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this post was submitted on 27 Jun 2023
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Joke aside, even if they all died, the money would still pass to their kids/heirs. It's not like it would just magically flow back out into the community.
3 down, 2500 to go
Losing my mind at the statements made about his “generosity” lol. He dropped $75 million on University of Chicago. A donation of about 0.75% of his net worth.
The median net worth of an American family in 2019 was $121k. A commensurate donation for them would be about $900, far less than they pay in taxes per month.
I understand that it's nowhere near the same, but I donate about 5% of my income every year - spread across 4-5 charities.
I actually have a spreadsheet that I ginned up one day to dream about what I would do if I won the Powerball. At the time, the Powerball was paying out 1.1 billion. So after taxes and dividing up with my friends, family, and some coworkers I had about $350MM.
Worked out l to be about $19.8mm per year purely from the projected appreciation of such a stack so I could keep it going forever.
Suppose you don't get to be a billionaire by being loose with your cash, but it's amazing how little they actually donate considering how losing $100MM wouldn't be felt at all.
In Colorado, the blunt hits you back.
This brings up the real point of billionares and dividend taxes and inheritance taxes having swung too far away from societal benefit vs individual benefit.