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I’ve thought about this. What if we gave billionaires the option (marginal tax rates for capital gains), where they are either paying any taxes above $XM as eit
by az226 2y ago
I’ve thought about this. What if we gave billionaires the option (marginal tax rates for capital gains), where they are either paying any taxes above $XM as either taxes or as donations to a list of eligible non-profits. Basically “forced” giving pledge.
- financltravsty 2y agoThe problem is non-profits are not optimal vehicles for societal change. And indiscriminately throwing a large lump sum at organizations that haven't grown to be accustomed to managing themselves in that sort of environment can have deleterious knock-on effects. A very crude and reductionist example is donating to a clothing center (that is basically a tax write-off vehicle for HNWI) that then dumps those clothes into foreign countries destroying their local economies. It is such a hard problem, and I have yet to see any brilliant leadership in this area. Off the top of my head, American libraries are the most recent effort that I would consider to have been led well.
- az226 2y agoThe word eligible is doing heavy lifting in my comment. The government can look into and qualify top tier non-profits like the Gates Foundation, St. Jude, YMCA, etc.