ALAN'S LETTER

It just may be that the most important reason to get rich foundations to give away more is to make them less rich.

Headlines about billionaire philanthropy only show how the media and our tax laws serve the interests of the plutocrats, while scant attention is paid to true philanthropic role models.

Billionaire philanthropy has three benefits not available to the average citizen: it is a highly leveraged extension of power; it serves to whitewash reputations; and it provides an alternative to giving (too much) money to relatives or friends.

Our tax laws–by taxing capital gains at preferred rates and only when realized–subsidize the hoarding of wealth by people like Musk and his ilk. Did Congress really intend–through generous charitable tax deductions and virtually tax-free investment income for foundations –to support private foundation hoarding as well?

The CCC has played an important role in ramping up discussion of “how much” wealthy donors should be expected to give…and we have directly raised the “how much” question with hundreds of philanthropists. – If it’s true that those in the 0.1% have “enough,” then it’s debatable why they should even get a tax deduction for being charitable.

To shed some light on why charitable tax reform has gotten so little support from the nonprofit community, I’m publishing a purloined copy of a letter written by Ms. Gimme Sommore, Director of the Shortsighted Nonprofits Association, to one of the country’s six-hundred-plus billionaires, Richard N. Wight.

It’s not just a billionaire problem. Ultra-high net worth individuals, with assets above $30 million each, represent 0.1% of all U.S. households and have a combined net worth in excess of $12 trillion. When I think about what could make America great again, I imagine a 25% tax on just the wealth above that $30 million per household.

Almost exactly one year ago, I wrote about the hoarding and transparency problem with Donor Advised Funds (DAFs). Today, I’m writing to announce the Crisis Charitable Commitment’s new initiative–which will be launched tomorrow, July 28– to address the most significant aspect of the DAF problem, a...

Tomorrow, July 14, Bastille Day, we mark the one-year anniversary of the Crisis Charitable Commitment (CCC). Almost 100 CCC signers stepped up to the plate in 2020 and gave at a higher Charitable Standard to address the multiple social and economic crises highlighted by the COVID pandemic. Through...

The fantasy of “Good Billionaire”… Warren Buffett the champion of the billionaire pack in avoiding paying taxes,… confirmed two things: First, the rigged tax code that creates billionaires and excessive wealth, and Second, it confirmed the rarified thinking of the rich: we can do a better job at deciding where the money should go…