Writing Off Ideas

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In the twentieth century, tax-exempt foundations have grown substantially, both in their financial importance and in the scope of their activities. This challenging book examines the economic, cultural and intellectual implications of tax-exempt organizations. How do various tax laws influence foundations and what types of ideas do foundations produce? How do the activities of foundations relate to the interests and intentions of their founders? Does the economic management of foundation assets serve the public good, or would such assets be better employed through the private sector?Around the turn of the century, individuals who had amassed substantial wealth wanted to direct some of it toward activities that would further the public interest. Their individual motives may have varied. John D. Rockefeller was interested in deflecting public criticism by using his wealth to further the public interest. James B. Duke, who endowed Trinity College in North Carolina, wanted to enshrine his family name. How well do the foundations' activities match the intents of their founders? Writing Off Ideas examines these and related questions primarily by looking at specific examples as well as the overall impact of foundation practices economically and socially.Non-profit foundations have grown because contributions to them are tax-deductible. Federal estate taxes were established in 1916, and rose to as high as 25 percent (on estates over $10 million) during World War I. The top rate was increased to 70 percent (on estates over $50 million) in 1935. Beginning in 1942, the top rate was raised to 77 percent on estates over $10 million, where it remained for decades. The top rate is now 55 percentfor estates over $3 million.Does the tax law create organizations shielded from economic realities and true social needs, producing a self-indulgent, philanthropic subculture that often squanders resources, fosters questionable ideologies, and launches foolish, trendy c