ok, something about this just doesn't smell right. That's a heckofalota Billionaires giving away half of their fortunes! Did they have a high-level meeting to decide how to stay ahead of this downward financial spiral? (Another ATS thread talked about the impending doom of our fiat system, yet another encouraged buying gold.) Do these dudes know something we don't?

They could conceivably create a charity, pump their collective funds into it (tax-free--woohoo!) buy up all the gold in the known universe with it.

I don't think their all evil. Maybe they're scared and/or maybe they know something we don't.

You know, their collective funds could fix our whole economic problem, I suspect, if they played their cards right.

*yawn* G'night ZZZZZzzzzzzzzzzzzzzzzzzzzzzzzzz

reply to post by cloudbreak


Agreed, in my humble opinion, they know the currency will be worthless very soon and want to 'look good' before the economy goes pear-shaped.

Or another theory my conspiracy mind just thought of;

they know/ think something is going to happen globally and know one day they will be answerable and accountable (to themselves) for any negative actions they've done to get where they are now (people they've trodden on to get further along the path of riches/ shoddy deals they've participated in) and will feel the emotions felt by those they've hurt and they are trying to 'buy their way in' to their version of 'heaven', (buying peace of mind so they can feel good and look good). EGO boost.

Maybe scepticism is tarnishing my view as I always think there must be an ulterior motive behind actions such as these of the rich and famous.

Especially when it is made public knowledge, in my humble view, if they were doing it as a genuine action of 'giving from the heart', they wouldn't even make it public, seeking accolades and praise. It would be done annonymously without anyone needing to stroke their egos!!

Originally posted by 547000

Originally posted by wayno
reply to post by 547000

 

They could have very well kept their money and still laughed in your face
Damned if you do, damned if you don't.

I'm not damning them. I just don't buy the "charity" angle.
They are doing this because they are getting some benefit from it -- more than they would by just hanging on to the money or investing it to get even more money.

What it is they are getting from this type of gesture is really up to speculation. Maybe its just an image thing, considering how pissed off most regular people are at the rich. Maybe its something more.

Whatever it is, it aint charity. That much I can guarantee you.

You are condemning no matter what they do. If they don't give their money, they are selfish. If they give half their money away it's not charity. If they give most of their money away it's suspicious. People here sure do hate rich people a lot.

I know it can be a PR thing, but just as well it doesn't have to be.

Reply: If it's not a PR/ Ego boost stroking, why isn't it being done annonymously?? That's true giving, giving without seeking recognition or praise, because true giving from the heart doesn't seek Ego boosting in return/ repayment. As I say, I'm sceptical of moves like these.

In the video above Ralph Nader talks about his new book Only the Super Rich can save America -- or something like that. He says he's talked with most of these rich guys and they are thinking about their legacy. They see the mess America and the world is in, and perhaps are realizing they had a part in it, and genuinely want to do something about it.

Well, its piecemeal at best. What these supposedly smart, super rich guys should do is figure out how to fix the system so that all the money doesn't end up in the hands of only a relative few in the first place.

Oh, but they won't do that, cuz really, they still want all that money coming their way so that they can play with it and look good when they give some of it back to charities. I do not believe even one of them will tackle the real issue head on.

They aren't going to change anything important. They may help a few of their choice, but the root of the problem (and they admit there is a problem) will remain untouched.

Originally posted by antar
So the money they would have had to pay to the IRS which would have had a trickle down effect or at least paid the blackops which kept our taxes lower, they will not be paying and instead give to reputtable charities which also will be exempt from paying taxes?

Better their money goes directly to charities and bypasses the taxation system, that way 100% of the funds will be made available, rather than the state taking a whacking great slice and then handing whats left of the rest on

Originally posted by kiwitina948

Originally posted by 547000

Originally posted by wayno
reply to post by 547000

 

They could have very well kept their money and still laughed in your face
Damned if you do, damned if you don't.

I'm not damning them. I just don't buy the "charity" angle.
They are doing this because they are getting some benefit from it -- more than they would by just hanging on to the money or investing it to get even more money.

What it is they are getting from this type of gesture is really up to speculation. Maybe its just an image thing, considering how pissed off most regular people are at the rich. Maybe its something more.

Whatever it is, it aint charity. That much I can guarantee you.

You are condemning no matter what they do. If they don't give their money, they are selfish. If they give half their money away it's not charity. If they give most of their money away it's suspicious. People here sure do hate rich people a lot.

I know it can be a PR thing, but just as well it doesn't have to be.

Reply: If it's not a PR/ Ego boost stroking, why isn't it being done annonymously?? That's true giving, giving without seeking recognition or praise, because true giving from the heart doesn't seek Ego boosting in return/ repayment. As I say, I'm sceptical of moves like these.

If they give it anonymously, it falls back into case 1, they're selfish, since you won't know what they did. See, no matter what they do you people will condemn them. It's a lose-lose situation whether they give money or not, simply for being rich.

Billionaires to give away half their fortune

Oh My Gawd! SOCIALISTAS!!

Pray Ten Hail Mary And Get Your Pitchforks And Torches Ready Folks!

I repeat! this is not about charity! don't believe the commie lies!

This is a deception operation, a Marxist intervention led by the communists in the WH administration - they have brainwashed the Billionaires into doing this with socialist nazi Gestapo mind control!

Give away hard horded monies! pffft! yeah right! ridiculous! :shk:

This is not acceptable, this is sending out totally wrong signals to our slave labouring peasants about the concept of greed! - it's putting crazy socialist ideas into their heads and is destroying all our hard work and all these years of Indoctrinating the peasants into being good'n'greedy & obedient consumers - to make us and our Corporations rich.

Remember our motto: "He who has most horded money & stuff when he dies wins!" if someone is trying to tell you something else, they lie! FILTHY LYING COMMIE NAZI SCUM SOCIALISTS!

Save your country, the globalisation, lobby groups and the Corporations before it's too late!