Higher tax rates don?t necessarily dampen giving, but they must be accompanied by incentives that affirm and broaden the value of philanthropy, a Yale economist argues in The New York Times.
Robert J. Shiller, a professor of economics and finance and author of the book Finance and the Good Society, notes that in decades after World War II, income-tax rates reached 91 percent but were accompanied by steadily rising deductions for giving. That era was characterized by strong economic growth and a high degree of personal and institutional generosity in the wake of wartime sacrifices, he writes.
Mr. Shiller says charitable deductions should be ?fundamental to financial capitalism? and that while tax hikes on high incomes might be necessary, those hit ?should have an especially strong incentive to give money to good causes.? He opposes proposals put forth by President Obama and the Bowles-Simpson deficit-cutting commission to cut the top deduction for donations by high earners.
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