Word: reiche
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...grandchildren to getting a building named after oneself. An increasing number of pundits, however, believe that universities are not fully deserving of such donations, especially since these donations are tax deductible. For instance, in an op-ed in the Los Angeles Times, former Secretary of Labor Robert B. Reich argued that such donations are not to “real charities” because they do not directly serve the poor. Consequently, he argued, donors should not get a full tax deduction. This criticism, however, is a red herring for the real problem: that the government unjustly subsidizes charitable contributions...
...more somber voices come on scene. Robert B. Reich, a professor of Public Policy at the University of California, Berkeley (and President Clinton’s former Secretary of Labor) recently asserted in his Los Angeles Times op-ed that universities are often “investments in the lifestyle of the rich” and argued that donors should only be able to deduct half of their contributions to not-for-profits like colleges and operas...
...Reich should bring up the issue of how Americans choose to give back to their communities and support charities. Undoubtedly, one way to make a difference is to give away money wisely. Since our spending habits are shaped by the legal environment, it would be a monumental mistake to discourage giving to a selected group of not-for-profit organizations through targeted changes in the tax code...
...Professor Reich claims he is concerned about poverty. But it is an educated person who is statistically less likely to ever become poor or dependent on welfare. Reich editorializes against inequality (“America’s very rich are richer than ever”) but after naming the problem, he rejects a proven solution. Higher education is key to social mobility, and more donations have allowed colleges to afford financial aid initiatives. A decrease in donations received due to tax considerations would only hurt lower- and middle-class families...
...Appealing to his readers by painting a simplistic picture of the not-for-profit sector, Reich elected a sound strategy. Sure, some institutions do more for the disadvantaged than others. But the conclusion that more revenue should be raised through separation of non-profits into two groups with different taxation policies is a step in the wrong direction in terms of pushing Americans to give to charity...