On one side: A former Goldman Sachs exec who spent $91 million on a rabbit statue. On the other: A billionaire who paid off student loans for nearly 400 graduates for an estimated $40 million. From columnist hiltzikm:
Other billionaires have made their mark with notable contributions for improved public access to art and cultural artifacts. Hedge fund promoter Stephen A. Schwarzman announced a $100-million donation to the New York Public Library in 2008, in return for which he got the system’s landmark main building on 42nd Street rechristened in his name. Los Angeles billionaire Eli Broad has opened his art collection to public viewing via the Broad museum on Bunker Hill, to which admission is free.
The issue with mega-donations that seldom gets discussed is whether some are worthier of the tax deduction than others. Consider contributions to university endowments. These are invariably treated as public boons . As we wrote at the time, assuming that Knight paid the top marginal federal tax rate on his income, the donation then gave him a tax break worth $158 million — that’s an invoice paid by the U.S. taxpayer. Then and now, however, public universities such as the University of California were being starved of resources.
Other high-profile donations really look like billionaires’ donations to themselves, albeit well-disguised. Economic commentator Felix Salmonin 2012 on hedge fund billionaire John Paulson’s $100-million donation to the Central Park Conservancy, which nurtures a park just a few steps from his town house.
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