ALAN'S LETTER

As is frequently reported, charitable giving by the ultra-rich has remained at a constant 1% of wealth, which as I’ll point out, that fails the generosity test.

When the law regulating private foundations was enacted, Congress established a 5% minimum payout … As has been reported over and over again, that minimum has been translated by the vast majority of the foundation community doling out just at or slightly above 5 percent.

The sad truth is that we’re not going to get money out of politics until we philanthropists put more money into politics (aka voter engagement for private foundation funders).

The United States still has close to thirty million people without health insurance. Disasters have become commonplace, but there is insufficient funding to either ameliorate the tragedies or, better yet, prevent them.

Ultra-rich foundations announce commitments to fight climate change while arguing for building their endowments to save for the future. I’m confused. What future?

Okay folks, it’s time we get real…this class of charitable donors has been making money hand over fist for decades and yet can only remember last year’s returns in justifying a reduction in charitable giving.

If we are to save democracy we must not only win the political trifecta, but do so with a majority of electeds who are committed to ending the filibuster in some form on Day 1, fix the Supreme Court on Day 2, and pass H.R. 1 (the democracy act) on Day 3.

For those of us advocating for charitable reforms… we too easily lose sight of the fact that the ultra-rich got that way thanks to 9,999 other people, uncontrollable events, luck in timing, and many other factors.

These are troubling times, which call for a “raise the bar” movement where we aim higher and demand better from those in power, whether they be elected or not…the establishment philanthropy lobby prevented meaningful change in our charitable tax laws.

Apparently, when the ultra-rich are younger, scrappier, willing to take risks in their businesses, they don’t give money away. Instead, they use those talents to make more money. Then they get older and do give money away–to universities and hospitals.