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Thread: Giving half of the wealth?
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[quote=LONELYJOURNEY,405407]Warren Buffett and Bill Gates has started a new campaign to persuade fellow billionaires to commit half of their wealth to good causes, called “the Giving Pledge”. So far, 40 billionaires have promised to join the campaign. The pledge is a moral commitment to give, not a legal contract. It does not involve pooling money or supporting one cause or organization. It's up to each person who signs the pledge how to divvy up their wealth. However, some rich guys also have refused to sign the pledge. German shipping millionaire Peter Kramer called it “a bad transfer of power from the state to billionaires”. He thinks that the giving pledge is a way for the ultra rich to avoid taxes and donate to their favorite interests and hobbies. The US government charges heavy legacy tax. If you have more than 3 million dollars, you need to pay 55 percent as the legacy tax. Thus, some of them just invest their money to charity organizations or foundations to avoid paying legacy tax. How about those Chinese millionaires and billionaires? It is said that Bill Gates and Warren E. Buffett will come to China next month to persuade them to sign the Giving Pledge. To me, I afraid that Gates and Buffett will be disappointed in their China trip. The charity is not mature in China. Few Chinese guys will join this campaign. What do you think? [/quote]
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