The second generation Walton’s, the heirs to the Sam Walton fortune, donated a mere .04% of the present net worth to charities.

And what does that work out to? Oh, a mere $56 million. That’s the equivalent of 2800 $20,000 tax payments to the government which is roughly the amount that a household income of about $100,000 will cost you. That’s roughly the equivalent of 56 such households’ “lifetime” tax bill.

Oh, and that 0.04% value…the report it comes from even concedes that it represents a lower bound.

So, ignoring that fact that the wealthy have no more responsibility to “literally change the world” than anybody else, they’re doing a pretty good job of trying. And their charity is over and above the economic impact their businesses have (say, by providing the jobs that enable those tax bills that I noted above).

Remember, wealth is not the problem. Poverty is the problem and wealth is the solution.

-JD Cross

 

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