Monday, June 26, 2006

give it away give it away give it away now

Fortunes are being given to charities, with uber-investor Warren Buffet deciding to give away most of his $44 billion fortune, largely to the Bill and Melinda Gates Foundation. This upsurge in mega-charitable giving comes at a time when, as Ben Stein noted in the Sunday New York Times (behind their firewall, sorry), we have the LOWEST level of taxation on wealthy Americans in over 60 years. Coincidence? I think not.

The head of General Motors back in the 1950s was paid about $600,000, very very good money in the 1950s (many many millions today). But he paid taxes of $450,000! Current CEOs are paid ever more obscenely AND have lower tax rates (not to mention some who even get their companies to pay them extra to cover their taxes!). They SHOULD give fortunes to charity.