'This Week' Transcript: The Giving Pledge

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TURNER: I was opposed to the latest ruling that corporations can give unlimited amounts of people running for public office....the richest will be able to buy the elections and I don't think they ought to be the case. I think that our government should be run by the people and for the people, that democracy is important. And I'm very concerned about that. And I hope that Congress will overturn that at some point in time.

AMANPOUR: what about climate change, you're putting a lot of money into trying to get environmental control.

TURNER: Yes, but I'm not putting unlimited amounts in. It's limited the amount of giving you can do for lobbying was limited. I think that's good. I do not think that the rich should be able to buy the country.

B GATES: In philanthropy, it's very important to have diversity. And so if somebody thinks with the Giving Pledge, or other things, that we're saying, you know, there's only one model, that's a mistake. We love the fact that we sit down and learn from these people things they're doing. And everybody should pursue their own approach. So it's not a monolithic thing. It's about doing different things. But it's still learning from each other.

M. GATES: And I think the important thing is to think about how much wealth could go back to society from the Giving Pledge. I mean, that's the enormous positive. The financial dollars that come from the philanthropy I think are the initial wedge to try to the experiments, and then it's really up to the democracy to decide whether to take those on.

BUFFETT: there's three things you can do with your money. You can spend it on yourself or your family. You can pay it in taxes one way. Or, three, you can use it in philanthropy. Now, among the three, I take care of myself very well and my kids are pretty well taken care of. I think I should pay higher taxes. But if I'm not going to pay it, I mean, the rest of the money is going to go back to society. It's just a question of whether it goes through the government or whether it goes through a private source.

GATES AND BUFFET ARE taking THE GIVING PLEDGE on the road AND they've APPROACHED SOME OF THE WORLD'S NEWEST BILLIONAIRES --IN CHINA which today has ABOUT 200

AMANPOUR: What was the reaction there? Obviously, they're not used to -- they've barely just begun to make it.

BUFFETT: it amazed me that it was so similar to our experience in the United States. These people talked about their children. They talked about their businesses. They talked about the different role of government there in terms of philanthropy. But they opened up. They were not reluctant to talk at all. Their culture is different. However, they may wish to adapt some of our ideas to what they are doing is fine with us. But we are not there to add another wing to the American operation.

GATES we had a lot of very good questions. The government came and the government said they were very enthused about what had happened in the interchange. And the questions were like we get in the United States: "How should you involve the kids?" "What causes really seem like they're impactful?" "How do you find other people to work with?" They're just at an earlier stage, and they'll put their own imprint on it.

HERE IN THE UNITED STATES… ITS NOT JUST THE FAMOUSLY RICH THAT ARE GIVING...IT'S THE RICH YOU MAY NOT RECOGNIZE. IN THE LAST THREE MONTHS, 40 OTHER BILLIONAIRES HAVE SIGNED THE PLEDGE.....PEOPLE LIKE TOM STEYER.

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