Friday, September 07, 2007

Charity and Taxes

I guess I always assumed that giving money to non-profits would benefit society, so give them a tax break, external benefits, et al.

What qualifies for that tax deduction has broadened over the 90 years since its creation to include everything from university golf teams to puppet theaters — even an organization established after Hurricane Katrina to help practitioners of sadomasochism obtain gear they had lost in the storm.

Roughly three-quarters of charitable gifts of $50 million and more from 2002 through March 31 went to universities, private foundations, hospitals and art museums, according to the Center on Philanthropy at Indiana University.

Some wealthy people seem to think this isn't true. After reading this article, I may have to agree.


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