How to give 'till it hurts. Or at least looks like it hurts.
At a press conference this afternoon, President George H. W. Bush singled out the Walton Family for their generosity to Katrina relief efforts:
I don’t think anyone would mind if I singled out the chairman and CEO of Wal-Mart, Lee Scott, who is right here. He told us that they gave the Bush-Clinton fund a total of $23 million…$15 million from the company and then $8 million more from the Walton family, the marvelous philanthropists that they are.
Let’s put that in perspective. The Walton family’s net worth is $90 billion. So $8 million dollars represents .009 percent of their total.
The average family’s net worth is $86,100. If an average family contributed at the same rate as the Waltons, they’d donate $7.74.
The first thing that came to mind here was Republican insistence that it's unfair for taxes to be progressive, because it 'punishes' the wealthy. But looked at through this lens, I gave a higher proportion of my net worth than the Waltons-- whose wealth was inherited, I might add. Why should altruism be the burden of the poor?
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