Latest news with #ChuckCollins
Yahoo
07-08-2025
- Business
- Yahoo
Bill and Melinda French Gates and Warren Buffett's Giving Pledge after 15 years: Only 9 of the 256 billionaires actually followed through on giving away half their wealth
The Giving Pledge is a charitable campaign, launched in 2010 by Bill and Melinda French Gates and Warren Buffett, that invites the world's wealthiest individuals and families to publicly commit to giving away at least 50% of their wealth to philanthropy, either during their lifetimes or in their wills. The Institute for Policy Studies' report 'The Giving Pledge at 15' finds that the initiative—where billionaires publicly pledge to give at least half their wealth to charity—remains mostly unfulfilled, with most signatories far wealthier now than when they joined, and a majority of charitable giving funneled into private foundations and donor-advised funds rather than directly supporting operational charities. The IPS team, led by Chuck Collins, Bella DeVaan, Helen Flannery, and Dan Petergorsky, invites the public to examine its data and methodology. Collins is himself an Oscar Mayer heir who gave away his fortune and has dedicated his career to researching wealth inequality. Few have fulfilled the pledge, according to the IPS calculations. Only one set of living 2010 Pledgers (Laura and John Arnold) have actually given away half their wealth. Among the 22 deceased U.S. Pledgers, only eight met their pledge before death—just one, Chuck Feeney, gave away his entire fortune while alive. The pledge is a public, moral commitment rather than a legally binding contract; participants sign an open letter explaining their reasons for giving and can choose which causes and charities to support. The initiative was designed to inspire generosity, set new norms for billionaire philanthropy, and shift how major wealth is used to address pressing social challenges Key findings: 256 individuals, couples, or families have signed the Giving Pledge, including 194 from the U.S. and 62 from other countries. Of the U.S. signers, 110 remain billionaires, with combined wealth of $1.7 trillion—about 13% of all U.S. billionaires. Among the original 57 U.S. signers in 2010, 32 are still billionaires. Their collective net worth has increased by 283% since signing (166% adjusted for inflation). Only 11 of the original group are no longer billionaires, mainly because their wealth fell below the threshold, not due to giving. Giving is mostly to intermediaries: Of an estimated $206 billion donated by the original 2010 Pledgers, roughly 80% ($164 billion) has gone into private foundations—with only a small fraction moved into donor-advised funds. In 2023, 44 foundations tied to these billionaires held $120 billion in assets and paid out a median of 9.2%, often far below the appreciated value of those assets. Wealth is outpacing giving: For most, the speed of wealth accumulation exceeds charitable donations, making the pledge functionally impossible to fully realize at current trajectories. Tax and public impact: If all living original Pledgers gave enough to meet the promise today, nearly $367 billion would flow to charity. However, such gifts would lead to as much as $272 billion in forgone federal tax revenue, reducing support for public programs, since wealthy donors can claim up to 74% in charitable tax deductions. Concentration of philanthropic power: The report warns of a coming 'Great Wealth Transfer' that, combined with favorable tax law and slow charitable payout rates, will further entrench billionaire family foundations, concentrate power, and undermine democratic accountability. Policy recommendations from the report include: Raising minimum payout requirements and ensuring funds flow swiftly from foundations and DAFs to working charities, not parked for years. Increasing transparency, public accountability, and enforcement to curb abuses of charitable vehicles for personal or political gain. Taxing large fortunes more fairly in order to slow excessive accumulation and reduce dependence on private philanthropy. The report advocates returning to the 'giving while living' ethos exemplified by Chuck Feeney, and calls for systemic reforms to ensure charitable donations serve the public interest—not just the tax and legacy interests of the ultra-rich. The report 'raises important questions, but excludes 'significant forms of charitable giving,' The Giving Pledge said in a statement to Fortune. 'For fifteen years, the Giving Pledge has helped create new norms of generosity and grown into a connected and active global learning community. The recent IPS report raises important questions that aim to encourage greater giving,' the organization said. 'Unfortunately, the report's reliance on incomplete data, and its exclusion of significant forms of charitable giving—such as gifts made to foundations and other intermediaries—paints a misleading picture of the impact and intent of Giving Pledge signatories and the spirit and intent of the Giving Pledge.' For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. This story was originally featured on Solve the daily Crossword
Yahoo
02-04-2025
- Climate
- Yahoo
Scientists fear impact of National Weather Service cuts
TAZEWELL COUNTY, Ill. (WGN) — Sunday service at Crossroads Global Methodist Church often starts in song, but on the morning of November 17, 2013, it began with tornado sirens alerting congregants of an approaching storm. 'Everybody's phones were going off,' executive director Donna Cimino recalled. 'We immediately started moving people to our storm shelters.' The warning issued by the National Weather Service a full 16 minutes ahead of the tornado's arrival no doubt saved lives as 190 mph winds ripped through the community of Washington and upended the lives of its 16,000 residents. US forecasts will worsen as DOGE cuts mean fewer weather balloon launches, experts say 'The weather service that morning was top notch, and I just don't see how anybody or any other organization could put out warnings like that to save lives,' said Chuck Collins, chief meteorologist at WEEK-TV in Peoria. 'The weather service in Lincoln was on it. The first sign of rotation detected by Doppler they put out the warnings because they knew it was such a volatile situation.' About 4,400 people operate the National Weather Service, including the development, launch, and maintenance of the country's satellite and Doppler radar systems. It's an immense task to provide the often critical, life-saving information every moment of every day of the year. 'It's incredible. From the sun to the sea, the only agency that has the word prediction, forecast and warnings in their mission statement is the National Weather Service,' said Dr. Louis Uccellini, who served as the service's director from 2013 to 2022. 'We're doing it for the protection of life and property, and for the enhancement of the national economy.' The agency responsible for forecasts, warnings, and water and climate data is authorized by Congress to employ 4,800 but for the last several years has operated with a workforce of about 400 fewer. And as the summer hurricane season looms, so too do cuts to the federal workforce. Citing economics, the Trump administration announced sweeping cuts across multiple federal agencies, including the NWS. NOAA set to fire 1,029 more employees In late February, more than 500 probationary staff members were terminated across NOAA. That number includes about 100 National Weather Service employees. Since that time, probationers were reinstated and placed on paid administrative leave pending ongoing litigation. About 160 additional NWS employees accepted a deferred resignation package. 'I view it as an uninformed, cruel step,' Uccellini said. 'There are a number of people let go from offices already staffed at fairly low levels.' The Washington tornado killed three residents, displaced roughly 2,000 more, and destroyed 596 homes, but six-term Republican Mayor Gary Manier said the tragedy could have been much worse without the relationship between the weather service's local office and the communities in harm's way. 'Those people do a remarkable job and we can't live without them,' he said. Paul Dailey, the former head of Chicago's local weather office, agreed. His critical research led to new warning criteria after the deadly heatwave of 1995. 'From that day, we have saved many, many more lives,' he said. '(Local officials) have a hotline to our office, and either one of us pick up that phone at any time and talk to each other.' Every piece of weather information clipped and disseminated has its origins with the National Weather Service. Without the NWS, the country would not have weather data. 'This fabric of collaboration within the weather service, within the enterprise, serving public officials that are making lifesaving decisions. If you keep on making these cuts, you are damaging that thread, and at some point it breaks, and it could break at a very difficult time for a community,' Uccellini warned. As the cuts from Washington, D.C. spark concern among those in the federal workforce, they're also creating unease among students hoping to join the weather service. 'Many of them have dreams. They want to become a National Weather Service forecaster. They want to dedicate their lives to public service, and now they are seeing all around them, jobs getting pulled or rescinded back,' Northern Illinois University meteorology professor Victor Gensini said. He added that the NWS budget is less than $1.5 billion, but the return on the investment is about $190 billion. Supporters of the cuts argue that privatizing the service would save money, but taxpayers would likely pay more for private companies which would have the added expense of buying data back from the government. Kyle Pittman, a doctoral candidate in meteorology at Northern Illinois University, called the downsizing 'frustrating.' 'We have more people and possessions in the path of tornadoes than ever before,' he said. Dailey, the ex-chief of NWS Chicago, feared for what the cuts could mean for the health of the agency. 'If they lose what they say are the people who don't have enough time in the service yet — if you lose them, you're losing your youth, you're losing your future. How do you replace the future?' he said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
02-04-2025
- Climate
- Yahoo
Scientists worry of impact of cuts to National Weather Service
TAZEWELL COUNTY, Ill. (WGN) — Sunday service at Crossroads Global Methodist Church often starts in song, but on the morning of November 17, 2013, it began with tornado sirens alerting congregants of an approaching storm. 'Everybody's phones were going off,' executive director Donna Cimino recalled. 'We immediately started moving people to our storm shelters.' The warning issued by the National Weather Service a full 16 minutes ahead of the tornado's arrival no doubt saved lives as 190 MPH hour winds ripped through the community of Washington and upended the lives of its 16,000 residents. US forecasts will worsen as DOGE cuts mean fewer weather balloon launches, experts say 'The weather service that morning was top notch, and I just don't see how anybody or any other organization could put out warnings like that to save lives,' said Chuck Collins, chief meteorologist at WEEK-TV in Peoria. 'The weather service in Lincoln (Nebraska) was on it. The first sign of rotation detected by Doppler they put out the warnings because they knew it was such a volatile situation.' About 4,400 people operate the National Weather Service, including the development, launch and maintenance of the country's satellite and Doppler radar systems. It's an immense task to provide the often critical, life-saving information every moment of every day of the year. 'It's incredible. From the sun to the sea, the only agency that has the word prediction, forecast and warnings in their mission statement is the National Weather Service,' said Dr. Louis Uccellini, who served as the service's director from 2013 to 2022. 'We're doing it for the protection of life and property, and for the enhancement of the national economy.' The agency responsible for forecasts, warnings and water and climate data is authorized by Congress to employ 4,800 but for the last several years has operated with a workforce of about 400 fewer. And as the summer hurricane season looms, so too do cuts to the federal workforce. Citing economics, the Trump administration announced sweeping cuts across multiple federal agencies, including the NWS. NOAA set to fire 1,029 more employees In late February, more than 500 probationary staff members were terminated across NOAA. That number includes about 100 National Weather Service employees. Since that time, probationers were reinstated and placed on paid administrative leave pending ongoing litigation. About 160 additional NWS employees accepted a deferred resignation package. 'I view it as an uninformed, cruel step,' Uccellini said. 'There are a number of people let go from offices already staffed at fairly low levels.' The Washington tornado killed three residents, displaced roughly 2,000 more and destroyed 596 homes, but six-term Republican Mayor Gary Manier said the tragedy could have been much worse without the relationship between the weather service's local office and the communities in harm's way. 'Those people do a remarkable job and we can't live without them,' he said. Paul Dailey, the former head of Chicago's local weather office, agreed. His critical research led to new warning criteria after the deadly heatwave of 1995. 'From that day, we have saved many, many more lives,' he said. '(Local officials) have a hotline to our office, and either one of us pick up that phone at any time and talk to each other.' Every piece of weather information clipped and disseminated has its origins with the National Weather Service. Without the NWS, the country would not have weather data. 'This fabric of collaboration within the weather service, within the enterprise, serving public officials that are making lifesaving decisions. If you keep on making these cuts, you are damaging that thread, and at some point it breaks, and it could break at a very difficult time for a community,' Uccellini warned. As the cuts from Washington, D.C. spark concern among those in the federal workforce, they're also creating unease among students hoping to join the weather service. 'Many of them have dreams. They want to become a National Weather Service forecaster. They want to dedicate their lives to public service, and now they are seeing all around them, jobs getting pulled or rescinded back,' Northern Illinois University meteorology professor Victor Gensini said. He added that the NWS budget is less than $1.5 billion, but the return on the investment is about $190 billion. Read more: Latest Chicago news and headlines Supporters of the cuts argue that privatizing the service would save money, but taxpayers would likely pay more from private companies which would have the added expense of buying data back from the government. Kyle Pittman, a doctoral candidate in meteorology at Northern Illinois University, called the downsizing 'frustrating.' 'We have more people and possessions in the path of tornadoes than ever before,' he said. Dailey, the ex-chief of NWS Chicago, feared for what the cuts could mean for the health of the agency. 'If they lose what they say are the people who don't have enough time in the service yet — if you lose them, you're losing your youth, you're losing your future. How do you replace the future?' he said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
USA Today
13-03-2025
- Business
- USA Today
If a big inheritance is your retirement plan, don't get your hopes up
Hear this story If you're biding your time until Mom or Dad or that rich uncle passes on, passing their wealth to you, then prepare yourself for a shock: Most of us will never inherit. Inheriting money from a departed loved one is a gateway to wealth for millions of Americans, especially those who are older, white, college-educated or wealthy already, according to numerous studies. But fewer than half of Americans inherit anything. 'Most households will pass on little or no inheritance to the next generation,' said Chuck Collins, director of the Program on Inequality and the Common Good at the progressive Institute for Policy Studies, or IPS. Only about 30% of older Americans, ages 47 to 70, have received an inheritance or other intergenerational wealth transfer, according to a 2022 analysis by the Federal Reserve Bank of Richmond. Need a break? Play the USA TODAY Daily Crossword Puzzle. If you look at younger adults, the share who have inherited dips well below 20%. By age 75, nearly two-fifths of Americans have reaped an inheritance, according to a 2023 report from the Washington Post. 'That means the typical family is not leaving an inheritance,' said Michael Neal, a senior fellow at the Urban Institute. This age range is the sweet spot for inheritance You're most likely to inherit between the ages of 56 and 65, according to a 2021 analysis by researchers at the Wharton School of the University of Pennsylvania. Americans ages 46 to 55 are next most likely to inherit. Spend your money smart: Sign up for USA TODAY's Daily Money newsletter. All of those studies draw from the federal Survey of Consumer Finances, conducted every three years and most recently in 2022. Among those who do inherit, the average amount is $266,000, as of 2022, the Washington Post reports. The good news, if you hope to inherit, is that inheritances are becoming more common. 'Simply put, there are more people aging into prime inheritance age over time,' said Kent Smetters, a Wharton professor who is involved in inheritance research. Whether you inherit, and how much, depends on your age, your race, your education, and the wealth you already have, among other factors. Among older Americans, 35% of white households have received an inheritance, compared with 13% of Black households, the Richmond Fed reports. For those who inherit, the average amount is $154,260 for Blacks, $303,100 for whites. 'In aggregate, there just tends to be less transferred to Black families,' Neal said. One reason why Black households receive fewer and smaller inheritances is that Black Americans are less likely to have a will, according to research by the Center for Retirement Research at Boston College. 'The racial wealth gap has proven to be a persistent problem,' said Gal Wettstein, a senior economist at the research center. Wealth transfers go to about 22% of older Americans who have only a high school degree. The share rises to 39% for college graduates, according to the Richmond Fed. Most Americans hope to leave an inheritance America's inheritance story comes with a sad twist: Most people really do want to leave something behind. Roughly three-fifths of Americans hope to pass a sizable estate to their heirs, either definitely or "possibly," the Urban Institute reported in a 2023 study. Those expectations are roughly the same for white and Black families. Yet, for many families, life gets in the way. Some households don't adequately plan to leave a significant estate, researchers said. Others spend down their assets paying for long-term care. Many families never achieve homeownership, a key step in building wealth. "You can't pass the wealth off if you don't have the wealth in the first place," Neal said. Inheritance makes wealthy Americans wealthier Though it might sound unfair, Americans who have high incomes tend to inherit a lot more money than those with low incomes. The median inheritance across all incomes is $12,353, in 2019 dollars, Wharton researchers found. For households with incomes in the top 5%, the sum rises to $51,499. If you inherit a really large bundle of cash, you're more likely than ever to be allowed to keep it, thanks in part to President Donald Trump. As recently as 2008, estate taxes applied to estates as small as $2 million, according to the Tax Foundation. By 2017, the estate tax threshold had risen to about $5.5 million. Trump's 2017 Tax Cuts and Jobs Act doubled the non-taxable limit to $11.2 million. In 2025, the threshold stands at nearly $14 million. As a result, fewer wealthy Americans pay estate taxes. The number of returns subject to estate taxes dropped from 15,100 in 2008 to 4,000 in 2023, according to the nonpartisan Tax Policy Center. That trend 'will only accelerate existing wealth disparities,' said Collins of IPS, 'including the racial wealth divide.'
