How would someone at that level of wealth give in a more empathetic way? What should Bill and Buffett be doing instead?
They should donate to a foundation. They should not have link with it (direct or indirect). Their family (direct or indirect) should not have link with it (direct or indirect).
The problem with these structures is that they allow someone to control and directly benefit from assets without fiscally owning them. Usually these foundations have complex structures and use generous fiscal code of some countries.
For many, the main goal is to lower the fiscal pressure during transmission to the children.
All of these, frankly, stupid arguments that he should just give the IRS money for no reason because they don't tax him high enough is ridiculous. Literally a drop in the bucket. Full year budget - $4.89 Trillion in 2019.
If you do actually believe that the federal government is the most efficient way to redistribute wealth, at least earmark it to killing the debt, which is an unethical institution (you cannot go back in time and vote against spending that your generation is forced to pay off; it's taxation without representation)
https://www.treasurydirect.gov/govt/reports/pd/gift/gift.htm
I don’t have a problem with the guy or with his wealth, but the whole “oh but if they’d only tax me” thing is infuriating.
Hell, he could just endow any number of non-Ivy League schools and pay for kids to go to college.
You just have to step up and do it one day, or, if you're warren buffet, tell your personal assistant to set it up.
Anybody who wants to pay more taxes can write the IRS a check. It's very easy to do.
Wealth is competitive. Over time, having a higher rate of return than someone else results in substantial differences in overall wealth. Everyone in his position being on the same playing field and chipping in equally is not the same as him martyring himself and letting more selfish peers acquire more resources and sway.
The consistent criticism is that Buffet has not put in enough lobbying to change the system. He could afford building of lobbyists and not farms and burned out influencers manipulating public consensus. Now that’s a a decent criticism. But no one should ever have to pay more than they must, just to have an opinion on their own government.
Buffet shouldn’t have just cut the IRS a check for $2B because it’s “meaningless to just send the money”?
So unless all the pieces are in place there is no value in paying the amount in taxes you publicly claim you should pay?
That’s like saying alcohol should be illegal, but drinking all the time. “Well, there is no point in me not drinking, the point is to change the law”.
That makes zero sense.
I completely disagree with you. The move should be to change the system.
It’s hard to take someone seriously when they say they should pay more tax, have every opportunity to pay more tax, yet choose not to pay more tax.
What you are saying is he should make a donation to the US government.
It’s why we have the phrase “put your money where you mouth is”.
And it’s not a donation. It’s intentionally paying more taxes because that what you think you should be doing. If the law changed he’d be paying the extra money anyways.
The law won't change retroactively so I don't see "If the law changed he’d be paying the extra money anyways." makes any sense.
Changing the law, on the other hand, is significant, because it impacts every millionaire/billionaire.
This is just a bullshit billionaire who won’t do what he’s asking others to do.
Oh but it doesn't get spent with your name associated, so that's obviously not a good option for egomaniacs.