Bill Gates says his $109 billion net worth shows the economy is not fair. (via CNBCMakeIt)
invites billionaires to commit to giving away the majority of their money to charity, and both the Gates and Buffett have made the pledge.
"I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy,""Most wouldn't mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering," Buffett added.
Fundamentally, whether through taxes or philanthropy, extraordinary wealth needs to be reinvested in society, according to Gates. "Melinda and I believe that driving progress is wealth's highest purpose," Gates wrote in Tuesday's blog post. "Our wealth comes with an obligation to give back to society, and in 2020, we're committed to continue living up to that obligation: through our taxes, through our foundation, and through our personal giving."
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