Word: reich
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...editorial published in the Los Angeles Times on Oct. 1, Robert B. Reich, former Secretary of Labor under President Clinton and a former professor at the Kennedy School of Government (KSG), wrote that donations to institutions that “serve the rich” should only be 50% tax-deductible, while contributions directed to charities for the poor be fully deductible...
...editorial, Reich argued that charitable contributions to institutions like Harvard are strategic “investments in the lifestyles the wealthy already enjoy and want their children to have too,” particularly because legacies are purported to receive preferential treatment in the admissions process...
...Reich rejected the idea that a change in policy would decrease donations enough to hurt Harvard’s financial aid program...
...Harvard is the richest institution of higher learning by far. Harvard has no reason to worry about financial contributions drying up,” Reich said...
...equitable in their distribution, is to increase the tax benefits of individuals who support scholarship aid,” said Peter D. Hall, a lecturer on nonprofit organizations at the KSG. He described the editorial as “simple-minded” and “unworthy of Reich...