Now, in a moment of political backlash and financial scrutiny, those same institutions are asking everyday Americans to stand with them against proposals for increased oversight and higher excise taxes on their endowments. It’s a tough ask. Because the truth is most people haven’t seen that tax-incentivized wealth show up in meaningful ways—not in their neighborhoods, not in their schools, not in their civic life. When Big Philanthropy backed the wrong theory of change and cut itself of...
