Tuesday, December 14, 2010

One Way the Rich Will Avoid Paying Taxes

While Warren Buffet and Bill Gates are urging higher taxes, they are giving away most of their wealth to charity. Oh, and avoiding taxes.

(MONEY Magazine) -- Warren Buffett says he will donate 99% of his wealth.

Bill Gates and his wife, Melinda, have given $14.5 billion to fund vaccines.

Oprah Winfrey has given $40 million to start a school for girls in South Africa.

Mark Zuckerberg pledged $100 million to improve schools in Newark.

In June, Warren Buffett and Bill and Melinda Gates challenged the nation's billionaires to give away at least half their net worth. To date, about 40 have heeded the call, including New York City mayor Michael Bloomberg, eBay founder Pierre Omidyar, and moviemaker George Lucas.


I think this is great. After all, if they are giving their money to charity, and avoiding taxes, it means money goes to schools and vaccines. Instead of, say, fuel to fly Nancy Pelosi back and forth from CA to DC.

The money in the peoples hands is better than sending it to Washington DC. Of course, these same people are eager to raise taxes. But they've figured out a way to avoid paying them, eh?

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