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Capitalism also allowed Bill Gates to make $60 billion so he could donate it to finding a cure for malaria.

by thebmax 14y ago

lifeisstillgood 14y ago
Far far rather have Bill Gates deciding how to spend $60 bn than Congress / Parliament. Just seems more likely to get bang per buck.
- Retric 14y ago
  Really, as far as my personnel spending priorities go Bill Gates has wasted close to 100% of his charitable donations. Which I would not care about, however he get's a huge (multi billion dollar) tax break on donations which is simply a staggering waste of money. PS: Want to pay people to pray for world piece? That's a tax break after-all we don't actually need to repair roads and bridges or pay down debt.
  - deleted 14y ago
    [deleted]
  - adestefan 14y ago
    Deductions for charitable contributes are capped. There is also the difference between what Bill Gate's paper worth is and what his tax liabilities are for the year.
    - Retric 14y ago
      Deductions for charitable contributes are capped. Not for capital gains if you sell the underlying asset. If I buy a stock for 1 cent and donate it then I avoid all capital gains even if it's now worth 30 billion. Considering the original baseline Gates working with it's ~30 billion * .15 ~= 4.5 billion tax savings. You also get to deduct the original 1 cent from your income, but as I said your avoiding the 50% income cap on donations. I agree that his paper worth and taxes are separate issues, I am simply stating that having a charity sell stock is much better than having a person sell stock for the amounts involved. And it would be reasonable to charge capital gains at the time of donation for the same reason it's reasonable to remove the donation tax break. To further prove the point if your dealing with a deprecated stock it's better to sell and then donate. PS: Wikipedia has a good example (Ordinary Income Producing Property and Short Term Capital Gain Property) http://en.wikipedia.org/wiki/Charitable_contribution_deductions_in_the_United_States http://en.wikipedia.org/wiki/Charitable_contribution_deducti...
  - glomph 14y ago
    100% ? What are you smoking? He spends millions on malaria nets that have a proven record of saving lives. If that is wasting money I don't really want to know what you think the right way to spend money is...
    - Retric 14y ago
      Gates tends to attack symptoms not the root cause. Handing out net's is more or less the same as handing out food which has many well known downsides. He would have done more long term good donating 1 billion to deal with corruption and setup garment factory's in Africa than everything else he has done in Africa. Again, I don't care what he does with his own money but as soon as the Government subsidies charities efficiency is something to consider. Panama had a huge problem with the disease and it was delt with they now have 36 cases per 100,000 people vs 75,386 in Guinea. http://www.nationmaster.com/graph/hea_mal_cas_per_100-malaria-cases-per-100-000 http://www.nationmaster.com/graph/hea_mal_cas_per_100-malari... And the simple truth is net's don't get you to 36 from 75,386.
- antidaily 14y ago
  Just to add context to this comment - The US spends about $60b per year in aid to other countries. How much is wasted is another debate but it's probably a lot.
  - jbooth 14y ago
    It's more like 50, and of that 50, probably 30 goes to middle eastern countries for strategic reasons and is only called 'aid' so it looks better on the balance sheet. http://en.wikipedia.org/wiki/United_States_foreign_aid#Recipients http://en.wikipedia.org/wiki/United_States_foreign_aid#Recip...
    - antidaily 14y ago
      $56b projected for 2013. Close enough. http://www.whitehouse.gov/omb/factsheet_department_state/ http://www.whitehouse.gov/omb/factsheet_department_state/
      - jbooth 14y ago
        Yeah, close enough. The key point though is that the figure includes military aid and even for non-military aid, most of it goes to strategically important states. Top 5 are Afghanistan, Israel, Iraq, Egypt, Pakistan, before we finally get to purely humanitarian aid for Haiti at #6. Nigeria's got oil, or they wouldn't be getting any aid.
      - cma 14y ago
        Military aid to Israel, making Israel the the only nuclear power in the Middle East in opposition to every other country there (they all support a nuclear-free zone in the Middle East), is not "Foreign Aid"; it is pure (misguided) self-interest. Are there other instances of Foreign Aid that also align with self-interest? Sure; but calling the funding of a proxy military in the most resource-rich area of the world Foreign Aid is really stretching the semantics. Why not go ahead and classify the entire military budget as foreign aid, since we only ever do things with noble intentions? The other large portion of "foreign aid" used to go to the dictatorship in Egypt...
neilxdsouza 14y ago
RMS created the GNU GPL v2 and canvassed for free and open Software and programmed our minds to create open source software too and I believe Trillions of Dollars of wealth will be created thanks to this and none of it will be credited to RMS, and Bill Gates will be showered praise for the 60 billion he is going around donating. But RMS, I want you to know that I recognize your contribution.

Capitalism also allowed Bill Gates to make $60 billion so he could donate it to finding a cure for malaria.

by thebmax 14y ago

Capitalism also allowed Bill Gates to make $60 billion so he could donate it to finding a cure for malaria.

Far far rather have Bill Gates deciding how to spend $60 bn than Congress / Parliament. Just seems more likely to get bang per buck.

Retric 14y ago
Really, as far as my personnel spending priorities go Bill Gates has wasted close to 100% of his charitable donations. Which I would not care about, however he get's a huge (multi billion dollar) tax break on donations which is simply a staggering waste of money. PS: Want to pay people to pray for world piece? That's a tax break after-all we don't actually need to repair roads and bridges or pay down debt.
- deleted 14y ago
  [deleted]
- adestefan 14y ago
  Deductions for charitable contributes are capped. There is also the difference between what Bill Gate's paper worth is and what his tax liabilities are for the year.
  - Retric 14y ago
    Deductions for charitable contributes are capped. Not for capital gains if you sell the underlying asset. If I buy a stock for 1 cent and donate it then I avoid all capital gains even if it's now worth 30 billion. Considering the original baseline Gates working with it's ~30 billion * .15 ~= 4.5 billion tax savings. You also get to deduct the original 1 cent from your income, but as I said your avoiding the 50% income cap on donations. I agree that his paper worth and taxes are separate issues, I am simply stating that having a charity sell stock is much better than having a person sell stock for the amounts involved. And it would be reasonable to charge capital gains at the time of donation for the same reason it's reasonable to remove the donation tax break. To further prove the point if your dealing with a deprecated stock it's better to sell and then donate. PS: Wikipedia has a good example (Ordinary Income Producing Property and Short Term Capital Gain Property) http://en.wikipedia.org/wiki/Charitable_contribution_deductions_in_the_United_States http://en.wikipedia.org/wiki/Charitable_contribution_deducti...
- glomph 14y ago
  100% ? What are you smoking? He spends millions on malaria nets that have a proven record of saving lives. If that is wasting money I don't really want to know what you think the right way to spend money is...
  - Retric 14y ago
    Gates tends to attack symptoms not the root cause. Handing out net's is more or less the same as handing out food which has many well known downsides. He would have done more long term good donating 1 billion to deal with corruption and setup garment factory's in Africa than everything else he has done in Africa. Again, I don't care what he does with his own money but as soon as the Government subsidies charities efficiency is something to consider. Panama had a huge problem with the disease and it was delt with they now have 36 cases per 100,000 people vs 75,386 in Guinea. http://www.nationmaster.com/graph/hea_mal_cas_per_100-malaria-cases-per-100-000 http://www.nationmaster.com/graph/hea_mal_cas_per_100-malari... And the simple truth is net's don't get you to 36 from 75,386.
antidaily 14y ago
Just to add context to this comment - The US spends about $60b per year in aid to other countries. How much is wasted is another debate but it's probably a lot.
- jbooth 14y ago
  It's more like 50, and of that 50, probably 30 goes to middle eastern countries for strategic reasons and is only called 'aid' so it looks better on the balance sheet. http://en.wikipedia.org/wiki/United_States_foreign_aid#Recipients http://en.wikipedia.org/wiki/United_States_foreign_aid#Recip...
  - antidaily 14y ago
    $56b projected for 2013. Close enough. http://www.whitehouse.gov/omb/factsheet_department_state/ http://www.whitehouse.gov/omb/factsheet_department_state/
    - jbooth 14y ago
      Yeah, close enough. The key point though is that the figure includes military aid and even for non-military aid, most of it goes to strategically important states. Top 5 are Afghanistan, Israel, Iraq, Egypt, Pakistan, before we finally get to purely humanitarian aid for Haiti at #6. Nigeria's got oil, or they wouldn't be getting any aid.
    - cma 14y ago
      Military aid to Israel, making Israel the the only nuclear power in the Middle East in opposition to every other country there (they all support a nuclear-free zone in the Middle East), is not "Foreign Aid"; it is pure (misguided) self-interest. Are there other instances of Foreign Aid that also align with self-interest? Sure; but calling the funding of a proxy military in the most resource-rich area of the world Foreign Aid is really stretching the semantics. Why not go ahead and classify the entire military budget as foreign aid, since we only ever do things with noble intentions? The other large portion of "foreign aid" used to go to the dictatorship in Egypt...

neilxdsouza 14y ago

RMS created the GNU GPL v2 and canvassed for free and open Software and programmed our minds to create open source software too and I believe Trillions of Dollars of wealth will be created thanks to this and none of it will be credited to RMS, and Bill Gates will be showered praise for the 60 billion he is going around donating. But RMS, I want you to know that I recognize your contribution.