Best Buy founder Richard Schulze plans billion-dollar foundation

  • Article by: NEAL ST. ANTHONY and PATRICK KENNEDY , Star Tribune staff writers
  • Updated: June 18, 2013 - 5:40 AM

Best Buy’s founder plans to donate about half of his net worth to a family foundation focused on medical research and education.

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chemnpJun. 18, 1312:35 AM

"We see a lot of CEOs who have figured out how much is enough"

This is not only a very positive reflection upon Schulze, but also his cohort of mega-rich individuals. These guys are the ones that are giving back to society instead of squirreling away an extra 50 million on some Caribbean island. Good on you, Schulze family. Especially for looking for things to fix inside the US first!

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evldedJun. 18, 13 8:29 AM

Dick Schulze has donated A LOT toward type 1 diabetes research. As a parent of a type 1 child, I can't begin to thank him for his contribution.

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joe_mnJun. 18, 13 8:44 AM

Man earns $1B thru decades of effort. Govt says when you die, your estate will pay huge tax on that money. Thanks, gov! How can I somehow use this money the way I want too, not the govt? Set up a foundation and donate the money. You don't ER it but at least the govt does not either.

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scubadoo68Jun. 18, 13 9:40 AM

Kinda put my faith back into humanity. Really good to see people do this.

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jimbogopherJun. 18, 1310:00 AM

An incredibly generous man. Thank you, Mr. Schulze.

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hard2getoldJun. 18, 1312:12 PM

Joe_mn I remember when the upper income tax rates were 90% which gave the incentive for the wealthy to be charitable, set up various foundations, build our nation’s art, cultural and education institutions, invest in their businesses and surrounding infrastructure, take care of their employees on and outside of the job….. They did this to avoid paying excessive taxes to the government. Then Reagan drastically lowered the tax rate, which literally brought all of that to a halt. As a result, the government has had to step in to fill that void – causing enormous deficits. (our taxes are even subsidizing Walmart’s employees) In the meantime, the majority of the 5%, who won’t be satisfied until they no longer have to pay any taxes (and yet use most of our nation’s infrastructure/expensive court systems, étc, feel entitled to squirrel their money away in foreign tax havens – without any sense of obligation to anyone but their own greed. It’s absolutely shocking behavior. I applaud Mr Schulze for having a conscience and I sure hope he will be an inspiration to others. Now, I’m doubly glad I made a couple recent high end purchases from Best Buy!

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bbiniowa6Jun. 18, 13 1:36 PM

WAY TO GO, DICK! I knew it! I knew it! What a mentor for my son1

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K-LinoJun. 20, 1311:37 AM

1. Well, it's a good way to not pay taxes on his new foundation. 2. This highlights the obscene earnings of many business executives, especially when compared to the average worker's wage. 3. And must this "giving" always be so public. Why is it so important to have your name on a "billboard of benefactors"?

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