January 17, 2012
THE ONE PERCENT: Obama Biggest Donors: Tax-Free Harvard , University of California, and Stanford. Technically, of course, it’s not those institutions, but the faculty and staff at those institutions. Wonder if hearing that Joe Biden thinks their salaries should be lower will soften their support?
Note that going by this chart, these institutions are among the biggest donors, but they are not the biggest donors. Well, the University of California is #1, but Harvard is behind Goldman, Sachs. And Stanford is behind J.P. Morgan Chase, Citigroup, and a few others.
UPDATE: Reader Kevin Greene writes:
Hey … doesn’t Harvard have $35 billion tax-free dollars they’re hoarding in their endowment? Why shouldn’t Republicans … you know … redistribute that money to more worthy people? After all, this money is being laundered to Democrats via enormous unjustified salaries (Joe Biden’s characterization, not mine) and those salaries then fund Democrat political candidates. Pretty transparent, no?
Why should Republicans allow that to continue when there are hungry, homeless people out there?
Like Obama says, everybody does better when you just spread the wealth around a little.
ANOTHER UPDATE: Reader David Powell points to Harvard Law Professor Daniel Halperin’s piece: Does Tax Exemption for Charitable Endowments Subsidize Excessive Accumulation?