Summary
Warren Buffett gave $1.1 billion in Berkshire Hathaway stock to family foundations and detailed plans for distributing his $147 billion fortune after his death.
His three children will oversee giving the remainder within 10 years, with designated successors in case they predecease him.
Buffett, 94, reaffirmed his belief in avoiding dynastic wealth, favoring philanthropy instead.
Over the years, he has donated $55 billion to the Gates Foundation but plans to shift focus to his family’s foundations.
Buffett continues leading Berkshire Hathaway while preparing Greg Abel as his successor.
So tax the fucking rich. You should be making at least as much money as me. It sounds like you are a skilled laborer, and that work has value. Value that your bosses and superiors are taking for themselves. If you produce goods worth 300k/year, don’t you think you’re entitled to 200k of that? That still leaves 100k for the company and operating costs. Why should the CEO get most of it? They’re literally taking your money. Yes, its because the system is broken. But the fix is to tax the fuck outta the billionaires and use the government to redistribute that wealth through free health care, free education through college, and investing in our infrastructure like our power grid, water supply systems (remember Flint?), passenger rail, and investing in cities designed for humans.
We don’t need to be a communist state like Russia or China. We can fund the whole thing with capitalism. We can even have an exuberant luxury class if we still want that for whatever reason. Taking away 90% of Jeff Bezos or Warren Buffet’s wealth still leaves them the richest people in the world.
Capitalism is fine but has been allowed to run completely out of control to the benefit of a shockingly small minority of people.