Today, every single person on the Forbes 400 list is a billionaire, and many have become philanthropists — able to reshape public policy, and society, as they see fit. Author of a new book on philanthropy, David Callahan, explains: “If I give a donation to a politician, that’s not tax deductible. If I give a donation to a Washington think tank that whispers in the ear of that politician, I can get a tax break for that. The IRS makes few distinctions in what is tax-deductible giving, and I think that’s a problem.” Callahan says the influence of big donors will become greater as government steps back, via budget cuts to public agencies, and as private philanthropy steps forward.
Article Source: National Public Radio (NPR)