US billionaire clears 400 student loans.

[Hilts]

Good on him.
Was it just exclusively for black students?

If so can white philanthropists clear white student loans exclusively without bleats of THAT'S RACIST!

I see this cat married a white chick, not that that's particularly relevant, just an observation.

[Hilts]

Link here : https://www.bbc.com/news/world-us-canada-48339599

[21TonyK]

I read the story and as far as I can see ( in pics ) it was mixed race so nothing other than pure philanthropy.

Irrespective of his wealth giving what could be $10m+ to unknown students is a very generous move.

Just goes to reinforce the point that many modern wealthy people realise they have far more money than they need and that they can do a far greater good be it through donations, foundations or legacies.

[dvs_dave]

It is at a traditionally black male university. But of course it’s not officially restricted to that specific demographic, just it’s the way it is.

The US is a very odd and backward place still with respect to racism. Openly racist behavior is tolerated at all levels, but only if it’s against those who are seemingly not the repressed. “Reverse Racism” as it’s called.

Stupid thing is that no one seems to get it that as long as it goes on, on BOTH SIDES, nothing will ever improve.

[Big GT]

Reminded me of this...

https://www.youtube.com/watch?v=fl0HojSkXdY

[dvs_dave]

21TonyK said:

I read the story and as far as I can see ( in pics ) it was mixed race so nothing other than pure philanthropy.

Irrespective of his wealth giving what could be $10m+ to unknown students is a very generous move.

Just goes to reinforce the point that many modern wealthy people realise they have far more money than they need and that they can do a far greater good be it through donations, foundations or legacies.

Likely worked it as a Charitable donation so can write it off. The US has very generous tax policies on charitable donations, particularly for the very wealthy/large donations.

[anonymous-user]

dvs_dave said:

Likely worked it as a Charitable donation so can write it off. The US has very generous tax policies on charitable donations, particularly for the very wealthy/large donations.

Still a lovely thing to do.

[.:ian:.]

dvs_dave said:

Likely worked it as a Charitable donation so can write it off. The US has very generous tax policies on charitable donations, particularly for the very wealthy/large donations.

Iffy ground surely as the recipients are not charities? Likely to be a taxable gift?

[dvs_dave]

.:ian:. said:

dvs_dave said:

Likely worked it as a Charitable donation so can write it off. The US has very generous tax policies on charitable donations, particularly for the very wealthy/large donations.

Iffy ground surely as the recipients are not charities? Likely to be a taxable gift?

Individually they’re not. But a charitable organisation (as most big money philanthropists already have set up) offering financial aid to individuals that apply for assistance.....different matter.

However, the individuals receiving said “aid” will likely have to contend with a tax bill as it’ll be regarded as income. Either way, everyone’s happy as individuals only have pence on the dollar to actually pay, and the IRS still gets its cut.

[Burwood]

His wife’s not black so no race issues guys. He likes porn stars too so a pretty cool dude.

[Lindun]

.:ian:. said:

dvs_dave said:

Likely worked it as a Charitable donation so can write it off. The US has very generous tax policies on charitable donations, particularly for the very wealthy/large donations.

Iffy ground surely as the recipients are not charities? Likely to be a taxable gift?

Are you applying UK tax laws to US tax laws?

Whichever way he does it, he’s paid off people’s debts and that has to be applauded.

[Burwood]

Lindun said:

.:ian:. said:

dvs_dave said:

Likely worked it as a Charitable donation so can write it off. The US has very generous tax policies on charitable donations, particularly for the very wealthy/large donations.

Iffy ground surely as the recipients are not charities? Likely to be a taxable gift?

Are you applying UK tax laws to US tax laws?

Whichever way he does it, he’s paid off people’s debts and that has to be applauded.

What else has he done. Just asking

[Lindun]

Burwood said:

What else has he done. Just asking

It says in the article that he’s already donated $70m in two gifts to Cornell and a museum, alongside committing to giving most of his personal fortune away in line with the Bill Gates idea.

[Burwood]

Lindun said:

Burwood said:

What else has he done. Just asking

It says in the article that he’s already donated $70m in two gifts to Cornell and a museum, alongside committing to giving most of his personal fortune away in line with the Bill Gates idea.

Ok. That’s great.

[Fittster]

21TonyK said:

I

Just goes to reinforce the point that many modern wealthy people realise they have far more money than they need and that they can do a far greater good be it through donations, foundations or legacies.

Although rather than relying on the whims of the 0.01% it would be possible to change the tax system.

[dvs_dave]

Fittster said:

21TonyK said:

I

Just goes to reinforce the point that many modern wealthy people realise they have far more money than they need and that they can do a far greater good be it through donations, foundations or legacies.

Although rather than relying on the whims of the 0.01% it would be possible to change the tax system.

For the government to fritter away with little accountability with envy driven tax policies discouraging said 0.01% to actively choose where to donate their “excess” money.

Yea, I think I know which way works better.

[Some Gump]

Dude does something amazing and 50% of people look to criticise the rich guy.
Sums up our 2 party syatem!

[Fittster]

dvs_dave said:

Fittster said:

21TonyK said:

I

Just goes to reinforce the point that many modern wealthy people realise they have far more money than they need and that they can do a far greater good be it through donations, foundations or legacies.

Although rather than relying on the whims of the 0.01% it would be possible to change the tax system.

For the government to fritter away with little accountability with envy driven tax policies discouraging said 0.01% to actively choose where to donate their “excess” money.

Yea, I think I know which way works better.

Describing the state funding of higher education as frittering away money is a bizarre view. What other things do the poor want because they are envious of the rich?

Looking at inequality measures in the US I'm sure I know what is right. As a recent UK report stated, a good way of looking at this is:

"To understand whether inequality is a problem, we need to understand the sources of inequality, views of what is fair and the implications of inequality as well as the levels of inequality. Are present levels of inequalities due to well-deserved rewards or to unfair bargaining power, regulatory failure or political capture?

[wisbech]

Hilts said:

Good on him.
Was it just exclusively for black students?

If so can white philanthropists clear white student loans exclusively without bleats of THAT'S RACIST!

I see this cat married a white chick, not that that's particularly relevant, just an observation.

More house is ‘historically’ black, but has no admission criteria on race since desegregation. So, not for black students exclusively, any more than doing the same at Notre Dame would be for Catholics only.

[dvs_dave]

Fittster said:

dvs_dave said:

Fittster said:

21TonyK said:

I

Just goes to reinforce the point that many modern wealthy people realise they have far more money than they need and that they can do a far greater good be it through donations, foundations or legacies.

Although rather than relying on the whims of the 0.01% it would be possible to change the tax system.

For the government to fritter away with little accountability with envy driven tax policies discouraging said 0.01% to actively choose where to donate their “excess” money.

Yea, I think I know which way works better.

Describing the state funding of higher education as frittering away money is a bizarre view. What other things do the poor want because they are envious of the rich?

Looking at inequality measures in the US I'm sure I know what is right. As a recent UK report stated, a good way of looking at this is:

"To understand whether inequality is a problem, we need to understand the sources of inequality, views of what is fair and the implications of inequality as well as the levels of inequality. Are present levels of inequalities due to well-deserved rewards or to unfair bargaining power, regulatory failure or political capture?

Yes, of course all that extra tax income would be spent exclusively on higher education by the government. As opposed to just entering into a black hole of unaccountable waste, or as you seem to think, some sort of anti-inequality scheme.