- Warren Buffett believes the rich should help those who aren’t as financially successful.
- In July, he donated $3.4 billion in Berkshire Hathaway shares, which was shared among five charities.
- He also has been a proponent of expanding the earned income tax credit to benefit workers with low to moderate incomes.
Warren Buffett, the world’s third richest person, is fighting on behalf of all the people who, unlike him, weren’t born with the Midas touch.
Buffett, CEO and chairman of Berkshire Hathaway, said recently that a person’s given skills are either suited to match the U.S.’s market economy or they’re not. Since Buffett’s skills are perfectly matched to the market economy, as evidenced by his $88.1 billion fortune, he wants to level the playing field.
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As the vast majority of Americans don’t share his self-made billionaire status, Buffett firmly believes the onus is on the government and his fellow billionaires to intervene and right the injustices present in a market economy. Here are three ways he believes the less financially fortunate could be helped:
Buffett has been a vocal and staunch proponent of reforming and expanding the earned income tax credit, a benefit for working people with low to moderate income, as opposed to raising the minimum wage.
Citing that workers would benefit from cash and tax credits as a way to transcend economic planes, the earned income tax credit “rewards work and provides an incentive for workers to improve their skills,” Buffett wrote in the Wall Street Journal in 2015.
Rebuking the societal system the allows Americans to get swept up and lost in the evolving economy, Buffett calls for more government accountability in spreading the prosperity. He believes that those who have skills that don’t fit the current economy can end up struggling despite having skills that were once useful.
A benevolent philanthropist, Buffett was the world’s most charitable billionaire as of September 2017, according to the Chronicle of Philanthropy, CNBC reported. He regularly donates massive portions of his wealth to charities and worthy causes. In July, Buffett donated $3.4 billion in Berkshire Hathaway shares, which was spread among four foundations linked to his family and the Bill & Melinda Gates Foundation. His total donation over time to these five charities is $31 billion as of July 2018.
Calling on other billionaires to follow his lead, Buffett partnered with fellow billionaire philanthropist Bill Gates to launch The Giving Pledge in 2010. The campaign encourages the world’s wealthiest individuals and families to donate the majority of their wealth to charitable endeavors.
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