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Pastimes : Let's Talk About Our Feelings!!!
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To: Grainne who wrote (42038)6/27/1999 4:29:00 AM
From: nihil  Read Replies (1) of 108807
 
One of the great effects of income and high estate taxes was to make the really rich shell out to charity. During Terrence golden age there was very little useful charity. Since 1913, great foundations have sprung up like trees of life in the US and UK especially. The Rockefeller foundation and the Ford Foundation have radically changed human life for the better. Carnegie set the trend. Bill Gates (and his wife) have already given $10 billion to his foundation mostly for education. He says at the moment there is $90 billion left to give but he isn't through with it yet. I doubt if any of them would have given nearly as much to charity were not huge tax savings available and the proceeds of the charitable foundations free from tax while private estates were heavily taxed.
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