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The only good billionaire
(lemmy.world)
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this post was submitted on 09 Dec 2024
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What makes high-end philanthropy different from low-end philanthropy? Don't they both get the same tax cuts?
They probably do not get the same tax cuts: a "normal" person, making a paltry $250,000/year only reduces taxes by 24% of their giving, where the ultra-rich get 37%.
But the real difference is scale. A million people each giving $100 to their favorite charity is going to distribute that money more-or-less according to the community's overall priorities. One person giving $100M to their favorite charity has no connection to the broader community and social goals. They supercharge that one thing, which takes attention and resources from everything else.