2021-04-27 Henry Olsen
America’s charitable foundations and billionaire universities hold at least $1.5 trillion in assets. That’s far more wealth than that of Jeff Bezos, Bill Gates, Mark Zuckerberg, Elon Musk and the founders of Google and Oracle combined.
Democrats often criticize these billionaires for not paying their fair shares, but they pay a lot more than these wealthy institutions. Rich universities and grant-making foundations pay a mere 1.4 percent in federal taxes on their net investment income, a fraction of the 23.8 percent rich people pay on their capital gains.
It’s good that a left-leaning publication published a critique of a policy of some Democrats.