Isn't Bill Gates And His Rich Pals Clever?

Question

By putting their monies into a "trust fund" they manage to deceive the public by saying that they gave the money away, but in reality they only give charities a few hundred thousand and sometimes a million dollars. In this way, with interest, the money will still get larger. In other words, nothing has really been done except a big public deception.

Give over a billion to charity. This is the con.

The point of this question is that they are lying. The money, apart from a token gift to charity once in a while will pass from Gates snr to Gates Jnr by way of "Foundation" trustee. Who are they fooling? Well, not me.

Im not saying he is actually giving anything away. In fact very little is being given away. It does not take much deception for a con like gates to become a hero. There is a bigger underlying reason for this "legal" con and I dont fully know the entire details.

Answer 1

A massive amount of money rests in trusts of one kind or another .Tax deferred or not subject to taxes . This is done to shield it from taxes and still allow the donor or head trusty the ability to control the money .
Like a charity can buy a plane/jet to transport people and goods and it can be used by the Gates/buffet family and friends .The expenses and charges related to the charity are treated in a different manner often getting government grants to cover such expenses .So the pilots ,pay ,the cost of fuel and food and limo services are all free services and every expense is paid ultimately by tax payers . Not free because they earned it but free from taxes now and still being used to enhance the life of the donor .
Scientology is set up the same way . Money donated to the church is returned to the donor .You get a tax deduction from income and receive the money back as a church member providing spiritual guidance to newer members . Money is just a game for some people and collecting and hiding as much as possible is what floats their boat .
By the way boats, planes , trains , cars, trucks ,and anything you can think of all can be used by members politicians and who ever the charity would like to assist .
All that needs to be said is it was charity business . Lunch ,diner,breakfast all can be paid plus million dollar parties to raise 800,000 for the charity .
I heard of one charity that gave out Rolex watches and diamond bracelets at the door for a 3000 dollar a plate diner .
Go figure the price of the Rolex where 15-50 thousand and handed out to friends at the annual Royal St. Johns Regatta and included luxury accommodations at the Delta St. Johns hotel & conference center . The rooms I bet went for a grand a night .Nice way to treat your friends and business associates all on the charities dime .
MOst charities are frauds set up to hide money spent from taxes and to collect grant money from the government .
There are several Law firms that do nothing but apply for grants in the names of specific charities to the tune of over 18 billion a year . Thats our tax dollars going to the rich . once you get So rich you are untouchable if you have the right legal council and firm .

Answer 2

Someone said that he is doing something right because look where he is and look where we are he is a drop out and he made it that is good on him, lots of people that I know bucked the system and that was the only way that they made it. But then to become greedy and want to control the world what is right about that? Can't we all just find a way for all of us to have enough? If we could all just have enough I don't think it would bother me quite as much if a few people had more. In my way of thinking though it is more those who have that have a responsibility to give back then it is those who have little, and often it is the other way around and there in lies the real secret to the haves and the have nots. But what if we were all greedy? I think if it was like it was when our country first started and got back to when money and things didn't matter any more it was ones ability to do for self and those they loved and cared about a lot of things would have to change and we would all have to care more about each other or none of us would make it. If it was a do or die situation some would still let others die, but some would learn more how to fight, struggle, share, grow, and do for each other.

Answer 3

So you are complaining that he and his rich pals are giving away large fortunes by the way of trust funds, insuring that it isn't wasted. They are using tax shelters that insures the money grows and the interest grows to charities. That way the principle will remain intact and be there for quite a long time. And this is wrong because.....?

Personally, it seems to be better use of money for the unfortunate, than say Social Security.

Answer 4

Wow.....how trust and non profits trust work is set up by law.....they only have to spend so much money each year.......to stay legal

As for giving it all at once.....it would be wasted........two third of lottery winners of a million dollars or more are broke within 7 years if they took the lump sum amount...............

Non Profit char ties spend the money on multi-year projects..........to confront problems...and to monitor the how the funds are spent....

It is difficult to see a few people with large fortunes....when other have so little to show for a lifetime.....but it takes big monies to offer changes to business and to society......your own government when u retire pays it out in payments...not a lump sum......to make sure you don't blow it all

Only a few people in every generation get acquire the majority of assets cause the system is set up that way......many try to compete in a given business.....most fail.....the winners got lucky and had the smarts to bring in talent as they became bigger.....impact companies are always lead by people who had the vision to make it happen...................so they get the bulk of the wealth.....As for all that money ....over three generations....most of the wealth given away...or spent...........

Answer 5

The bottom line is by pumping billions of dollars into a poor countries economy, will do more harm than good, and destroy the currency already there.

Giving away money on a massive scale is wrought with terrible difficulties.

Answer 6

contained in the count number of truth no, Gates is the richer of both. Microsoft founder bill Gates, nevertheless the global's best moneybags with an est. 40.7 billion. WOW! yet, Gates is now not the richest human being, Warren Buffet is!

Answer 7

In the next 20 years, Gates will give over a billion dollars to various charities. Does it really matter how he does it? If he didn't that would be a billion less going to charities.

http://www3.sympatico.ca/truegrowth/gates1.html

Answer 8

Clever entrepreneurs and great philanthropists. Great philanthropy is exactly done that way to ensure it continues for generations to come. The principle always generates interest. There is no deception in that whatsoever.

Answer 9

I suggest you relax and rest easy--I am sure Uncle Sam is getting his share. And if not, more power to Gates because his money has already been taxed once.

Answer 10

Good on him. He worked hard, built a successful company, employs thousands of people. Good for him!!!
Just because you have not got the brains to do what he did, stop moaning and get a job!.