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this post was submitted on 27 Jun 2023
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Joke aside, even if they all died, the money would still pass to their kids/heirs. It's not like it would just magically flow back out into the community.
Losing my mind at the statements made about his “generosity” lol. He dropped $75 million on University of Chicago. A donation of about 0.75% of his net worth.
The median net worth of an American family in 2019 was $121k. A commensurate donation for them would be about $900, far less than they pay in taxes per month.
I understand that it's nowhere near the same, but I donate about 5% of my income every year - spread across 4-5 charities.
I actually have a spreadsheet that I ginned up one day to dream about what I would do if I won the Powerball. At the time, the Powerball was paying out 1.1 billion. So after taxes and dividing up with my friends, family, and some coworkers I had about $350MM.
Worked out l to be about $19.8mm per year purely from the projected appreciation of such a stack so I could keep it going forever.
Suppose you don't get to be a billionaire by being loose with your cash, but it's amazing how little they actually donate considering how losing $100MM wouldn't be felt at all.
In Colorado, the blunt hits you back.
3 down, 2500 to go
This brings up the real point of billionares and dividend taxes and inheritance taxes having swung too far away from societal benefit vs individual benefit.
It’s been a bad month for billionaires. Glad I’m poor.
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