We have been en vacance in France and recently visited Omaha Beach and the American Cemetery in Normandy. The D-Day landing was an incredible feat accompanied by tremendous sacrifice. Among the many emotions and thoughts this visit generated, one was how in times of crisis Americans pulled together and did extraordinary things. In fact, to fund the war, Congress enacted in 1942 steeply progressive income tax rates with a top rate on incomes over $200,000 of 82%! It is worth noting that $200,000 then would be worth in purchasing power about $3.5 million now, roughly equivalent to what some equate to the 0.1%, who now have a top rate of 37%.
The Crisis Charitable Commitment was started on Bastille Day (July 14), 2020, with the hope that Americans, specifically the ultra-rich and ultra-rich foundations, would likewise come together to support efforts to combat the COVID-19 crisis, as well as other front-and-center crises such as those facing racial justice, climate, and our democracy. There have been some leaders who have stepped up to the plate (see the list of CCC signatories), but as yet not enough followers, even as our future depends on increasing support for the whole range of charitable organizations, particularly those working to protect people’s right to vote and ensure that their vote counts.
No matter how much Calvados I drink I cannot avoid thinking about some of the critical social issues facing us at home. I have dinner at a hotel restaurant in the south of France where a helicopter arrives–I imagine it is dropping off someone from a nearby yacht for dinner or an overnight and think about the massive problem of wealth inequality. I stand before the megaliths (aka rocks) in Carnac, Brittany, but it is a very unusual 100-degree day and think about climate change. And the blessings of too-good internet connections allow me to read the daily news of how our democracy is under constant threat.
We have just over 70 days until the midterm elections, but is anyone paying attention? Every four years in the Presidential election cycle we are told that “this is the election of a lifetime.” Of course, the choice of President is incredibly important in terms of people’s lives and the direction of the country. Witness the difference between the current and previous President in terms of executive orders, appointments, priorities and style. What we rarely hear is that the midterm elections are as important, but 2022 may just be the most important election of our lifetimes. I don’t think I need to elaborate on this, but imagine a Congress returned to control by the folks who brought us this Supreme Court, tax breaks for the rich, and January 6.
So, who is stepping up to the plate to make sure we elect people interested in protecting women’s rights and those of every other demographic, in allocating resources to those who need them rather than those who already have them? We are hearing from the organizations which work on voter protection and voter engagement that our foundation supports that they are drastically underfunded. Meanwhile, one of the most disturbing new stories about the threat of excessive wealth to our democracy revealed that billionaire Barre Seid dropped $1.6 billion into a right-wing “nonprofit” political operation. One point six billion! And it was a tax scam to boot!
My wife has been lately wearing a shirt with the words, “the best way to predict the future is to create it.” For those foundation trustees and executives and ultra-rich donors who would like to share their prosperity rather than hoard it: It is time you recognized that this is your grant cycle of a lifetime! It is not a time to prepare for the future but rather to help create it. We need everyone to give in any way they can, and in particular, in ways that ensure that this year’s election results reflect the overwhelming interest of Americans in social justice.
A votre santé!