Allan Sloan's column on Newsweek: It's almost labor day, the end of vacation season. But before fall sets in, I'd like to revisit one of this summer's biggest financial stories: Warren Buffett's decision to donate $38 billion of his Berkshire Hathaway stock to charity, most of it to the Bill & Melinda Gates Foundation.
fascinating aspect of this gift is that the folksy Buffett, usually a cold-eyed tax whiz, isn't being at all tax-efficient. He's saving a relative pittance in income taxes, he told me last week, and expects his estate to pay an eight-digit tax—even though he'll have given all of his Berkshire stock away.
Berkshire is famous for being smart about minimizing its tax bill, including some moves so clever that I've written about them throughout the years. But Buffett isn't doing anything like that with his donations.
Read the complete article
fascinating aspect of this gift is that the folksy Buffett, usually a cold-eyed tax whiz, isn't being at all tax-efficient. He's saving a relative pittance in income taxes, he told me last week, and expects his estate to pay an eight-digit tax—even though he'll have given all of his Berkshire stock away.
Berkshire is famous for being smart about minimizing its tax bill, including some moves so clever that I've written about them throughout the years. But Buffett isn't doing anything like that with his donations.
Read the complete article
