How America’s richest donate their money

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Жыл бұрын

Billionaires don’t give the same way we do.
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Every year, publications like Forbes release lists detailing the generosity of society’s richest philanthropists. But the raw numbers of their donations don’t tell the whole story of how ultra-wealthy charitable giving tends to work. We took that data and put it on a big chart that highlights exactly how much of each billionaire’s personal wealth is going toward charitable giving.
This video outlines how wealth inequality creates a distorted view of the generosity of America’s billionaires. We examine the causes their money goes to support, like education and public health. And we break down the actual methods they use to move massive amounts of donated money around, like foundations and secretive donor-advised funds.
Measuring wealth and philanthropic giving is difficult and subjective. We relied on Forbes’s specific methodology for our chart, but lists like the Chronicle of Philanthropy’s “The Philanthropy 50” use their own methods. www.philanthropy.com/article/...
Correction: In a previous version of this video, the equation at 1:05 was incorrectly flipped. We've updated the animation.
Here is the original Forbes list we mention in the video:
www.forbes.com/sites/forbeswe...
If you’re wondering why Elon Musk isn’t on the Forbes list despite a $5.7 billion donation of Tesla shares in 2021, it’s probably because it was speculated that the money went to a donor-advised fund:
www.forbes.com/sites/elizahav...
They also do their own guide on “giving scores”:
www.forbes.com/sites/rachelsa...
The inspiration for this chart came from this Reddit post using numbers from a previous Forbes list:
/ oc_forbes_2022s_most_p...
Here is a list of all the Giving Pledge signatories:
givingpledge.org/pledgerlist
For more reading on the rise of donor-advised funds:
www.nytimes.com/2021/06/09/bu...
We interviewed Vox senior reporter Whizy Kim, who recently covered Jeff Bezos’s philanthropy:
www.vox.com/recode/23553730/j...
She also covered the ways everyday Americans give that aren’t captured in charitable tax deduction data:
www.vox.com/recode/2022/9/27/...
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Пікірлер: 1 000

@Mookle123 Жыл бұрын

I personally HATE donations to univerities. Universities are already so predatory, and it was a pretty common sight to see a big, fancy, barely-used building with someone's name one it collecting dust.

@kekz0r Жыл бұрын

Donations to universitys should fund the books you need to complete a course. Not another library that nobody visits in this day and age. Granted, yes, library's are important. But which student in their right mind searches for a book when it's available as a searchable PDF online for free?

@ClickLikeAndSubscribe Жыл бұрын

Collecting dust and incurring maintenance, current and deferred.

@wchristian2000 Жыл бұрын

Undergrad programs should be much much cheaper (if not free) but universities are also great places for innovative research to happen so I could see why a philanthropist would want to donate a university and have that donation go toward something like vaccine research

@DaveMcIroy Жыл бұрын

US university are scams. What students are paying is sick.

@camipco Жыл бұрын

It depends a lot which university and what the money is earmarked for. Scott's donations, for example, were to HBCU's with no strings attached, which is very different from buying a building with your name on it at Harvard...

@e13kid Жыл бұрын

Shout out to that one guy who actually gave all his fortune away.

@foejmedia Жыл бұрын

shout out to the video itself

@baldassare5426 Жыл бұрын

you couldnt even bother figure out his name from the video, so lazy

@e13kid Жыл бұрын

@@baldassare5426 You’re really this desperate for some attention? So sad.

@ajay-pz1qd Жыл бұрын

Chuck Feeney

@FootballWarld Жыл бұрын

@@baldassare5426truth teller🙋

@daviga1 Жыл бұрын

Giving is not a equitable substitute for wages and taxes.

@Kareragirl Жыл бұрын

Exactly. They wouldn't be where they are if they treated people with dignity and respect and didn't scam them out of money.

@KingJT80 Жыл бұрын

best summation of whats actually happening. i dont hate the actual billionaire person, just the system that made them billionaires

@kingace6186 Жыл бұрын

Giving should be an unconditional form of love, not a loophole to a corrupt system.

@llydrsn Жыл бұрын

There it is! 👏💯

@DrunkGuitarist Жыл бұрын

The existence of billionaires is failure of capitalism and our current economic system.

@hakeem_jc Жыл бұрын

I slightly disagree with that last sentences. You really should tax billionaires more, yes, but you also need the government to have far more generous social spending to not need charity, which a lot of politicians (and voters) are going to fight, tooth and nail

@rysiskailepai Жыл бұрын

👏🏾👏🏾👏🏾

@LucasOe Жыл бұрын

The last sentence never mentioned we should tax rich people more. They only said the problem wouldn't exist if the gap between rich and poor wasn't as big.

@SilentEire Жыл бұрын

Peoples kindness (charity) > Government

@TorBarstad Жыл бұрын

@@LucasOe True. But less money would go to the poorest people in the world if e.g. the 100 richest people in the US were taxed more, and the video is deliberately not pointing out those sorts of observations I think. Although I give it credit for showing how such a large % of non-rich people's donations go to religion - hence at least somewhat conveying/suggesting (well, maybe not intentionally, I dunno) that if decisions about charity were made by people who are less smart on average the decisions will also be less smart on average. The video doesn't discuss % of money given to donations vs % spent on personal consumption. I guess we can guess why the video chose to not discuss that.

@yuehan6711 Жыл бұрын

@@SilentEire Actually there was a study done that showed between countries the correlation between poverty reduction and charity spending was essentially 0 yet there was a positive correlation between social spending and poverty reduction. So you're empirically wrong.

@malacki6554 Жыл бұрын

“Charity is a cold, grey loveless thing. If a rich man wants to help the poor, he should pay his taxes gladly, not dole out money at a whim.” Clement Attlee, former Prime Minister of the United Kingdom.

@neillynch_ecocidologist Жыл бұрын

We'd hardly need charity if the world wasn't overrun by greed and exploitation.

@e13kid Жыл бұрын

The same United Kingdom that is currently privatising healthcare and cutting welfare funds?

@abhaymanoj3784 Жыл бұрын

@@e13kid thats why he said former prime minister

@e13kid Жыл бұрын

@@abhaymanoj3784 My point isn’t that Clement is a bad guy my point is you could pay all your taxes and then a different party gets voted in that guts all the social safety net anyway. Private Charity is more protected from that. There’s pros and cons to both.

@xtopia9758 Жыл бұрын

Attlee was a w Prime Minister

@goatmanx99 Жыл бұрын

The standard deduction has increased a ton since 1990, so it makes sense middle income people are not itemizing their charitable deductions. You have to donate many thousands for it to be worth itemizing. I think charitable donations should be a separate tax deduction from the standard deduction, so that middle income people are encouraged to give. Also, making it so only liquid assets like cash are eligible to be deducted would remove many of the loopholes rich exploit, like donating art to museums to drive up the value of their collections. Normal people aren't donating many high value assets. Foundations also fund a lot of things we care about. Many social studies are funded by the Ford foundation, the MacArthur foundation previously gave a lot of money to nuclear disarmament. Having charitable organizations that can exist over the long term seems valuable for our society, so 5% annual giving seems reasonable. Though I do support only giving a deduction when funds are dispersed

@Hermes_Agoraeus Жыл бұрын

What if we instead solved the health and education problems associated with poverty by applying better governing policy paid for with a more progressive tax of wealth, especially billionaires? Relying on charity has gotten us here. I think we can do better.

@kiuk_kiks Жыл бұрын

5% to be allocated to actual charity is laughable. It’s a slush fund and tax haven to park money. Billy Gates has bought up billions worth of stock in companies like apple by using his foundation as a tax free fund that’s way.

@kingace6186 Жыл бұрын

Interesting and well said.

@Random17Game Жыл бұрын

Not wanting to be the ultra billionaire advocate but this has to be said. Jeff Bezon donates 2.7 Billions and still gets criticized, I mean cmon its 2.7 Billion, how much is Vox donating, criticizing people for not donating enough is not the way even more when those donations are in the billions

@kiuk_kiks Жыл бұрын

@@Random17Game Ok, ultra billionaire advocate 🤣

@DPowered2 Жыл бұрын

Billionaires don't give out of kindness they give because they get more out of it for themselves and a defense against their actions because they have something to point to when you call them out

@Ookashay Жыл бұрын

So what... they're are still giving hundreds of billions to charity.

@DPowered2 Жыл бұрын

@@Ookashay But if they cause more in damages over all it doesn't matter. They give so they can get away with worse stuff and often times what they give money to is actually to themselves and charities they own so its technically not their money but they still spend it on themselves. Thats my point they give so people like you can say they did good so leave them be its better than nothing.

@RealNath Жыл бұрын

@@DPowered2 if billionaires don't donate their money, people would say they are greedy/evil. If they do, people would say the same. What on earth are they supposed to do then? Don't get rich?

@DPowered2 Жыл бұрын

@Real Nath 2 it's about why they donate you are focusing on surface level things which works for them because it means you won't question the wrong or harm caused by their over all actions

@RealNath Жыл бұрын

@@DPowered2 so they donated in order to get more out of it for themselves and a defense against their actions, like you said? On what base/proof did you make that assumption?

@Sinaeb Жыл бұрын

billionaires giving money means they have to pay less in taxes, as such, they can decide which things will not actually help people get out of poverty so they can stay richer

@Jonnnyyyy23 Жыл бұрын

You assume that billionaires pay any tax whatsoever

@freethegays Жыл бұрын

How about pay nothing in taxes...

@Sinaeb Жыл бұрын

@@Jonnnyyyy23 I mean, that's one of the ways billionaires uses to avoid paying taxes

@MelbourneMeMe Жыл бұрын

It's much worse, they set up their own charities, donate money (tax deduct) and use those charities to donate money back to businesses they own or partly own...

@MelbourneMeMe Жыл бұрын

and if you really want to lose all faith in billionaires, just search youtube for: "Why There's No Such Thing as a Good Billionaire"...

@AvishaiTsur Жыл бұрын

Isn't the lifetime giving as a percentage of wealth formula flipped?

@cc8530 Жыл бұрын

who cares? how many would actually donate if it wasn’t a tax deduction; also who cares?

@frediriki2083 Жыл бұрын

At 1:09. Pls fix

@SDinay Жыл бұрын

Yep, it's definitely flipped. Had to scratch my head for a second there.

@RedGoobler Жыл бұрын

Yeah, they messed up. It's only Vox so low expectations

@MonteCarloLeBron Жыл бұрын

And they concluded that Warren Buffett gave 51,5 out of 106 and somehow that’s 33%. My guess is women did all the math.

@joshnizzle Жыл бұрын

Most of them give to charities that they are owners of.

@a141tho2 Жыл бұрын

Exactly. OR they give it to charities or foundation who "work" for them. They fund think tanks and media organisations through these charities who then lobby for and carry out reports benefeciary to these billionaires. There is a reason why popular Media and organisations avoid talking about human rights violations and exploitation in poorer parts of the world.

@middleagebrotips3454 Жыл бұрын

Left hand to right hand basically, broker their wealth power tax free.

@MelbourneMeMe Жыл бұрын

Spoiler: they don't donate their money.

@sylviewalker7560 Жыл бұрын

WHO...world health organization...say it ain't so!

@garetr Жыл бұрын

2:13 - Let's take a moment to admire this absolute madlad, Chuck Feeney. Edit: And he made his donations in secret, too!

@unliving_ball_of_gas Жыл бұрын

In secret?

@mghbhgm7091 Жыл бұрын

If this class keeps amassing more and more money, there IS no asking ourselves "what are we doing wrong here and how do we reverse this", because this class holds all the power. To go one step further, I'd argue that's already the case.

@alvinarakkal2433 Жыл бұрын

All I want from these billionaires is that rather than faking donation they properly pay their taxes which really helps the needy

@Vienic2 Жыл бұрын

where do you think those taxes are going bro?? theyre not going to poor people, theyre just going back to the goverment my guy

@pasta-and-heroin Жыл бұрын

@@Vienic2 they are though mate

@pasta-and-heroin Жыл бұрын

totally agree

@alvinarakkal2433 Жыл бұрын

@@Vienic2 who is setting up tax structures, economy and welfare of a country, it's government so when proper management of finance occur it reduces burden on poor government won't increase interest rates tax won't be increased, government would spend money on maintenance of infrastructure so basically it helps everyone

@Vienic2 Жыл бұрын

@@alvinarakkal2433 yes, you are correct, but what makes you assume that finance is being properly managed?

@anthonyfn Жыл бұрын

I wonder how much more value you could extract from this money if they were taxed fairly, instead of waiting for them to give to charity.

@secularmonk5176 Жыл бұрын

Are you proposing that a government's bureaucracy uses funds more efficiently than a non-profit charity's bureaucracy would?

@anthonyfn Жыл бұрын

@@secularmonk5176 have you seen the salaries of some "non-profit" executives and board members?

@gabbar51ngh Жыл бұрын

They're taxed unfairly already. It needs to be lowered.

@martinp7459 Жыл бұрын

@@gabbar51ngh you'll never be a billionaire. No need to advocate for them bruh.

@gabbar51ngh Жыл бұрын

@@martinp7459 Unlike you I am not jealous of other people's wealth. By your logic you shouldn't support for opposite sex's rights cause you would never be one. There's not any logic in your argument.

@1KJRoberts Жыл бұрын

Wow, this piece was informative & fascinating. Great work, Vox!

@napoleonibonaparte7198 Жыл бұрын

Makes Michael Scott look more ethical with Scott's Tots.

@shabizlolly8134 Жыл бұрын

Imagine being rich like I could never

@thepicturemandannydannytho5711 Жыл бұрын

WHY NOT?

@yellowparenti123 Жыл бұрын

@@thepicturemandannydannytho5711because most of the times it implies being a horrible himan being

@6000. Жыл бұрын

@@yellowparenti123 a horrible lucky human being*

@s_gnals Жыл бұрын

@@6000. its not entirely luck, (unless its crypto/ not) these guys had to atleast put some effort in

@rpishyao629 Жыл бұрын

@@s_gnals if effort gets an abundant reward that's lucky enough.

@CozyJoney Жыл бұрын

the commitment to philanthropy was carnage’s idea

@Otis151 Жыл бұрын

I like the manual approach to your charts in this video. Must have been a lot of work! But it looks great. Thanks for the great video, as always.

@LeeNobody Жыл бұрын

Its worth noting that tax benefits for charitable giving were raised in the 2017 tax reforms and the raising of the standard deduction. The chart if percentage of giving by income level over the years looks alot like people responded to the loss of tax advantages of charitable giving

@redflamelcd Жыл бұрын

The most important fact of this video you relegated to literally the last dying seconds…

Жыл бұрын

The last sentence of the video is the one that really matters.

@vzlfkr Жыл бұрын

Yup, that sums up everything, I do not need to watch the whole video. Thanks ^^

@CarFreeSegnitz Жыл бұрын

“…we wouldn’t have to depend on the charity of billionaires to begin with…” Or, “there shouldn’t be billionaires at all”. It’s a purely political decision. Billionaires are not inevitable or necessary, they’re permitted. The government could institute a far higher top marginal tax rate AND an annual wealth tax. Then would-be billionaires could choose to give their money to the gov’t or run their enterprises with a little less avarice. They could charge less for their products. Pay their workers more. Take direct responsibility for social and environmental harms of their enterprise. We could see corporations as entities to more efficiently meet the needs of people rather than purely profit-making machines.

@tidbit1877 Жыл бұрын

@@CarFreeSegnitz The top marginal tax rate should be reduced to less than 25%; just use a progressive wealth tax on the rich and also count Capital gains as a form of income. If at all possible we should eliminate income tax altogether or at least for those making less than a million dollars a year.

@kingace6186 Жыл бұрын

@@CarFreeSegnitz That is not what they said. That is what you said.

@god-of-war-fan Жыл бұрын

@@CarFreeSegnitz right, if only it was as simple as typing words eh?

@jamesdurham5059 Жыл бұрын

I think this video misses a key point, that donations to foundations and Donor Advised funds are completely irrecoverable. So yes, they can create some delay between the money being marked for charitable purposes and it actually being donated, but any money donated in this will always end up doing good, eventually at least

@AnnaKrueger809 Жыл бұрын

Thanks bud for keepin us financially Educated! Regardless of how bad it gets on the economy

@potatomatop9326 Жыл бұрын

How America's richest donate their money: they don't.

@Munchausenification Жыл бұрын

they do, just not enough.

@kencur9690 Жыл бұрын

@@Munchausenification oh enough, according to their accountants.

@Munchausenification Жыл бұрын

@@kencur9690 haha that was quite funny

@perpetualcollapse Жыл бұрын

As someone once said “It’s about drive, it’s about power”

@3nnik Жыл бұрын

ITS ABOUT DRIVE ITS ABOUT POWER

@zjean3417 Жыл бұрын

@@3nnik WE STAY HUNGRY WE DEVOUR

@3nnik Жыл бұрын

@@zjean3417 PUT IN THE WORK, PUT IN THE HOURS AND TAKE WHAT'S OURS

@Otis151 Жыл бұрын

I’m terms of the low annual payouts, could it be related to a point you made earlier in the video where the org may find thier donors back out and leave the org in peril? For example, if I spend 100% of my funds this year, and my donor backs out next year, my mission is toast. If I spread this years funds across 20 years, I can make a smaller but more sustainable impact.

@DPowered2 Жыл бұрын

It says a lot that 1 rich person in america could literally solve all our problems but choose not to and are often the cause of the problems we have

@Munchausenification Жыл бұрын

im not sure i follow? wouldnt a large donations of money from Bezos to everyone just cause hyperinflation? Maybe over time but all at once seems a bit reckless

@thomasmasseycontrereras8740 Жыл бұрын

It says alot that people expect people that have more than them to spend all their lifetime effort to fix everyone’s problem. Do you throw your life away to helping people? Most of these billionaires have been building wealth since 15 or 18 until 60-70-80 Would you work yourself for example in cleaning garbage on all poor areas of your country cromosomas 15 to 60?

@abdulahad04 Жыл бұрын

@@Munchausenification the money already exists. it won't cause inflation.

@Munchausenification Жыл бұрын

@@abdulahad04 hmm okay now i'm not sure. Could you give me a reason to why it won't?

@donteattidepods Жыл бұрын

That is just incorrect.

@lachieuser2088 Жыл бұрын

the rich just keep getting richer and I'm here for it

@yourpapichulo8859 Жыл бұрын

Yes we are 💪🏼

@FunderDuck Жыл бұрын

That isn’t necessarily a problem if the poor were getting richer as well.

@yellowparenti123 Жыл бұрын

@@FunderDuckwhere do you think the money for the rich comes from?

@kettlejocksjr7771 Жыл бұрын

@@yellowparenti123 the living standard of the poor today is higher than it was a few years ago. Everybody is getting richer.

@sournois90 Жыл бұрын

@@kettlejocksjr7771 yes, but heavily unequal

@nyanyamero Жыл бұрын

5% a year why is so low? What is this "foundation" doing with all those money? These foundations are literally another tax haven for the rich it seems. Its like "I'm helping you but not really" sike! 😆

@d0x2f Жыл бұрын

It generates income based on interest and investments. That way it's a continuous source of money instead of just a fixed value. All the money given to a foundation will end up in the hands of charities eventually. Sure the donors are reducing their tax by depositing into the foundations, but there's nothing wrong with that, the tax they would pay is going to the charities instead of the government,

@jeffersonclippership2588 Жыл бұрын

@@d0x2f ok but anything more than 5% would generate even more interest than 5% by itself would. They could just give more but don't

@AndorranStairway Жыл бұрын

Nah. Heard of the Panama papers? There are a multitude of ways to avoid taxes without ever donating money to non-profits on charitable foundations. Billionaires are under no pressure whatsoever to donate. There are over 700 billionaires in the US alone, and you people think you’ve got it all figured out simply because you’ve heard of Bill Gates and Jeff Bezos

@ashcla Жыл бұрын

@@d0x2f Yeah just to put a point on it, that model has allowed The Rockefeller Foundation to continue to distribute over a hundred million dollars *each year*, even after over 100 years of operation.

@justintran6872 Жыл бұрын

You don't understand the power of compound interest. A $10,000 donation in an index fund will grow to $52,000,000 in 80 years. It's not obvious but it would help the world a lot more if we could lower the minimum % foundations have to pay instead of increasing it to have a bigger net benefit.

@TheOneCleanHippy Жыл бұрын

People always wonder why the 50s-70s was such a golden time for the American economy. It's because we significantly taxed the rich and the corporations back then. Why is America in the toilet? Because we stopped taxing people who can actually afford to get taxed.

@TheStrangeBloke Жыл бұрын

The chart at 5 minutes talks about deductions, but it would seem like the huge change in charitable tax deduction you see for below 200,000 in 2017/2018 would just be a result of people taking the standard deduction instead after the tax bill.

@johnchessant3012 Жыл бұрын

My take has always been that charity is made necessary by the failure of the government; if the government did its job, charities wouldn't need to exist. That being said, this video brought up a point I hadn't considered. If such a huge fraction of charitable giving is done by a small number of wealthy people, then our stopgap solution is on shaky ground too. For a short-term fix, we should make charitable deductions separate from the standard deduction to encourage more middle-class donors (as was done under the CARES act in 2020 and 2021), and limit total charitable deductions to a reasonable amount to stop it from being a tax dodge for the rich.

@4kChannel Жыл бұрын

Your assumption is that the government is capable of doing its job instead of spending on military contracts. It’s too corrupt, charitable donations at least let you fund what you care about

@mr.halfbloodprince394 Жыл бұрын

I can't find Elon Musk here?!

@BatsiraiMusuka Жыл бұрын

Fascinating. I’ve always wondered how this was rigged. I knew there was tax rebates but l didn’t know the actual mechanics and how billionaires played with this

@andrej2375 Жыл бұрын

It's not rigged. It just means if you give $1M to charity, you don't have to give any of that $1M to the IRS.

@tibographystudios Жыл бұрын

Thank hiliary Clinton

@BatsiraiMusuka Жыл бұрын

@@andrej2375 problem becomes someone choosing to release that $1m at a rate of $50000/m all the while they are making $1m/m

@GD-mw1kd Жыл бұрын

Capitalism leads to socio-economic inequality. Live the American dream and at some point of time you would realise you have far far more than you need, some would come forward with philanthropic give aways. And many will accept these give aways without any problem. So basically give away are okay, but basic communism is not acceptable. Rather you should have some framework for basic needs like health, education, employment.

@balsarmy Жыл бұрын

That's not capitalism, that's human nature.

@Munchausenification Жыл бұрын

Any kind of ownership system can and probably will lead to inequality. For example, if everyone was given the same amount of land some of it would be comparatively better than others. Some of it would be fertile, other plots of land would be in a better location for housing, trade etc. But im ready to concede to a better argument

@CarFreeSegnitz Жыл бұрын

Even if philanthropy were completely above board AND actually for the good of the most people it is still a problem that a select, un-elected, un-accountable people have an oversized say on the direction of society. But we know that just below the philanthropic skin are donations which cement the giver’s place in society and will never threaten their wealth. And worse is how virtually all billionaire fortunes were made through ethically dubious if not outright illegal means which philanthropy is designed to whitewash.

@kencur9690 Жыл бұрын

Spot on.

@darkdragon5520 Жыл бұрын

Democracy in the workplace is what we need!

@CarFreeSegnitz Жыл бұрын

@@darkdragon5520 Worker co-operatives. And just a couple of rule changes are needed to make them much more common. Before a business owner is allowed to sell or shutter a business a reasonable offer to the company’s workers has to be made. Some sort of bank rules that make financing a worker co-operative easier. I don’t know how it would work if it could work at all.

@vodiact Жыл бұрын

As inflation increases, minimum wage remains the same... this is the reason so many struggle to this day

@sbfrazelle Жыл бұрын

This is brilliant reporting, well done.

@mehere8038 Жыл бұрын

I'd be interested in seeing how billionaires in other countries compare to the US ones. I have no idea what the results would be, but it would be interesting! Would also be interesting (although probably impossible to calculate) to see if other rich people would have personal wealth above people like Bezos if they paid wages to their employees consistent with what Bezos does. Ie, are billionaires in other countries, in some cases not as rich as those in the US, because they're giving to poor people through proper wages (& also through proper tax payments)?

@BlastingKyogre Жыл бұрын

spoiler alert: they dont.

@dheerajj7496 Жыл бұрын

Last 10 seconds has a real meaning

@maureenmona2636 9 ай бұрын

I pray to God this message touch someone's heart n help my family we need financial help for rent n food

@thetrends5670 Жыл бұрын

Ok, so where is everyone's favorite tech lord, Elon Musk?

@kartik_adhia Жыл бұрын

He got himself classified as a Martian. So he does not need to donate ;)

@kartik_adhia Жыл бұрын

@Zaydan Alfariz or maybe effectively no altruism? lol

@ElGuerreroMaya Жыл бұрын

Adam Conover said it well "it's not billionaires who pay for these donations, it's the state"

@leonardoar1458 Жыл бұрын

100%! Tax deductions is literally shifting the decision making on how to spend govt money out of the hands of elected officials and into the hands of the wealthy. Sounds super democratic and not at all like an oligarchy...

@anacaeiro1049 Жыл бұрын

This is so important!

@mq6845 Жыл бұрын

Agree with the last part.

@circuloviciosamente Жыл бұрын

Microsoft donates the Office Suite accounting the market price but it only cost the cd and boxes. Tax discount here is a profit actually.

@SachinKodate Жыл бұрын

The amount calculated as a charity donation needs to account for the tax benefits received by the individual. If I give $10 to receive a tax benefit of $4 the effective donation is $6 since the $4 dollars is back in their pockets. If this is done I'm sure these percentages will come down significantly. Also the tax benefits the individual receives should be calculated based on the effective tax rate charged to them considering their source of income. It makes no sense to give an individual a 30-40% tax benefit when they just pay taxes at a rate of 10-18% or lesser.

@sabinandrei2807 Жыл бұрын

Why would people criticize Jeff Bezos for not making enough donations? A donation is a generosity, not an obligation. People seem to forget that aspect. Sure, they take advantage of cracks in the system and get richer, but they were already rich before taking advantage of a system that they didn't implement. Policy makers have the authority to change how the rules work, but they don't. That's where the criticism should be directed instead.

@thebiggestcauldron Жыл бұрын

Except they _did_ implement the systems they're profiting from - by lobbying and by creating monopolies and eradicating competition with unfair and illegal practises.

@jdpmotion5398 Жыл бұрын

As a motion graphics designer, I just love your content and motion. Maybe it's not possible but one day I want to work with you ❤

@curiousworld7912 Жыл бұрын

It's very nice that some rich people give to charity, but they get to decide who, where, how much, how long - all kinds of caveats - that I find troubling. If they paid their fair share of taxes, we wouldn't need 'billionaire charity'. But, of course, if they were to pay their fair share of taxes, they wouldn't benefit from the tax system they've all but created. To quote former SC Justice, O. W. Holmes, 'Taxes are what we pay for civilized society'.

@AndorranStairway Жыл бұрын

When you say give to “charity”. What do you know about the charity? When I donate to “charity”, I like to know their structure, reputation, how they operate, and their effectiveness. So why shouldn’t they get to decide who where and how much? Are you suggesting that they should just toss their money into random charities without knowing how the money is utilised? And isn’t it their money in the first place? What a weird thing to be troubled by, that people decide how their funds are being used.

@petrtsesavets24 Жыл бұрын

When it’s 5am and Vox uploads:

@thatundeadlegacy2985 7 ай бұрын

Charity has made TRILLIONS and the problems still persist, Thats the question we should be asking, Why arent you asking that instead?

@idfvalx Жыл бұрын

It's their money, they can do whatever they want. No one is doing wrong by giving less than the other. Why middle or low class aren't giving away their money? Money is objective by ones wealth, so its the same.

@Thebreakdownshow1 Жыл бұрын

I had made a video similar to this 3 months ago and the biggest thing I realized is they use our tax money to pay these donations. Which is annoying cause they don't pay any taxes.

@electioninsight9158 Жыл бұрын

Not really. Billionaires only pay a 20% capital gains tax rate on income and they can only deduct what they donate. So, at best, you can claim that taxpayers pick up 20 percent of the tab. Even that is a stretch. Most of the time, a lot of these donations are for higher amounts than the amount of stock they would have sold. Therefore, the donations of billionaires go to improve lives instead of being held in the billionaire's stock portfolios where they do not do anything.. Finally, I saw recently that the demonized 1 percent pays 43 percent of the taxes in the United States, and over half of the country pays zero income taxes. So really, it's the rich subsidizing each other's charitable donations.

@aidandavis_ Жыл бұрын

@@electioninsight9158 According to the American Institute of Economic Research, the 1% pays 37% of income taxes. That surprised me to be honest. I don't know how the deductions work, but at a guess I'd say that it isn't tied to billionaire income. This because billionaire income is so incredibly low as most of their wealth comes from investments, stocks or other assets. Donating half this wealth would be way more than they were ever paid in salary, and so the donation rules which give them tax deductions would only be worth it if there were different rules than the ones you noted. That said, you are right, although even among the 1% I'd argue it isn't fair for their tax dollars to be used to fund charities that billionaires decide on.

@olivierb9716 8 ай бұрын

but, what part of wealth have this one %???@@electioninsight9158

@brosephbrown9069 6 ай бұрын

@@electioninsight9158how does half the country pay zero income taxes when they’re checks are taxes before they get them ? And the top 1% owns 90% of the wealth so how is them paying 37% even enough? Lot of bootlicking going on here

@nizammamba585 Жыл бұрын

Vox is the best channel on KZfaq. Only Channel I have notifications on. The only channel I watch every single video. Every single video is perfect.

@ameridesign Жыл бұрын

For real? Some of their videos are mediocre or low quality.

@nizammamba585 Жыл бұрын

@@ameridesign Which One? (and you do understand that is my personal opinion right? Could go wrong or right)

@user-el8ig8wf4i Жыл бұрын

Thank you so much for this video!!

@Xilladan093 Жыл бұрын

Clown

@bixash Жыл бұрын

I don't get it, why everybody in comment is angry or jealous about billionaires, they earned, they deserved it.

@Arrakiz666 Жыл бұрын

Because they didn't earn it, is the thing.

@bixash Жыл бұрын

@@Arrakiz666 what, do you mean bill didn't invent microsoft or bezos didn't sell books from his garage or buffet didn't invest his money. they just did the work only difference is they got lucky, being mad at them doesn't make the difference.

@Arrakiz666 Жыл бұрын

@@bixash Bill invented Microsoft on his lonesome, in a tiny shed, did he? A throng of talented engineers and computer scientists didn’t help at all? And Jeff delivers all the guff himself like Santa, does he?

@bixash Жыл бұрын

@@Arrakiz666 Public companies have thousand of exceutives, managers, engineers, branches , employees, clerks, cooks, maintienance worker they also get benefits, jobs & paychecks. it's not that all the money goes to owners, since public traded companies have other normal stockholders too. Only stock market valuation makes them richer, not the tangible or physical assets.

@justthecoolestdudeyo9446 Жыл бұрын

It got a brief mention, of donations being spent on private schools, but it should probably be explored in depth the degree to which some of this "charitable" activity is still done to advance a political agenda that ultimately benefits the donor. Anecdotally, I remember there being a critique of I believe the Gates Foundation that its biggest anti-poverty work was clustered in countries that provided the raw materials that Microsoft et al use, with the implicit or explicit threat of the charity being revoked if the governments involved didn't offer a good deal

@justthecoolestdudeyo9446 Жыл бұрын

All this to say, it's unclear that many of these donors are even benefiting with their contributions- or at least it's complicated.

@njm543 Жыл бұрын

Once you put money in donor advised funds it’s no longer your money. Also, it’s great people are giving so much

@thebiggestcauldron Жыл бұрын

But thanks to donor-advised funds the tax returns you get _are_ yours.

@njm543 Жыл бұрын

@@thebiggestcauldron yea cause you donated the money. If you choose to donate the money today or the years from now it’s going to go to charity,so Iont see what the issue is if the money is going to charity eventually

@brosephbrown9069 6 ай бұрын

@@njm543yea, with no real proof that it’s actually going anywhere

@phoneywheeze9959 3 ай бұрын

@@njm543what if the fund invests in a private company that does bankrupt ?

@JesusChrist73457 3 ай бұрын

Please help doctors without borders and charities that feed and clothe the world and give the world good medicine too. Amen.

@AlfredoLopez-zp1qr Жыл бұрын

Can you do a video of all the space start-up launch companies and what they are up to?

@ilect1690 Жыл бұрын

i'f i had 10 billion dollars, i'd probably give 9 billion away because i have no clue what to do with all that money

@francescolimosani Жыл бұрын

So this video complains about 50 rich people giving away a total of 191'000'000'000$ 🤔

@thebiggestcauldron Жыл бұрын

Simply talking about it isn't "complaining". Where is this video complaining?

@hyac1ntx Ай бұрын

and hey guess what? it did nothig! thats why we're "complaining"

@elementro101 Жыл бұрын

This trend of using Arts n Crafts instead of back to back to back infographics is so much better

@Tmacpepperoni Жыл бұрын

You haven't included the CEO of Blackrock. 😂

@sullychow4123 Жыл бұрын

First of all thanks for the video, really informative. Do feel like some of the stats are due to other factors though, such as the household deductible graph. The gates Foundation has done great stuff for health and these billionaires could fix a lot of issues. Had no idea though how low the minimum rate was for funds, 10% isn't high enough either, should be 50%, it shouldn't be another incentive for a tax break, that's just taking money away from society.

@salmay4266 Жыл бұрын

Poor people don't need money they need justice

@teemitapparels675 Жыл бұрын

Wow I really love this

@skipj5480 Жыл бұрын

Yeah, Go Chuck Feeney. One of the greatest in American history.

@TheLastScoot Жыл бұрын

How do donations to foundations enrich their donors? If you donate $100, the foundation gives $5 of that to charity each year for 20 years, and in exchange you don't pay, say, $45 of tax on that, you are not getting enriched! You are losing more than you would have if you had not donated! Even if that money just gets burned in a furnace, that isn't enriching the donor, it'd just be spiting the government.

@katieakin9397 Жыл бұрын

The important thing to remember is that “charities” don’t solve the issues wealth inequality creates. Charity is conditional based on the mission of each organization and many charities pay employees wealthy salaries while providing bandaid services. There’s a reason why billionaires are WILLING to do philanthropy: charity does nothing the terms through which they get to hoard resources. Taxing these people and providing universal services would create actual improvement.

@kingace6186 Жыл бұрын

True.

@hwadeiv Жыл бұрын

Ty chuck feeney cuz he built cornell tech

@anthonytarver236 Жыл бұрын

Thank you

@manavmishra9071 Жыл бұрын

I want to earn like Warren Buffet and spend like Bill Gates.

@nettieharris Жыл бұрын

So do us all. Giving feels hella great!

@bremcurt9514 Жыл бұрын

@@nettieharris Yeah it makes you look good while not fundamentally changing anything, so you can keep being rich!

@AndorranStairway Жыл бұрын

Thing is, the stock market is open for everyone and anyone to use. Anyone can start putting regular amounts of money into an ETF or index fund instead of leaving their money in the bank to do nothing. The problem is most people either can’t be bothered to learn, or are far too impatient and expect to get 10x returns on their investments. You want to earn like Buffett? Then pick up some finance books; it’s far from rocket science

@balsarmy Жыл бұрын

They can stay rich as long as there are opportunities for other people to reach their small dreams

@kencur9690 Жыл бұрын

Why should some people have big dreams and other small dreams? I mean, do we all begin life on the exact same footing and then, through sheer hard work, achieve our dreams? Cause then I’m ok with different sized dreams.

@PatsPsychologyMSc Жыл бұрын

Chuck Feeney... What a hero!

@davidcampbell4647 5 ай бұрын

Philanthropy is tax avoidance.

@thomassmith1148 Жыл бұрын

Why not frame it like... Look at all the good things these people have done and, let's also assume, that they know how to distribute money better than us plebs with no money. Edit - Why call for re-distribution?

@vinceb8041 Жыл бұрын

Bezos really plays his part well, there is not much he could do to be more despicable

@gabbar51ngh Жыл бұрын

Bruh, it's his money. He's not obligated to donate. He's not doing anything wrong.

@gabbar51ngh Жыл бұрын

@@SigFigNewton His workers should learn to live within their means. Also expensive healthcare is more of government's fault.

@gabbar51ngh Жыл бұрын

@@SigFigNewton first of all wealth isn't a zero sum game neither wealth inequality equates to poverty.

@brosephbrown9069 6 ай бұрын

@@gabbar51nghkinda of hard to live within your means when the standard of living is constantly increasing, his profits and constantly increasing, but they’re pay is not. But I guess they should just “work harder”

@brosephbrown9069 6 ай бұрын

@@gabbar51nghit actually does. 600 people holding 90% of the wealth literally takes money out of everyone else’s pockets

@JesusChrist73457 3 ай бұрын

Doctors without borders is a very very good charity.

@i_am_acai Жыл бұрын

1:12 shouldnt the fraction be flipped since this is always > 100% unless net worth or "giving" is negative?

@wonderfulvector Жыл бұрын

I don't blame Jeff he doesn't need to give a dime to any charity

@petervogelsang2142 Жыл бұрын

I like what they're are saying, but I feel that they are maybe focusing on the negatives to much, like yes they could in theory they could dramatically sway the resources different charities get but they are also giving away huge amount of money that helps lots of people I kind of wish they talked about the good they are doing more. because regardless of the intentions behind the actions the action are still good

@Danks_utilities Жыл бұрын

Far more interesting having a list of the biggest givers as a percentage of income with a band excluding the minimum cost of living. This would be nearly impossible to actually do without irs data but still.

@hs1296 Жыл бұрын

That LAST sentence is what the focus ought to BE on!! 😏

@harrisabdullah5769 Жыл бұрын

Jeff donated his wealth to his wife.

@fubytv731 Жыл бұрын

Being reminded that even someone as rich as Bill Gates failed at marriage gives me relief.

@neillynch_ecocidologist Жыл бұрын

You thought being a soul-less billionaire was going to be conducive to a happy marriage???

@fubytv731 Жыл бұрын

@@neillynch_ecocidologist I'm still not sure if it's actually worse than being penniless.

@thebiggestcauldron Жыл бұрын

@@fubytv731 I don't think being rich has that big of an impact on a marriage.

@jamaicangurl4u Жыл бұрын

If you have so much money you have to give it away....why not just pay your workers more?

@andrej2375 Жыл бұрын

How does the money parked in a foundation "continue to enrich the donor"? I though you could only write it off once. Please explain

@fyzxnerd Жыл бұрын

The word "Billionaire" is a synonym for "Psychopath."

@JadenJoestar Жыл бұрын

Solution: Eat the rich

@fandroid6491 Жыл бұрын

No one: Literally no one: Good Idea: Eat Elon Musk Bad Idea: Eat a muskrat

@JadenJoestar Жыл бұрын

@@fandroid6491 Good idea: Eat jeff bezos Bad idea:Eat 10 pesos

@zerocool5395 Жыл бұрын

Calm down AOC...

@User26352 Жыл бұрын

This series isn't the same without Johnny Harris

@denelson83 Жыл бұрын

They're not donations. They're just more _investments._

@Caffeine.And.Carvings Жыл бұрын

Watching this after Adam Conovers report on the good billionaires just further prooves his point. Also makes you think - large chunks donated to education, which makes sure the students educated there hold their patrons in high regards and dont ask any questions, plus maybe speak well about them on the internet

@trillionbones89 Жыл бұрын

The "a lot of good" usually is only to cover the bad things: tax evasion, funding of political groups, branding, etc.

@tay012 Жыл бұрын

Donations are not considered taxable income. Taxes can go to fund the things that we as a community decide are important. Donors get to avoid contributing to that and instead fund what they find important. Which gives large some donors, a power that no other individual has.

@thomasmasseycontrereras8740 Жыл бұрын

Why people expect millionaires to throw away 50% of their work lifetime for free and solve “World” problems but almost none of the ones who expect it are willing to even give 3 years of their lifetime for charitable causes? Its a verter excuse to make a millionaire give away what he spent 20 years building than we fixing OUR problems.

@kencur9690 Жыл бұрын

Only most of our problems are because of them. Do you even think about that things you say? How can people give away 3 years of their lifetime, when they are living paycheck to paycheck? How can they when they can’t even keep up with expenses? When each year is vital for their very existence? That’s the point here: these billionaires can stop working for more than 3 years... meanwhile most people can’t even take a vacation. And then you come along and compare the two as if they are comparable.

@bremcurt9514 Жыл бұрын

Hahaha, dude you're such a bootlicker. Who do you think spends 20+ years in their factories?

@thomasmasseycontrereras8740 Жыл бұрын

@@bremcurt9514 Not a bootlicker, are you spending atleast one year in charity? You lazy? Do you really care? Is your defense mechanism attacking someone when you somehow feel its personal towards you?

@thomasmasseycontrereras8740 Жыл бұрын

@@kencur9690 Guys are expecting to them to give up wealth that took 25 years to build and cant even spend 1 month of social work,

@thomasmasseycontrereras8740 Жыл бұрын

@@kencur9690 Also do you realize most people have a bad situation not because of their paycheck? There are millions of people with the same paycheck but having different life quality. I know personally plenty of people with x4 paychecks than others with more financial problems than the other guys I know, financial decisions in western society are most of the origins of the problems. Most people buy more than what they need and humanity has needed for long time now. People buy branded clothing even small brands, which dont last to much and that adds up in 15 years. Same with the type of food people eat, type of car, type of phone, accesories. Ive known 100+ “Poor people” which I discovered their expenses are too high.