The promise of philanthropy was that the wealthy could enjoy tax breaks for their charitable contributions. The pandemic laid bare how accumulation can trump getting money to those in need. A Senate bill aims to change that.
“Philanthropy is where wealth inequality is playing out in the public realm,” said Ray Madoff, a law professor at Boston College.Credit…Tony Luong for The New York Times
By Nicholas Kulish
The billionaires, former government officials and academics gathered in a Manhattan conference room to brainstorm solutions to a problem they had all been working on from various angles: how best to update the laws governing philanthropy, most of which were half a century old.
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