Bill Gates, the billionaire co-founder of Microsoft and philanthropist, announced he is donating nearly his entire net worth—approximately $113 billion—to the Bill & Melinda Gates Foundation over the next 20 years.

"Bill Gates says I'm giving away my money. If you're rich, really, really rich, take your money and then create a foundation," John Curley, host of "The John Curley Show" on KIRO Newsradio, said. "You move your money into a foundation, and the foundation pays less taxes than you. All right, that's the way the rules are written. Oh, it's a loophole, no, these are just the rules."