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The world of philanthropy got a huge financial boost today as more than 30 American billionaires pledged to give away at least half of their fortunes to charitable causes, signing up to a campaign launched by Warren Buffett and Bill Gates.
Originally posted by Alxandro
That's the way it should work, donations should come from those that wish to give. They should not be forced to fork it over just because Obama says you must.
...but something tells me it's going through the government first before it makes it to any intended charity.
Btw, they are doing it for tax puroses.
Forty US billionaires pledge to give away half their fortunes to charity
In an unprecedented mass commitment, top figures including New York's mayor Michael Bloomberg, the hotel heir Barron Hilton, CNN media mogul Ted Turner, and the Star Wars director George Lucas lent their names to the "giving pledge", an initiative founded last month to encourage America's richest families to commit money to "society's most pressing problems".
The pledge is not a legally binding contract but is described as a moral commitment. Buffett, the legendary Nebraska-based financier known as the "sage of Omaha", welcomed the influx of support: "At its core, the giving pledge is about asking wealthy families to have important conversations about their wealth and how it will be used. We're delighted that so many people are doing that."
He added that many of those involved were committing sums far greater than the 50% minimum. Buffett himself is handing the vast bulk of his $47bn fortune to the Bill and Melinda Gates Foundation, which is largely orientated towards tackling disease in developing countries.