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Bill Gross: The Amount Of Money I'll Give Away 'Is Staggering, Even To Me'
In certain religious traditions the most admirable form of charity is to give anonymously. So it's a little obnoxious for Gross to be boasting about how much he'll give especially since he will be of course receiving a huge tax write-off for doing so.
In certain religious traditions the most admirable form of charity is to give anonymously. So it's a little obnoxious for Gross to be boasting about how much he'll give especially since he will be of course receiving a huge tax write-off for doing so.
I guess I don't see the relevance of that last part. Are you saying you're against the charitable deduction?
I don't think Bill Gross will be too worried about tax deductions when it's all gone and I don't think someone that gives a really high percentage of their wealth away does it for tax purposes.
The Clinton Foundation might be an example of a charitable foundation that is set up as a shell organization, but I don't think that's the case with Mr. Gross, and the Clintons aren't doing it as much for tax reasons as they are for political reasons.
You know what I would do? Instead of blindly giving to charities I would try to directly fix systemic problems. Find deserving candidates who have run up student debt, interview them, and bail them out.
If I had that kind of money, I would want to see direct impact of my charity.
You know what I would do? Instead of blindly giving to charities I would try to directly fix system problems. Find deserving candidates who have run up student debt, interview them, and bail them out.
If I had that kind of money, I would want to see direct impact of my charity.
His time is far more valuable than interviewing student loan candidates, IMO. He can make more money doing what he's doing, and fix more by donating money, than he can doing what you describe.
It would take an immense amount of time, finding, sorting, interviewing and then funding "deserving candidates" to the tune of $1-2B.
Comments
Even more interesting is the industry ("non-profits") that some of these "donations" breed.
Not accusing Mr Gross of anything here, but we do a pitiful job of vetting these non-profits and evaluating their true value.
Donations often comes from unlikely individuals, like this story out of Brattleboro, VT of a very quiet frugal man.
edited:
From the linked article (care of Ted):
"People were stunned that he had that much money," Marx said. "I bought some old fence wiring from him once because I thought he could use the money."
mutualfundobserver.com/discuss/discussion/20760/barry-ritholtz-the-remarkable-life-and-investing-lessons-of-ronald-read
Regards,
Ted
He was asked some questions, and answered them.
That's totally different than the guy who goes around wearing his giving on his shirt sleeves and building statues of himself.
I don't think Bill Gross will be too worried about tax deductions when it's all gone and I don't think someone that gives a really high percentage of their wealth away does it for tax purposes.
The Clinton Foundation might be an example of a charitable foundation that is set up as a shell organization, but I don't think that's the case with Mr. Gross, and the Clintons aren't doing it as much for tax reasons as they are for political reasons.
Ted
Regards,
Ted
http://www.mutualfundobserver.com/discuss/discussion/20760/barry-ritholtz-the-remarkable-life-and-investing-lessons-of-ronald-read
I must live a little North of Brattleboro in Dum(b)merston, VT
If I had that kind of money, I would want to see direct impact of my charity.
It would take an immense amount of time, finding, sorting, interviewing and then funding "deserving candidates" to the tune of $1-2B.
Yes indeed. Too many charities and foundations are inconsistent with their distributions. There are plenty of needs and causes to choose from.