2010-08-07

Is Bill Gates really altruistic?

Warren Buffet and Bill Gates have recently made headlines when they announced that they were going to donate half of their fortune. Bill Gates tried to convince German billionaires to do the same. But they are hesitant and I find the justification interesting. Peter Krämer says that U.S. fiscal law allows billionaires to basically decide between donating and paying taxes and argues that no single human should have the power to control that much public money. He has also been quietly donating a lot of money, in addition to paying taxes and is in favor of the rich having to pay more taxes. Quite impressive. The Bill Gates Foundation has in the past been questioned for investing its money into “unethical” companies. It might come with the territory, but it shows the pitfalls of this approach.

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