What Billionaires Get WRONG About Philanthropy..

Welcome back to Business Frenzy. Warren Buffett, Elon Musk, Jeff Bezos and the rest of the 25 richest Americans paid very low federal income taxes from 2014 to 2018 even as they amassed wealth, according to Internal Revenue Service data ProPublica says it obtained from an anonymous source. In some years, the nonprofit media outlet reported, these wealthy people paid no federal income tax at all. This is not illegal. The U.S. government taxes only income, not wealth, and these very rich people gave billions of dollars away. In many cases, the money they gave to charity helped reduce their federal income taxes through the charitable tax deduction.

The news is rekindling a debate over the value of the charitable giving done by America’s billionaires – whether it’s a force for good, perpetuates enduring social problems or does some of both. It’s raising even bigger questions, like what it takes to build a better world and who gets to decide how to take on the toughest global challenges. As a result, many Americans, including my philanthropy students, are becoming more critical regarding the billions the world’s richest people give away. In fact, in one recent survey, Americans were almost evenly divided as to whether philanthropy by the richest Americans did more good (40%) than bad (36%).

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