Essay Recommends Potential Uses for Proceeds from Tax Credits for Wealthy
MALIBU, CA—Citing “a greater necessity for private philanthropy than ever before,” former President Bill Clinton urges high-income individuals benefiting from estate tax cuts to donate to charitable causes, in the May issue of Worth magazine, which will hit newsstands on April 20.
Mr. Clinton estimates that tax cuts, if they become permanent, will be worth an average of $180,000 annually to Americans in the highest income category.
“Since we do not need this money, and should not have received it in the first place, we ought to give it all away,” writes the former president, now head of New York-based William J. Clinton Presidential Foundation. “I do not know if abolishing the estate tax would, as the philanthropy community has always worried, lead to a dramatic reduction in charitable giving. But what it does mean is that we have to make an appeal for philanthropy explicitly on its own merits,” he states.
Mr. Clinton urges high net worth individuals identify causes that would benefit from their financial backing, expertise or influence.
As examples, the former president points to four issues that will experience the greatest benefit through his backing and personal commitment: economic empowerment in poor communities, both domestically and abroad; racial and religious reconciliation; educating and expanding community service by young people; and the international fight against HIV/AIDS.
“For those of us who have benefited from a tax policy that I deeply disagree with, but which seems like an entrenched part of our national life, e need to recognize that the inevitable price of that policy is a bigger gap between the government and the common good,” Mr. Clinton explains. “Philanthropy is willing to step in and help fill the gap, at home and around the world.”
Worth magazine
With its acclaimed re-launch in December 2003, Worth set itself apart as the magazine that looks after all the best interests of readers with substantial family wealth. Combining the financial acumen of Worth with the luxury lifestyle expertise of 28-year-old Robb Report, Worth covers the philanthropic, family finance, business and lifestyle issues confronting individuals whose focus has shifted from obtaining wealth to the challenges of managing it.
CurtCo Media
CurtCo Media is operated by CurtCo Media Labs, which for more than two decades has built highly successful publishing companies. CurtCo has launched or acquired 28 magazines during this period. In association with Weston Presidio and TD Capital Communications Partners, CurtCo operates Robb Report, The Robb Report Collection, Robb Report Home Entertainment & Design, Worth, Robb Report Motorcycling and CurtCo’s Digital TV. The company maintains offices in Malibu, New York City and Boston.
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