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Wealthy individuals often voluntarily provide public goods that the poor also consume. Such philanthropy is perceived as legitimizing one's wealth. Governments routinely exempt the rich from taxation on grounds of their charitable expenditure. We examine the normative logic of this exemption. We show that, rather than reducing it, philanthropy may aggravate absolute inequality in welfare achievement, while leaving the change in relative inequality ambiguous. Additionally, philanthropic preferences may increase the effectiveness of policies to redistribute income, instead of weakening them. Consequently, the general normative case for exempting the wealthy from expropriation, on grounds of their public goods contributions, appears dubious.

Wealthy individuals often voluntarily provide public goods that the poor also consume. Such philanthropy is perceived as legitimizing one's wealth. Governments routinely exempt the rich from taxation on grounds of their charitable expenditure. We examine the normative logic of this exemption. We show that, rather than reducing it, philanthropy may aggravate absolute inequality in welfare achievement, while leaving the change in relative inequality ambiguous. Additionally, philanthropic preferences may increase the effectiveness of policies to redistribute income, instead of weakening them. Consequently, the general normative case for exempting the wealthy from expropriation, on grounds of their public goods contributions, appears dubious.

Andrew Carnegie was a Scottish immigrant who rose from humble roots to become one of the most powerful and wealthy businessmen in the United States, with a steel empire that dwarfed all its competitors. Highlighting Carnegie's determination to succeed, author Zachary Kent shows how Carnegie, after becoming one of the wealthiest men in the world, gave away most of his fortune to philanthropic causes, building libraries and such famous landmarks as Carnegie Hall in New York City

Mental and moral character / Neville Goodman -- Social and political life / Charles Prentice Tebbutt -- Religious life and work / Robert Walker Dixon -- Funeral sermon / Henry Allon. ; Mode of access: Internet.

Frontmatter -- CONTENTS -- ILLUSTRATIONS -- ACKNOWLEDGMENTS -- 1. The Monument -- 2. The Brackenridges of Texana -- 3. Los Algodones -- 4. The Renegado -- 5. Federal Treasury Agent, New Orleans -- 6. Frontier Banker, Frontier Town -- 7. Austin's Ill-Fated First National -- 8. Head-of-the-River -- 9. Citizen and City -- 10. An Honourable and Important Place -- 11. Blue against Gray Once Again -- 12. Laying Down and Picking Up the Burdens -- 13. The Biggest Bear Fight in Texas -- 14. For All Time to Come -- Bibliography -- Index

Biography of businessman John D. Rockefeller