Warren E. Buffett has officially announced on 8th July 2020 i,e., on Wednesday, regarding the donation to nonprofit organizations of $2.9 billion worth of stock. This is seen in link with the fact that the 89-year-old billionaire investor persists to pursue through on his vow to give away nearly all his fortune to charitable causes by the time he dies. However, there is also a so called flip side of the noble act as alleged by critics which advocates on saving tax.
Mr. Warren Buffett, has made a statement, that says he has provided shares in the business that he has run for decades named Berkshire Hathaway, to five groups including the Susan Thompson Buffett Foundation, the nonprofit named for his late wife; the Bill and Melinda Gates Foundation; and further three organizations initiated by his children- Howard, Peter and Susie.
To look at the bigger picture, the ultimate aim of such noble causes remains to uplift the weaker sectors of an economy. Before further stretching this strange link between philanthropy and an economy’s growth, getting into the real point of conversation:
The world renowned, Bill and Melinda Gates Foundation, is one of the similar kind of groups that is actively involved in the working for different areas of improvement. However, it basically aims at improving people’s health by eradicating poverty and hunger; the foundation has also been working in the areas of sanitation, agriculture and financial services (apart from healthcare) for the deprived people in India since over a decade.
Despite the noble cause this donation possesses, there is also one class of critics that has pursued Mr. Buffett’s generous giving as whether the donations are meant to make personal tax benefits.
Right after the year 2006, this resent one is being claimed to Warren Buffett’s 15th yearly donation. During this timeframe of 2006 to 2020, Warren gave Berkshire stock of around $37 billion value. As far as the stock is concerned that Mr. Warren still possess amounts to nearly $67 billion.
A nonprofit organization named- Giving Pledge, was jointly founded by Mr. Warren Buffett and Mr. Bill Gates whose objective is to persuade the fellow businesspersons to vow to give away at least half of the wealth of their names once in their lives.
