Rich peopleâs idea of charity: Giving to elite schools and operas
The wealthy aren't donating to food shelters. They're giving to Yale and fancy theaters for a tax deduction
http://www.salon.com/2013/12/14/the_wealthy_give_to_charity_elite_schools_and_operas_partner/
Itâs charity time, and not just because the holiday season reminds us to be charitable. As the tax year draws to a close, the charitable tax deduction beckons.
Americaâs wealthy are its largest beneficiaries. According to the Congressional Budget Office, $33 billion of last yearâs $39 billion in total charitable deductions went to the richest 20 percent of Americans, of whom the richest 1 percent reaped the lionâs share.
The generosity of the super-rich is sometimes proffered as evidence theyâre contributing as much to the nationâs well-being as they did decades ago when they paid a much larger share of their earnings in taxes. Think again.
(more at above url)
The wealthy aren't donating to food shelters. They're giving to Yale and fancy theaters for a tax deduction
http://www.salon.com/2013/12/14/the_wealthy_give_to_charity_elite_schools_and_operas_partner/
Itâs charity time, and not just because the holiday season reminds us to be charitable. As the tax year draws to a close, the charitable tax deduction beckons.
Americaâs wealthy are its largest beneficiaries. According to the Congressional Budget Office, $33 billion of last yearâs $39 billion in total charitable deductions went to the richest 20 percent of Americans, of whom the richest 1 percent reaped the lionâs share.
The generosity of the super-rich is sometimes proffered as evidence theyâre contributing as much to the nationâs well-being as they did decades ago when they paid a much larger share of their earnings in taxes. Think again.
(more at above url)
