This is an illuminating, infuriating article that lifts the curtain to show how wealth managers help perpetuate billion $ dynasties by shielding fortunes from taxation. It underscores a frustrating fact abt the current philanthropy sector for me...
newyorker.com/magazine/2023/…
newyorker.com/magazine/2023/…
There's plenty of talk about re-imagining capitalism, but there seems to be little energy, coordination, or imagination abt addressing issues of tax evasion & avoidance (w/ some exceptions like @PatrioticMills). Am I missing something? Or have progressive funders just given...
up hope that the estate tax is a winnable issue? Or, as I'm sure some are thinking, are these sorts of issues still a sort of third rail in the sector, bc they implicate the wealth in which it depends? IDK, but my take is that this is a winning issue & that funders should be...
...pumping much more money to groups who will wield a relentless, well-coordinated, shame-based campaign to address the worst offenders, such that there is at least a higher cost, esp. for HNWIs who otherwise want to consider themselves progressives. Even if it doesn't result...
...in policy change, raising the salience of the issue of tax evasion/avoidance, & tax equity, esp. in the context of intergenerational wealth, is worthwhile. I'd like to see more funders engage enthusiastically, as if this were an issue that mattered.
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