No Mercy / No Malice: Hoarders

Giving Pledge

The Giving Pledge, introduced by Bill Gates and Warren Buffet, aims to encourage billionaires to donate the majority of their wealth. However, George Hahn critiques its effectiveness, noting that the wealth of pledge members has tripled since its inception 1. He argues that the pledge serves more as a public relations tool than a genuine philanthropic effort.

The good it has done, however, is dwarfed by its promise and PR.

--- George Hahn

Hahn contrasts this with Mackenzie Scott's approach, who quietly donates substantial amounts without seeking recognition, highlighting a more impactful form of giving 1.

   

Tax Evasion

Philanthropy is often used by the wealthy as a means to evade taxes rather than make meaningful societal contributions. George Hahn points out that 41% of billionaire donations go to private foundations and donor-advised funds, which often serve as tax shelters 2. These funds rarely result in tangible benefits for society, as they are primarily used to grow wealth tax-free.

The super wealthy have weaponized the tax code to hoard wealth and then take the moral high ground with philanthropy.

--- George Hahn

Hahn argues that this practice not only undermines genuine charitable efforts but also deprives the government of significant revenue, with each dollar donated costing the government $0.74 in lost taxes 2.