Bill gates: will not pass down fortune to children.

Discussion in 'Wall St. News' started by MohdSalleh, Sep 21, 2010.

  1. he could give them 500K each and provide with best health and disability insurance on top.
    #11     Sep 21, 2010
  2. ptrjon


    i'm afraid that as buffett and gates push for such action, we will end up doing things that continue to fuel overpopulation, and with scarce resources, this may lead to some dire situations- perhaps even nuclear war.

    People are living longer across the entire globe than they used to, and are having more children than ever. On a micro level, helping people who are starving and dying is great. But when we're talking about hundreds of billions of dollars- I'm not sure. You can buy a lot of rice with that kind of money.

    Historically, overpopulation + scarce resources -> war. This sounds dark, but it's just my observation- I hope I'm wrong.
    #12     Sep 21, 2010
  3. Probably the reason he set up his own foundation is so he could dictate what it was tasked to do. If people manage to corrupt that after he is gone, he did his best.

    Sure MSFT has screwed over other companies. Some would call it "hardball business". Others would call it "stealing".

    But one thing that he did do is start a successful company that has had a lot of economic benefits to the general population. You can debate how he did it, but he did do it.

    To me, that means he deserves his money. He is not a CEO-Baby-sitter who is put in charge of an existing system, screws up, and reaps mondo bucks. Those, and their executive boards, are leeches on the company and shareholders.

    He and Buffett have already stated their fundamental belief that a core American virtue is that it is a meritocracy, not an aristocracy of inherited kingdoms.

    Though, it does kind of make you think what all the other names on that super-rich list are doing with their money....
    #13     Sep 21, 2010
  4. S2007S


    "defeating global poverty"

    Will never happen, anyone thinking you can end global poverty is just foolish. Not going to happen, here in the US there are over 40 million in poverty. This could actually be a joke, cause it sounds like that to me.
    #14     Sep 21, 2010
  5. TraDaToR


    So a financial transaction tax is not needed anymore to fight global poverty, they should simply take Gates heritage?... They were looking for 50B, here they are...Yoohoo:D
    #15     Sep 21, 2010
  6. Pekelo


    Last time I checked Gates was in good shape, so he could easily live 30+ years from now. By the time he moves over to the other side, his kids will be around 40, probably wealthy and accomplished individuals who don't need a large handout from daddy.

    So the whole issue is rather MOOT....
    #16     Sep 21, 2010
  7. I always thought he was an A-hole. Kids should take him out now.
    #17     Sep 21, 2010
  8. Hello


    I would have a lot more respect for these shit head liberal billionaires who preach raising taxes on me, if just one of them came out while they were still alive and gave it all away and tried starting from scratch....and then continued to preach raising taxes on themselves while they tried to make it back.

    It aint real tough to give away all your money when your dead.
    #18     Sep 21, 2010
  9. Private Foundations are mostly tax-shelter structures. If Gates' children do not inherit the money they will not pay any taxes. But I'm sure they will fully control the foundation, so they will be able to "borrow" its money, its real estate, etc.
    This is how the ultra-rich pay very little taxes in America.
    All this PR jawboning is to avoid questioning by the IRS.
    #19     Sep 21, 2010
  10. mokwit


    You are so cynical. The mega rich and elite are cuddly people who just want to do what's best for children and bunny rabbits round the world.
    #20     Sep 21, 2010