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Charitable Contributions - Essay Example
Finance & Accounting
Pages 3 (753 words)
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…
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. ...
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