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Which gives more ‘bang for the buck’?
1 December 2007
Alliance magazine
According to American billionaire William Gross, the public benefits from philanthropy are not commensurate with the tax breaks that givers receive. ‘I don’t think we’re getting the bang for the buck for gifts to build football stadiums and concert halls.’ Elsewhere, he added: ‘When millions of people are dying of AIDS and malaria in Africa, it is hard to justify the umpteenth society gala held for the benefit of a performing arts center or an art museum.’ According to an article in the New York Times, in which Gross’s remarks appeared, for every $3 philanthropists give away, the federal government typically gives up a dollar or more in tax revenue.
