It’s a simple bargain: The rich get huge tax breaks by donating art, property and company shares to benefit the public. But some donors collect millions while offering little or no public access.
For the ultrawealthy, donating valuables like artwork, real estate and stocks to their own charitable foundation is an alluring way to cut their tax bills. In exchange for generous tax breaks, they are supposed to use the assets to serve the public: Art might be put on display where people can see it, or stock sold to fund programs to fight child poverty. Across the U.S., such foundations hold over $1 trillion in assets.
21·1 year ago