Anyone else around here willing to support a tax on all foundation endowments, including those of colleges and universities, in excess of, say $1,000,000?
I’d go further, actually, and end the tax deduction for anything that is not directly helping poor people--helping them get health care, food, education, etc. I’m not quite sure where religious institutions would fit in.
Update: A few more points. Wealthy people sometimes give significant donations to Harvard to get their sons into the college. Why should they get to write off the bribe? Second point. It can’t be good that foundations can buy and sell stock without paying capital gains, but everyone else has to. That has to bias the market somehow. And one final point for now. The commentator below has a good point. Charities are perpetuties. In that sense, they are like the aristocratic institutions of the medieval era. America was founded upon prnciples opposed to such things.