Business: How to Spend Money to Save Money

THE FOUNDATIONS

THE Ford Foundation's allocation of $500 million in charitable grants to education and medicine climaxed a year in which U.S. charitable foundations handed out or committed almost $1 billion, a record total nearly doubling the 1954 figure. The prime reason for all this lavish giving was that high taxes make generosity an inexpensive proposition. The effect of taxes on charity was succinctly explained by New York Welfare Commissioner Henry L. McCarthy: "You have to spend money to save money." One of the best ways to do both, as an increasing number...

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