Top philanthropists often garner great attention and, with this attention, comes criticism. But why? These megadonors are giving money for the public good that they could have ultimately spent on jets, estates, and fancy cars. These special donors can donate what they want, how much they want, and anonymously. Consequently, this type of donor can wreak havoc while testing out their charitable planning options. In order to curb this philanthropic power of megadonors, their giving should be more transparent, limits should be placed on the tax deductibility of political philanthropy, and there should be greater accountability of foundations. Philanthropy carries the most freedom to take huge risks and tackle substantial challenges, but inevitably, it cannot reflect the full spectrum of American public opinion.
See Paul Sullivan, How Top Philanthropists Wield Power Through Their Donations, N.Y. Times, April 14, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
