The True Cost of Billionaire Philanthropy
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Ralph welcomes back Chuck Collins, heir to the Oscar Mayer fortune and cofounder of Patriotic Millionaires to discuss his latest report “The True Cost of Billionaire Philanthropy” which asks the question, “Would society be better off if billionaires just kept their money and paid their fair share of taxes?” Plus, we speak briefly about the situation in Gaza with Lara Friedman, president of the Foundation for Middle East Peace and Francesco DeSantis keeps us up to date with the latest news with his segment “In Case You Haven’t Heard.” Chuck Collins directs the Charity Reform Initiative at the Institute for Policy Studies, where he also co-edits Inequality.org.  Mr. Collins co-founded the Patriotic Millionaires and United for a Fair Economy, and he is the author of Born on Third Base and The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions. Here's our analysis: for every dollar that Elon Musk or Bill Gates - some of these billionaires - give, the rest of us chip in 74 cents in lost tax revenue. And that's at the federal level... So, these are our tax dollars at work. And yet they're completely unaccountable in terms of where the money goes. Chuck Collins The financial industry, the wealth advisors—I call them the wealth defense industry—the tax attorneys and accountants. They have started to capture corners of what we think of as philanthropy with the same kind of worldview—capital preservation, tax minimization, passing on as much wealth to the next generation. So, you see ultra-wealthy people creating family foundations. And the most important thing to realize is this is taxpayer-subsidized private power. Chuck Collins We need to change the laws governing philanthropy. The framework that we are living with now is from 1969, which was a zenith of relative equality in the United States. We wouldn't have necessarily known that 50 years later we would be living in an oligarchy where billionaires would use their charity as an extension of their influence and power as aggressively as they are now. Chuck Collins [Shareholder resolutions are] a good way to shine some light on the murky, narcissistic, self-enriching practices of these executives who often do so at the expense of their own companies in a conflict of interest. It would be good if this discussion sparked something like that… It's not a structural reform of our political economy, to be sure. But it does alleviate some of the poverty, some of the health care necessities, the housing necessities in the areas where these corporations operate. Ralph Nader Lara Friedman is the President of the Foundation for Middle East Peace. She is a leading authority on the Middle East, with particular expertise on U.S. foreign policy in the region, on Israel/Palestine, and on the way Middle East and Israel/Palestine-related issues play out in Congress and in U.S. domestic politics, Ms. Friedman is a former officer in the U.S. Foreign Service, with diplomatic postings in Jerusalem, Washington, Tunis and Beirut. She also served previously as the Director of Policy and Government Relations at Americans for Peace Now. In Case You Haven’t Heard with Francesco DeSantis 1. The AP reports Hamas has released a third group of hostages – including 14 Israelis and the first American hostage – as part of a four-day truce with Israel. In return, Israel has released 39 Palestinian prisoners. The Biden administration has expressed that their goal is to extend the ceasefire as long as possible. This about-face in administration policy is a testament to the power of the sustained protest and public pressure campaigns in favor of a ceasefire. However, this truce is scheduled to expire at the end of this week. 2. Going further, Vermont Senator Peter Welch has called for an “indefinite ceasefire,” following the horrific shooting of three Palestinian-American students in Burlington, Vermont. Senator Welch writes “The ceasefire must be extended...to stop t
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