Warren Buffett donates 12 million Berkshire Hathaway shares to children's foundations
Business
Warren Buffett just donated 12 million Class B shares of Berkshire Hathaway to four foundations run by his children, Susie, Howard, and Peter.
This is part of his promise to give away all $140 billion of his fortune by 2034.
He says he trusts his kids to handle the money well.
Warren Buffett's gifts prompt tax concerns
While many applaud Buffett's generosity, some point out that giving through family foundations can help avoid estate and capital gains taxes.
Even though he's spoken out for higher taxes on the wealthy, Buffett once joked he doesn't send the IRS any extra checks himself.
He's also highlighted how investment income like his is often taxed less than regular salaries, like what his secretary earns.