Charitable Donations: at some point we’re going to have to rethink the idea of charitable giving as a public good. Why should donations to one’s church get a write off while donations to a homeless guy do not? Or donations to a political group, even if they claim they are not political?
Why should educational institutions not have to pay property tax?
Why should Warren Buffet, Bill Gates et al be able to give, at death, literally billions of dollars tax-free all the while advocating an estate tax for the rest of us?
Even worse though is the incredible amount of corruption that runs rampant in the charitable space today. Officers of various charities making HUGE money.
Charities set up solely to separate you from your money by preying on your good will without the slightest intention of actually using your cash to serve what they declare to be their mission.
Universities begging for every dollar from you so they can fly to see some rich guy in Bainbridge Island to invite him to sit in the box at the next football game.
There is not much I despise more than a system of the rich taking from the middle class. And you’d have to work triple time to convince me our current charitable industry is not that precisely.
In this article I go over, a guy left a ton of money to Ohio State. THey were supposed to do XYZ with it. But they did ABC instead and now that huge endowment is threatened to go to 0 because of what can only be said a lack if fiduciary responsibility.
It’s wrong. But the system is set up to reward this behavior.
The Trump tax bill did the first step in taxing excessive endowments. If nothing else, that bill should be the clarion call for the charitable industry to realize the salad days are over. You’re going to need to account for every penny you receive going forward.
if not, don’t expect a revolt against your tax-favored treatment.