The hoarding of the rich is often excused by pointing to their generosity in giving to charity, but according to the Congressional Budget Office, of the $39 billion given to charities last year $33 billion went to the richest 20% of Americans. And most of that ended up in the hands of the richest 1%.
“But a large portion of the charitable deductions now claimed by America’s wealthy are for donations to culture palaces – operas, art museums, symphonies, and theaters – where they spend their leisure time hobnobbing with other wealthy benefactors.
Another portion is for contributions to the elite prep schools and universities they once attended or want their children to attend. (Such institutions typically give preference in admissions, a kind of affirmative action, to applicants and “legacies” whose parents have been notably generous.)”