I'm speechless. Is the Age of Asparagus here at last?
40 Billionaires Pledge to Give Away Half of Wealth | General
40 Billionaires Pledge to Give Away Half of Wealth | General
40 Billionaires Pledge to Give Away Half of Wealth
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Gates and Buffet have been working on this for some time. However, it may not be quite so generous as it first seems. The USA has fairly steep inheritance taxes and as a result most of the wealth these billionaires have would be taxed away from them anyway. Here is a table of estate taxes in the US and this does not count inheritance taxes levied by states.
- For amounts not greater than $10,000, the tax liability is 18% of the amount.
- For amounts over $10,000 but not over $20,000, the tentative tax is $1,800 plus 20% of the excess over $10,000.
- For amounts over $20,000 but not over $40,000, the tentative tax is $3,800 plus 22% of the excess over $20,000.
- For amounts over $40,000 but not over $60,000, the tentative tax is $8,200 plus 24% of the excess over $40,000.
- For amounts over $60,000 but not over $80,000, the tentative tax is $13,000 plus 26% of the excess over $60,000.
- For amounts over $80,000 but not over $100,000, the tentative tax is $18,200 plus 28% of the excess over $80,000.
- For amounts over $100,000 but not over $150,000, the tentative tax is $23,800 plus 30% of the excess over $100,000.
- For amounts over $150,000 but not over $250,000, the tentative tax is $38,800 plus 32% of the excess over $150,000.
- For amounts over $250,000 but not over $500,000, the tentative tax is $70,800 plus 34% of the excess over $250,000.
- For amounts over $500,000 but not over $750,000, the tentative tax is $155,800 plus 37% of the excess over $500,000.
- For amounts over $750,000 but not over $1,000,000, the tentative tax is $248,300 plus 39% of the excess over $750,000.
- For amounts over $1,000,000 but not over $1,250,000, the tentative tax is $345,800 plus 41% of the excess over $1,000,000.
- For amounts over $1,250,000 but not over $1,500,000, the tentative tax is $448,300 plus 43% of the excess over $1,250,000.
- For amounts over $1,500,000 but not over $2,000,000, the tentative tax is $555,800 plus 45% of the excess over $1,500,000.
- For amounts over $2,000,000 but not over $2,500,000, the tentative tax is $780,800 plus 49% of the excess over $2,000,000.
- For amounts over $2,500,000 but not over $3,000,000, the tentative tax is $1,025,800 plus 53% of the excess over $2,500,000.
- For amounts over $3,000,000, the tentative tax is $1,290,800 plus 55% of the excess over $3,000,000.
I would suspect that Gates has plenty of reasons to channel his money away from the government coffers and into the hands of those who would do far more public good with it than politicians would. I know if I had his money and that if the government did to me what they did to him, I would be finding every loophole I could find to keep it away from them.
Chances are that the Warren Buffet's of the world have already taken steps to shelter that wealth from the tax man.
There is no room for more zeros on my bank balance unless they would be so kind as to put a whole number of one or greater in front of six or seven zeros.
NPOs can have some very heavy political power. If you think they are all about love and good will, think again.
The threat of these billions of tax dollars escaping the tax man's net sends chills through the IRS/CRA... They see it as lost revenue as opposed to advances for charities.
Why not? I'd think Gates, Buffett, etc. could maintain their lifestyles with half of what they have.
I'm wondering if this is the billionaire's version of telling Uncle Sam, "F'k you if you want to be a pinhead." lol