Comment From Old-Thinker News: Foundations serve another, much less discussed purpose. They are not entirely altruistic as their PR campaigns would lead us to believe. The wealth of the individuals who own the large foundations is protected from taxation, and those who support them. The Rockefeller Foundation was conveniently founded in 1913, the same year that the income tax was ratified. John D. Rockefeller Sr. pioneered this art of so called “scientific giving”, and modern day philanthropists have followed in his footsteps.
Warren Buffett, the second-richest person in the United States, made his largest single charitable contribution ever when he donated $2.1 billion to the Bill and Melinda Gates Foundation.
The chairman and chief executive officer of Omaha, Nebraska-based Berkshire Hathaway Inc. gave 16.6 million Class B shares Monday in an annual gift to the foundation, where he is a trustee, according to a regulatory filing Tuesday. The donation beat last year’s record gift of $2 billion, when he gave 17.5 million shares. The stock has gained 8.8 percent this year through the close of trading yesterday to $128.98.