Marketplace draws attention to charitable giving in America.
One point that is put forth so well is that most of the giving by the wealthy is done toward culture: libraries, museums, universities etc which is really an investment for their children in the future what's known as affirmative action for "legacies."
So the question is should the tax deduction be the same as say a donation to the Red Cross? Should the tax laws be amended to that effect?
It turns out, in fact, that only an estimated 10 percent of all charitable deductions(approx 200 Billion) this year will be directed at the poor. Now that tells you something.
Tags : charity, tax deduction
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