Buffett Weighs In on Tax-Free Philanthropy

Buffett says that philanthropy could be a highly effective tax protect, if donors need it to be. Buffett’s donations, he said yesterday, resulted in solely 40 cents in tax financial savings per $1,000 given. The purpose his tax invoice is so low, he mentioned, was as a result of he earns comparatively little in wages, amassing most of his wealth from his holdings of Berkshire Hathaway stock, which isn’t taxed till it’s bought.

  • Buffett has criticized “huge dynastic wealth,” and his arguments for greater taxes on the rich led to the so-called Buffett Rule, a proposed minimal tax on millionaires and billionaires. Yesterday, he reiterated his assist for overhauling the tax code. “It is fitting that Congress periodically revisits the tax policy for charitable contributions, particularly in respect to donors who get ‘imaginative,’” he mentioned.

What do you assume? Should the tax therapy of philanthropy change? If so, how? Let us know: [email protected]. Include your identify and site, and we could function your response in a future publication.

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