What motivates some billionaires to donate a lot of their money to charity?

3 Answers

Vesper | 1 year, 7 months ago

The answer to this question lies in the tax structure, IRS code, and the way charity organizations are set up. Billionaires by definition have income that far outstrips the average working person. One fact that may shock you is that many of these super wealthy actually pay no income tax at all. The creation of charitable organizations may seem altruistic on the outside, but in reality they are tax shelter and wealth preservation mechanisms. Many charitable organizations do admirable work for just causes, but they also serve as a way for the wealthy to funnel wealth and influence to causes and agendas they support .

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Lianne J | 4 months, 1 week ago

I think there are several reasons why a billionaire would donate a lot of his money to charity. For Warren Buffett, he wanted to leave his children just enough money so that they could do something but not so much that they could do nothing. And according to Andrew Carnegie who always say that "the man who dies rich dies disgraced."
For billionaires who can afford giving part of their riches, charitable is a moral obligation on par with the responsibility to save a life.
There are also many benefits that a person can get by giving to charity. There are many billionaires over centuries of recorded history that found an ultimate satisfaction that came from helping those in need. The government also reward those who give to charity in the form of reduce taxes. Business owners especially can benefit from this if they give through their businesses.

Sources:
http://www.internetseer.com/services/article.xtp?id=26323
http://myoo.com/stories/the-big-give-billionaires-and-philosophers-on-the-meaning-of-charity/

Sources:
http://www.internetseer.com/services/article.xtp?id=26323
http://myoo.com/stories/the-big-give-billionaires-and-philosophers-on-the-meaning-of-charity/

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Sarah Clark | 1 year, 9 months ago

I think there is certainly room for altruism in business and in any venture. There are plenty of people in this world who believe that those who have been blessed with abundance should pass it on to those who have not.

That said, there are certain benefits to giving to charity. Charitable donations are tax deductible. The more you earn, the more taxes you pay, so giving away a certain portion makes sense if it takes your taxable income down. Charitable giving also usually brings in a lot of good publicity for a company. For some, this may only add to an already good image. For others, previous bad publicity may be the impetus for giving. Maybe the public will forget the scandal if you save a lot of sick kids in a third world country.

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