Remember when Jeff Bezos was showered with praise for donating $100 million to food banks last year?
That may seem like a lot, and it is. But once you consider all that Bezos has raked in during the pandemic—including making $13 billion in a single day in 2020—it’s a few hours of his earnings.
It’s not just Bezos. Billionaires like Bill Gates and Warren Buffet also receive lots of praise for their “generous” charitable giving.
The truth about billionaire philanthropy is it isn’t charity. Its public relations, often used to cover up their exploitative business practices, shield their wealth, and deflect attention from all they money they pour into lobbying and campaign contributions to assure that their taxes remain historically low.
These so-called “charitable contributions” are also tax-deductible, meaning you and I are subsidizing them. I don’t know about you, but I believe taxpayers should be deciding where their tax dollars ultimately go.
America doesn’t need their charity. We need them to pay their fair share in taxes.
Robert B. Reich is the chancellor’s professor of public policy at the University of California, Berkeley and former secretary of labor under the Clinton administration. Time Magazine named him one of the 10 most effective Cabinet secretaries of the 20th century. He is also a founding editor of The American Prospect magazine and chairman of Common Cause. His film, Inequality for All, was released in 2013. Follow him on Twitter: @RBReich.
RSS
Is billionaire philanthropy a sham?
Posted on September 6, 2021 by Robert Reich
Remember when Jeff Bezos was showered with praise for donating $100 million to food banks last year?
That may seem like a lot, and it is. But once you consider all that Bezos has raked in during the pandemic—including making $13 billion in a single day in 2020—it’s a few hours of his earnings.
It’s not just Bezos. Billionaires like Bill Gates and Warren Buffet also receive lots of praise for their “generous” charitable giving.
The truth about billionaire philanthropy is it isn’t charity. Its public relations, often used to cover up their exploitative business practices, shield their wealth, and deflect attention from all they money they pour into lobbying and campaign contributions to assure that their taxes remain historically low.
These so-called “charitable contributions” are also tax-deductible, meaning you and I are subsidizing them. I don’t know about you, but I believe taxpayers should be deciding where their tax dollars ultimately go.
America doesn’t need their charity. We need them to pay their fair share in taxes.
This post originally appeared at RobertReich.org.
Robert B. Reich is the chancellor’s professor of public policy at the University of California, Berkeley and former secretary of labor under the Clinton administration. Time Magazine named him one of the 10 most effective Cabinet secretaries of the 20th century. He is also a founding editor of The American Prospect magazine and chairman of Common Cause. His film, Inequality for All, was released in 2013. Follow him on Twitter: @RBReich.