If this were only a matter of Leona Helmsley wasting her own money, no one would need to care. But she is wasting ours too.
The charitable deduction constitutes a subsidy from the federal government. The government, in effect, makes itself a partner in every charitable bequest. In Mrs. Helmsley’s case, given that her fortune warranted an estate tax rate of 45 percent, her $8 billion donation for dogs is really a gift of $4.4 billion from her and $3.6 billion from you and me...
There are other reasons the law should not encourage people to tie up their resources — and ours — for all time.
His argument is for increased spending requirements for private foundations. Apparently Leona Helmsley left $8 billion in a foundation for her pets or something, which means Uncle Sam doesn't get his share of the pie at her 45% rate. Mr Madoff doesn't like that. Somehow, he reasons, her money, now that she's gone, should be our money. However much he disagrees with how she spent her money, I don't see how anyone can believe he has a right to another's stuff, dead or alive. I don't buy the argument that because she is legally avoiding taxes, she's wasting someone else's money by doing what she wants with her money.
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