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Tuesday, October 03, 2006
U. Whore Richard Vedder: The fact that persons get a tax break for gifts that actually serve a private goal (getting a child into Elite U) raises some questions, but that is part of a broader issue of whether we should even allow tax deductions for gifts to [the] country club-like elite havens that are today's top private universities, gifts that widen the divide between the rich and merely moderately affluent public flagship universities. Why should we subsidize colleges who have as a major institutional principle the DENIAL of admission of many generally bright and worthy students? I think Vedder's right that the highly sought after universities who sell admission to the children of extremely wealthy people should make this policy public. (Those universities which, like Brown, will ease up on the demand for money if the family's degree of celebrity is extremely high should also make this generally known.) Beyond the matter of hypocrisy, which Vedder notes, there's a clear financial advantage to universities willing to do this. The more extremely wealthy people, from all over the world, who know about the extreme wealth policy, the more competition among this cohort there will be, and the higher the bids they will make against one another. |