"Bill Gates and Warren Buffett ushered in a new Gilded Era of philanthropic giving, likened in influence to the Rockefellers and Carnegies. But charity work is about to look very different as higher taxes are threatened on liberal institutions, and new methods of giving are popularized by women mega-donors. MacKenzie Scott has become a pioneer in the cultural shift, gifting more than $200 million to HBCUs and charitable causes in recent months."
"Earlier this year, the world of philanthropy was shaken up when Gates announced that he would be sunsetting his foundation, giving away $200 billion by 2045 and expediting the plan to shed his $100 billion personal fortune. "There's an air of anticipation in terms of if and how people are going to follow in his footsteps," Amir Pasic, dean of the Lilly Family School of Philanthropy at Indiana University, told Fortune in May."
"And with prolific 94-year-old philanthropist Buffett departing from the helm of Berkshire Hathaway at the end of this year, even more change is expected. His Giving Pledge, signed by more than 250 billionaires across 30 countries who reportedly pledge a pool of at least $600 billion, opened the hearts and pockets of the ultra-rich. But the question arises if billionaires will pick up the torch and stay true to their promises once Buffett inevitably parts from the pledge's limelight."
Bill Gates and Warren Buffett helped create a modern Gilded Era of philanthropic giving comparable to the Rockefellers and Carnegies, concentrating enormous influence in private foundations. Rising political pressure and a recent House budget reconciliation measure proposing a 10% tax on foundations above $5 billion threaten that foundation-based model. Female mega-donors, notably MacKenzie Scott, are popularizing faster, less bureaucratic, and more unrestricted grants, directing hundreds of millions to HBCUs and other causes. Buffett's planned departure and Gates' accelerated giving commitments add uncertainty about whether existing pledges and institutions will persist unchanged. The landscape appears poised for more diverse leadership and new giving methods.
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