It wasn’t so long ago we said this about millionaires how the fuck did we come to this so quickly? Whatsmore why the fuck did we make Trump President?
Worse, billionaire giving is subsidized by ordinary taxpayers. Under current policy, only the roughly 10 percent of Americans who itemize deductions on their state and federal tax returns—as almost every wealthy family does—get to deduct charitable donations from their taxable income. So when a billionaire with a 20 percent effective tax rate gives $100 million to his own foundation, or makes a huge donation to Harvard—as Jared Kushner’s daddy did to help him get in—or bankrolls “charities” that spread hate and misinformation (because eligibility rules for tax-exempt nonprofits are shamefully lax), that donation costs the US Treasury $20 million.
Without all the perks and subsidies afforded to super-rich Americans, billionaires might never have emerged in the first place, or at least we’d have a great deal fewer of them. Kill those perks—the tax favoritism, the pay-to-play, the cheating, legacy admissions, self-interested philanthropy, retirement subsidies, the Walton GRATs and all the rest, and maybe those undeserving billionaires will one day fade away.