Billionaire Boys Club


50 billionaires in California agreed to a pledge. They promise to donate 50% of their wealth to charity upon their demise. A nobel pledge. It is great that they will be able to determine where their hard earned wealth goes, and anyone should applaud them. They are following in the footsteps of great philanthropists like Andrew Carnegie, John Rockefeller, and Marshall Field. Anti-capitalists define them as “robber barons”, but they gave millions back to society. Virtually every museum in Chicago, and the University of Chicago was established due to their generosity.

I am sure all of these guys have trusts, estate planners and other legal entities set up to protect their wealth from a confiscatory government.

Wouldn’t it be nice if the federal and state governments let regular Americans follow suit? Currently, no matter what your estate is, they tax it away. Of course, if you die in the next 4.5 months, you owe no estate tax. However, when the clock strikes midnight on December 31, 2010, you will owe 55%.

Being able to determine what you do with your money is a core principle of freedom. Our money already has been taxed at least once, and many times two or three times, by the time we have an estate to relinquish to the next generation. What is the harm in allowing people self determination?

Big government doesn’t want it.

  • Sri

    With all due respect, on the other hand, if a billionaire does not want to donate half (or any) of their wealth to charity, please do not chastise or demonize them either. No matter what, it is their choice of what to do with their money/estate. It is not up to the government or fellow citizens to call them mean names. Classic e.g. is Bill Gates’ father, who is a huge supporter of the death tax. Shame on him for dragging folks to the mud, who may not agree with his concept of what to do with one’s money after they have kicked the bucket. Please do not resort to either wealth envy or good old Judeo-Christian morality while dictating to folks on what they ought to do with their wealth.

  • Sri

    With all due respect, on the other hand, if a billionaire does not want to donate half (or any) of their wealth to charity, please do not chastise or demonize them either. No matter what, it is their choice of what to do with their money/estate. It is not up to the government or fellow citizens to call them mean names. Classic e.g. is Bill Gates’ father, who is a huge supporter of the death tax. Shame on him for dragging folks to the mud, who may not agree with his concept of what to do with one’s money after they have kicked the bucket. Please do not resort to either wealth envy or good old Judeo-Christian morality while dictating to folks on what they ought to do with their wealth.

  • admin

    Agree 100% Sri.

    People should be able to do what they want with their money. Gates father runs a law firm that employs specialists to figure out ways around the death tax. It is a cash cow for them!

    I am opposed to the government deciding what you should do with your money.

  • admin

    Agree 100% Sri.

    People should be able to do what they want with their money. Gates father runs a law firm that employs specialists to figure out ways around the death tax. It is a cash cow for them!

    I am opposed to the government deciding what you should do with your money.