In today’s hypersensitive PC culture everything is a personal affront.  Should Phil Jackson refer to LeBron James’ business partners as a posse Reverend Al will call for a boycott of all things NY.  Posse after all is code for all things racist.

Even pointing this out will get us in hot water with the Twitterverse.  While the complain first, think second self-righteous thought police are busy sharpening their digital pitchforks we’ll press on.

This article about a proposed CA law requiring Donor-Advised Fund payout disclosure is chock full of equally coded language:

“secretive tax shelters”

“barely regulated repository for millionaires and billionaires”

“the rich are still able to control them even after they’ve theoretically given the money away”

“rich people enjoy generous tax breaks”

Secretive?  Billionaires?  Rich?  Control?  These are all coded terms.  It’s the financial equivalent of ‘posse.’  What, no outrage?

Oh, right, financial success means evil.  It’s impossible to be a good, decent person while having a few zeros on the appropriate side of the decimal point.  We can all agree on that, right?

Of course there’s no outcry.  The evil rich are low-hanging fruit.

Let’s break off some truth:

  • DAFs are far from secretive and are not reserved for only millionaires and billionaires.  Nearly every household name (e.g. Vanguard) offers DAF accounts that can be opened by anyone.  Schwab sets their minimum at $5,000.  Hardly millionaire and billionaire level.
  • No one (including the ‘evil rich’) can control DAFs once funded.  The donor can recommend investment direction but he/she/they cannot ever reclaim the funds.  They’re gone.  They’ll go to charity.  Period.  End of story.
  • The so-called ‘generous tax breaks’ are available to everyone who establishes and funds a DAF.

And people wonder why nothing meaningful is every accomplished.  Our society spends too much time whining, passing laws and complaining about spirit.  We’re too busy targeting evil.  We’ll get what we deserve and have no one to blame but ourselves…well, unless we blame the evil rich.