Billionaire philanthropists John von և Laura Arnold have pledged to donate 5% of their wealth annually in an effort to encourage extra-time, charitable donations.
The Arnolds, based in Houston, are the first billionaires to join the Global Citizen advocacy campaign “Give while You Live”, which calls on billionaires around the world to donate at least 5% of their wealth each year. Arnolds’s promise came Monday as part of the Global Citizen Առ Arnold-led Charity Initiative Alliance, a coalition of donors and experts who want Congress to raise demands.
By agreeing to give 5%, Arnolds voluntarily transfer their property to the same minimum payment standard, private foundations must make an annual donation to maintain their tax-exempt status. But during the coronavirus epidemic, there was an ongoing debate over whether funds offered by foundations and donors, such as charitable investment accounts, needed to be given more because of increased needs.
“At the moment, many charities are in danger of surviving the epidemic. However, the promised more than $ 1 trillion remains in their tax-free investment accounts, ”said Heon Arnold, a former hedge fund executive who has become a philanthropist. “American charities can not afford to wait for a bigger crisis. Ordinary business is just not good enough. ”
Funds offered by donors are not required to make donations during any year. Charity is a hot topic, as donors can make immediate tax deductions while charities receive money.
The Charity Acceleration Initiative calls for donating those assets over 15 years. But his other calls for reform of donor tax benefits have been pushed back by groups opposed to more state involvement in donations.
“Some of the tools offered by donors who follow Arnold’s example are committed to the timely and continuous distribution of their resources. But the others do not, “said Eduard A. El Elinsky, Benjamin N. of Yeshiva University. Professor of Tax Law at Cardozo Law School.
“For some, the example of Arnolds may be instructive now, but unfortunately I do not believe that everyone will follow their example,” he added.
The last promise is not the first commitment made by the Arnolds. They have already signed the Giving Pledge, which was designed by Bill Gates and his wife, Melinda և Warren Buffett, to give the world’s richest people most of their wealth in their lifetime or in their wills.
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