June 26, 2003

Foundations Don't Need Eternal Life

To the Editor:

Pablo Eisenberg has it exactly right in his opinion piece on foundations ("Don't Cry for Thee, Foundations," May 29), and might have gone even further. The real question isn't whether foundations have to shell out 5 percent or 6 percent, but why, with a tax subsidy from the American people, they are set up in perpetuity in the first place. Though there may be some social benefit in everlasting life, it is outweighed

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