Wealthy collectors, of course, have long saved millions of dollars in federal taxes by donating art and money to museums and foundations. But what distinguishes Mr. Brant’s center and a growing number of private tax-exempt exhibition spaces like it is that their founders can deduct the full market value of any art, cash and stocks they donate, even when the museums are just a quick stroll from their living rooms.
A very shiny, however nonprofit, ode to the exceptionalism of the one percent. Taxpayers shouldn’t subsidize charity that isn’t actually, you know, charity. And another good reason we need a thorough review of nonprofit tax status in the IRS code [National Football League anyone?].
