The Generosity of the Self Made

Whether and how the U.S. should encourage charitable giving has recently become a matter of public debate. The Senate Finance Committee, which is taking a fresh look at the federal tax code, earlier this month released a list of questions that it is considering, among which are proposals to repeal the charitable deduction outright or cap its value. It is clear that the charitable tax deduction—on the books since 1917—is not sacrosanct.