“We make a living by what we get, but we make a life by what we give.”

                           —Winston Churchill

Philanthropy is an act of contributing personal wealth, goods, time, talent, and expertise for charitable or similar causes to promote human welfare. Giving back to society is an admirable and noble trait. People donate with altruistic interests for a variety of reasons—to promote a worthy or favorite cause, reduce income and estate taxes, or simply share with the society that has given them the opportunity to achieve fortune. There are several examples of Americans who have given back to the community for worthy causes. Andrew Carnegie, the Ford family, the Rockefeller family, and many more gave substantial amounts and also took advantage of deductions that reduced the high tax rates on their income.

The Bill and Melinda Gates Foundation and Warren Buffett have given several billions for charity. In 2006, investor Warren Buffett pledged $31 billion in company stocks to the Bill and Melinda Gates Foundation. By 2010, the Foundation had disbursed over $26 billion, most of it to global health. In June 2010, Warren Buffett and Bill Gates started the “Giving Pledge” campaign encouraging billionaires to pledge a majority of their wealth during their lifetime or in their wills for philanthropy. Warren Buffett pledged to give 99% of his fortune in philanthropy. As of May, 2018, 183 wealthy people have committed to giving at least half of their fortunes to charity during their lifetimes or in their wills. A few Indian American billionaires have also joined the Giving Pledge.