"THE NEW YORK TIMES" SERIES ON
DONALD TRUMP’S TAX RETURNS
REVEALS HIS CHARITABLE GIVINGS
APPEAR LARGELY --
WHAT A SHOCK.
TRUMP’S RECORD SHOWS MUCH OF THE
CHARITABLE COMMITMENTS CAME FROM
LAND DEALS THAT OFFSET HIS
INCOME.
THE PAPER WRITES THIS.
THE VAST BULK OF HIS CHARITABLE
TAX DEDUCTIONS, $119.3 MILLION
WORTH, CAME FROM SIMPLY AGREEING
NOT TO DEVELOP LAND.
IN SEVERAL CASES, AFTER HE HAD
ALREADY SHELVED THOSE
DEVELOPMENT PLANS.
MEANWHILE, GLOBAL CITIZEN
REPORTS THAT DURING THE
PANDEMIC, BILLIONAIRES FORTUNES
REACHED $10.2 TRILLION.
THAT’S THE HIGHEST AMOUNT OF
MONEY EVER OWNED BY THE WORLD’S
WEALTHIEST.
AT THE SAME TIME THE PANDEMIC
CAUSED GLOBAL POVERTY RATES TO
RISE FOR THE FIRST TIME IN 20
YEARS.
WITH THAT IN MIND, AS "FORBES"
UNVEILS AMERICA’S 400 LIST OF
WEALTHIEST PEOPLE, FOR THE FIRST
TIME IT’S CHANGED THE WAY IT
MEASURES PHILANTHROPY AS PART OF
THE RANKING.
LET’S BRING IN CHIEF CONTENT
OFFICER FOR FORBES, RANDALL
LANE, HUGH EVANS, AND A MANAGING
CONSIDERING AT CVC CAPITAL,
CHRIS STADLER.
THANK YOU FOR BEING WITH US.
RANDALL, START OUT TELLING US
THE NEW WAY "FORBES" IS RANKING
THE WEALTHIEST 400 INDIVIDUALS.
>> YOU HIT IT WITH WHAT’S GOING
ON ABOUT THE REPORTS.
IT’S ABOUT FAIRNESS.
THAT’S WHAT YOU’RE SEEING A LOT
OF THE POLITICAL TUMULT AND A
LOT OF THE RESENTMENT.
WE HAVE BILLIONAIRES, AMERICAN
BILLIONAIRES THAT HAVE MADE
ABOUT $700 BILLION SINCE THE
BOTTOM OF THE PANDEMIC AS THE
MARKET HAS GONE UP.
WHAT WE’RE DOING NOW, WE’VE BEEN
MEASURING PHILANTHROPY SINCE
2018.
NOW WE’RE NOW MEASURING BASED ON
HOW MUCH YOU’RE ACTUALLY GIVING
TODAY TO HELP THE PROBLEMS OF
TODAY.
NOT TO PARK IN A FOUNDATION.
NOT TO PUT IN A DONOR ADVISED
FUND AND NOBODY CAN SEE WHAT’S
GOING ON WITH IT.
NOT THE PLEDGE BUT TO ACTUALLY
PUT MONEY TO SOLVE THE PROBLEMS
OF TODAY.
>> KATTY KAY?
>> HUGH, ON THE WHOLE QUESTION
OF PHILANTHROPY.
WE’VE SEEN HOW MUCH BILLIONAIRES
HAVE MADE.
BUT IF WE LIVE IN A WORLD IN
WHICH WE RELY ON THOSE
BILLIONAIRES TO GIVE A
PROPORTION OF THEIR INCOME TO
HELP THE NEEDIEST, ISN’T THAT
FUNDAMENTALLY A PROBLEM?
WOULDN’T IT BE MUCH BETTER TO BE
FOCUSING ON SHORING UP A ROBUST
SOCIAL SAFETY NET SO THAT WE
WEREN’T AT THE MERCY OF THE
WHIMS OF A BILLIONAIRE WHO WANTS
TO GIVE THIS YEAR AND THEN
PERHAPS DOESN’T WANT TO GIVE
NEXT YEAR?
>> ULTIMATELY, YOU TOUCH ON A
REALLY IMPORTANT POINT.
IF WE’RE GOING TO ADDRESS
EXTREME POVERTY WE HAVE TO LOOK
AT THE STRUCTURES THAT ENABLE
POVERTY TO PERSIST IN THE FIRST
PLACE.
YES, WE NEED TO ADDRESS THE
SYSTEMIC CAUSES.
BUT WHILE, AS RANDALL SAID,
THERE ARE 633 BILLIONAIRES IN
THE UNITED STATES, AND ONLY TEN
OF THEM ARE GIVING ANY
MEANINGFUL MONEY AWAY ON AN
ANNUAL BASIS, WE ALSO NEED TO
ADDRESS THAT BECAUSE DURING THIS
PANDEMIC, THEY HAVE AMASSED AN
ESTIMATED $10 TRILLION.
AND IF ALL OF THEM WERE AS
GENEROUS, AS, SAY, WHAT WARREN
BUFFETT IS CURRENTLY, WE COULD
EXTEND EXTREME POVERTY THREE
TIMES OVER.
AND WHILE THE WORLD IS FACING SO
MANY CHALLENGES, WE’VE GOT A
HUNGER CRISIS ON THE HORN OF
AFRICA, A CLIMATE CRISIS YOU SEE
IN NORTHERN CALIFORNIA, WE’VE
GOT AN ONGOING PANDEMIC, AN
EDUCATION CRISIS WITH 1.5
BILLION CHILDREN OUT OF SCHOOL.
WE KNOW WE NEED TO CHANGE THE
WAY PHILANTHROPY WORKS.
THIS PARTNERSHIP BETWEEN GLOBAL
CITIZEN AND "FORBES 400" IS THE
FIRST STEP IN THAT PROCESS.
>> THE AP’S JONATHAN LEMIRE.
>> CHRIS, AS WE JUST
HIGHLIGHTED, THIS IS CERTAINLY A
REMARKABLY CHALLENGING YEAR.
TELLUOUS US WHY IT’S SO IMPORTAN
HAVE THIS NEW APPROACH, THE GIVE
WHILE YOU LIVE DYNAMIC WHICH YOU
GUYS ARE UNVEILING.
WALK US THROUGH WHAT THAT MEANS
IN SUCH A TURBULENT 2020.
>> WELL, YOU KNOW, AS HAS BEEN
NOTED, IT’S NEEDED NOW MORE THAN
EVER.
AND OUR IDEA WAS TO GET THE
BILLIONAIRES TO STEP UP NOW, TO
PLEDGE TO GIVE 5% OF THEIR
WEALTH ANNUALLY TO ELEVATE
EFFORTS TO HELP MARGINALIZE
COMMUNITIES, INCLUDING PEOPLE OF
COLOR, INCLUDING THOSE FACING
DISCRIMINATION.
AND WE LAUNCHED BACK IN JANUARY
BECAUSE AT THAT TIME IT WAS
ALREADY OBVIOUS THAT THE WORLD
WAS OFF TRACK AND SOLVING SOME
OF THESE -- OUR MOST PRESSING
PROBLEMS.
AND OUR AIM WAS TO HAVE THE
WORLD’S MOST INFLUENTIAL
PHILANTHROPISTS COME ON OUR
STAGE AT OUR FESTIVALS AND
ANNOUNCE THEIR INTENT TO HELP.
ONCE COVID STRUCK, IT BECAME
CLEAR NOT ONLY WAS THIS
NECESSARY FOR THE LONG TERM BUT
THE SHORT-TERM NEEDS WERE SO
EXTREME.
HUGH TALKED ABOUT SOME OF THE
PROBLEMS THAT WE’RE FACING.
AND IT’S CLEAR, NOW IS THE TIME
FOR THEM TO STEP UP.
>> YOU KNOW, RANDALL, WE’VE BEEN
TALKING FOR A DECADE NOW,
ACTUALLY 20 YEARS NOW, ABOUT
DEMOGRAPHIC CHANGES COMING TO
AMERICA THAT WERE GOING TO
IMPACT VOTING.
MAINLY FOCUSING ON THE ABSOLUTE
EXPLOSION OF THE HISPANIC
POPULATION.
I REMEMBER THE BUSH BROTHERS
WARNING THE REPUBLICANS IN THE
LATE ’90s, YOU BETTER GET RIGHT
WITH HISPANICS.
IF YOU DON’T, THEY’RE GOING TO
VOTE YOU OUT OF OFFICE.
THAT WAS 20 YEARS.
YET SOMETHING ELSE IS HAPPENING,
TOO.
YOUNGER VOTERS.
THEY’VE BEEN PUSHED AWAY FROM
THE REPUBLICAN PARTY OVER THE
PAST FOUR YEARS.
FOR SOME FAIRLY OBVIOUS REASONS.
YOU TOOK AN UNDER 30 VOTER
SURVEY FROM "FORBES."
TELL US WHAT YOU FOUND.
>> WE’VE BEEN DOING A TRACKING
SURVEY ALL YEAR.
GENERALLY FOR THE LAST FEW
MONTHS, BIDEN HAS BEEN HITTING
60% NATIONWIDE OF VOTERS UNDER
30 AND THAT’S BEING DRIVEN,
OBVIOUSLY, A LOT BY YOUNG BLACK
AND YOUNG HISPANIC VOTERS.
BUT WE’VE SEEN THAT REALLY
CONSISTENTLY.
WE’RE IN THE FIELD NOW.
THE LAST POLL, 57% IN JUNE.
IT WAS 60%.
WE’VE SEEN IT CONSISTENTLY, A
VERY LARGE MAJORITY.
OBVIOUSLY, THAT’S A PROBLEM FOR
THE REPUBLICAN PARTY BECAUSE
YOU’RE TALKING ABOUT A VERY
LARGE GENERATION WITH YOUNGER
MILLENNIALS AND GEN-Z BEING
BAKED IN ABOUT 2 FOR 1 RIGHT NOW
SUPPORTING DEMOCRATS.
>> IT’S A REAL PROBLEM FOR
REPUBLICANS BECAUSE SO OFTEN,
PEOPLE’S POLITICAL VIEWS WHEN
THEY’RE 18, 19, 20, 21 STAY WITH
THEM FOR A VERY LONG TIME.
SO YOU TAKE THAT, COMBINE IT
WITH DEMOGRAPHIC CHANGES IN THIS
COUNTRY, AND DONALD TRUMP HAS
REALLY PUT THE REPUBLICAN PARTY
IN A DIFFICULT POSITION MOVING
FORWARD.
WANT TO THANK ALL OF YOU FOR