MacKenzie Scott is one of the world’s wealthiest women despite giving away more than US$19 billion. In 2020, she issued a statement that began with this:
Last year I pledged to give the majority of my wealth back to the society that helped generate it, to do it thoughtfully, to get started soon, and to keep at it until the safe is empty. There’s no question in my mind that anyone’s personal wealth is the product of a collective effort, and of social structures which present opportunities to some people, and obstacles to countless others.
Like many, I watched the first half of 2020 with a mixture of heartbreak and horror. Life will never stop finding fresh ways to expose inequities in our systems; or waking us up to the fact that a civilization this imbalanced is not only unjust, but also unstable. What fills me with hope is the thought of what will come if each of us reflects on what we can offer…
Elon Musk complained about Scott’s charitable donations to charities. He said they may contribute to the destruction of civilization. Of course, Elon Musk is on the lengthy list of billionaires who have given less than 1% of their wealth to charity.
MacKenzie Scott has given directly to nonprofits, which is something many large donors avoid. The super-rich often use complex strategies like donor-advised funds and foundations that provide substantial tax breaks. Much charitable giving reduces tax burdens, so taxpayers are subsidizing much of the philanthropy done by wealthy citizens.
Categories: Inequality
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