Social & Political

Gates Foundation to Get Bulk of Buffett's Fortune

<![CDATA[Gates Foundation to Get Bulk of Buffett’s Fortune:

“We agreed with Andrew Carnegie, who said that huge fortunes that flow in large part from society should in large part be returned to society,” Buffett, 75, told Fortune in an interview laying out his charitable-giving plans. He said the philanthropy was encouraged by his wife, Susan, who died in 2004.

Bravo, Messrs. Buffett and Gates! Combining their massive fortunes will make huge changes in the world possible. Following on the estate tax postings (here’s the first and the second) of a couple weeks back, Warren Buffett’s explanation, above, about why he is giving most of his money to Gates’ foundation, only confirms the reason that the estate tax is good public policy.

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