Buffett & Gates

Having written last Thursday about one astoundingly-rich guy and his three yachts, I hereby change channels and contemplate the means and ways of two even richer guys, probably the two richest people on the planet. An editorial in today's NY Times -- entitled "Way To Go" -- talks about Warren Buffett's gift of most of his $44 billion bucks to charity, 70 plus percent of that to the Bill & Melinda Gates Foundation.

How can one even imagine the immeasureable amount of good all these bucks mean for the planet's most agonized people? But the story does not end with the announcement.

The Times also points out that Buffett and Gates do not go along with the ideologues who are so ardently trying to kill off the federal estate tax. The editorial puts it this way:

"The estate tax spurs giving because gifts to charity are exempt. Several studies, including one by Congress's own budget agency, have shown that repealing the tax — or drastically lowering the tax rate, as the bill now before Congress would do — would sharply curtail charitable contributions. Philanthropists like Mr. Buffett and Mr. Gates are not up in arms over the estate tax because they voluntarily redistribute much of their wealth. But for the mega-rich who aren't so inclined, the estate tax is a useful tool to make sure that from those to whom much has been given, something is required."

If you ask me, six global cheers for these two guys. And one for the Times too.