re: #546 MandyManners

Oversimplifying, successful entrepreneur amasses great fortune, part of which he bequeaths to a school or foundation as tax-deductible endowment. He dies twenty years later. Twenty-five years later, the school entrusts management of his endowment to a non-profit career leftist who espouses all the latest “green” causes. Suddenly, the endowment money is being given, tax -free, to an academic working to destroy capitalism and entrepreneurial efforts in the name of the environment.

That’s what happened to the Ford Foundation, among many others. Tax policy shouldn’t encourage perversion of the donor’s purposes in making the donation in perpetuity. It should require that the money be spent within a reasonable time.