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Four Billionaires Are Making Sure Their Money Doesn’t Go To Uncle Sam

via CBS
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A report from Forbes reports that Phil Knight, Charles Koch, Barry Diller and Harold Hamm are giving Americans “a master class in how to make sure your money goes to charity and children.”

“Boomers and their elders control $93 trillion, or two-thirds of America’s household wealth,” the report found.

Nike cofounder Phil Knight, who has a $39.5 billion fortune, is finding it challenging to give away his wealth.

He believes that controlling wildfires on the West Coast is doable but identifying smart philanthropic bets has been difficult.

Knight wants to ensure that his family and philanthropy benefit from his wealth rather than the government.

He has donated $3.4 billion so far to various causes.

The U.S. is about to witness a massive wealth transfer as Baby Boomers and older generations control a significant portion of the nation’s household wealth.

The estate tax, which used to be a significant revenue raiser, has been eroded by political, regulatory, and court decisions.

Only a small percentage of deaths now result in estate taxes, and the exemption is expected to decrease in 2026.

“Only morons pay the estate tax,” former Goldman Sachs president Gary Cohn famously quipped.

Only 0.04% of deaths resulted in estate taxes in 2020, down from 2.18% in 2000.

The estate tax cause billionaires to simply give away their wealth before dying.

“The estate is a big consideration,” Knight said candidly. “I suppose that’s one big reason I’m giving most of it away, because I can get more bang for my buck that way than the other way.”

If not, the money will go to the federal government and mostly wasted by a corrupt political elite.

“I don’t want to rush it. I’ve elected to focus on big causes that can have a big impact,” he added. “It’s a bit the opposite of [Amazon founder Jeff Bezos’ ex-wife] MacKenzie Scott, who has quickly contributed so much to hundreds of different charities and done a lot of good. But there’s a lot of them in a hurry.”

“Responsibility for continuing his charity, Knight says, will fall first to Penny, his wife of 55 years, who ‘is 10 years younger than I am and in better shape,'” the report continued.

“Then son Travis, 50, will make decisions. A former rapper (stage name: Chilly Tee), Travis now runs Laika, an Oregon-based animation studio his father gained control of in 2002,” the report concluded.

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