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Charitable Contributions - Essay Example

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Charitable Contributions

In January 2010, Bill Gates made world’s biggest donation of $10 billion to distribute vaccines in children. However, this donation saved the lives of many children but the tax incentive did not allow government to benefit other children with social projects, which government could have initiated with the tax revenue by Gates wealth. Charity, by word means that asking for no return while giving something. However, this is not the case if one looks at today’s charity patterns. Bill Gates did help many children but in return, he got tax benefit, does this really mean that he has done an ethical act (Hanlon, 2011). No doubt, millionaires and billionaires want to share some part of their wealth with the unlucky ones, however they see their own benefit in it, which drive them to give donations. According to the IRS Tax rules, if a person’s goal for giving charitable contribution is tax deduction then the person must give donation to a qualified organization (Gravelle, 2008). Mr. Warren Buffett has donated ?18 billion of his ?30 billion wealth to Bill and Melinda Gates, this shows that he has given 80% of his total wealth. When Tim Huelskamp asked Mr. Buffett to release his tax return he simply refused saying that he would not release his tax return until the other rich people release the same. ...
Buffett demonstrates that he doesn't trust Washington with his own money either" (Perry, 2011). Mr. Buffett made $62 billion in 2010 but he had an adjusted gross income of $39 billion. This difference

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is because of the adjustments of capital gains and losses. Oprah Winfrey is another person, whose name remains in highlights as for giving charitable donations; she is one of the twenty richest women in the world. She gives donations to Clinton Foundation, Women for Women International, Free the Children, Project Cuddle and many others. In 2008, Oprah sent a check of $365,000 Ron Clark who is the founder of private academy in the poor South Atlanta Neighborhood and she sent a check of $220,000 to "Concerned Citizens of Whitesboro". Black American Investors for the development of this community formed this group. In 2004, she donated $5 million for the scholarship of students of Morehouse College in Atlanta. According the rules of IRS, she must have maintained a bank record, Payroll deduction or a written communication from the organization containing the name of organization, the date of the contribution and the amount of contribution (IRS, 2011) Some taxpayers make the wrong use of the benefit of tax deduction for charitable donations by donating the property but having the ownership rights with themselves. In April 2011, Amar Bose, founder of audio technology company Bose Corp, gave his charitable contribution of the privately held firm’s stock to Massachusetts Institute of Technology (MIT). The Institute will get annual cash dividends on the shares and it can use the payments to develop the institute accomplish its mission. However, the institute has shares but it does not have, right to sell the shares as it does

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Running Head: Charitable Contributions Charitable Contributions Charitable Contributions Charities along with being very profitable for the individuals, has some effects, which prove to be demolishing for the country…
Author : irunolfsson
Charitable Contributions essay example
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