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)
If the wealthy had more confidence that the Government would spend the tax money intelligently they might be willing to provide charity to Government run programs. Warren Buffet is an example. he feels that the gates foundation can make a bigger impact per dollar spent.