Political newcomer J.D. Vance made waves in Ohio by winning the Republican primary for that state’s open U.S. Senate seat. Vance has been known in policy circles with his 2016 bestseller, “Hillbilly Elegy,” a memoir on the plight of poor, rural whites in Appalachia. He recently ran a hedge fund in California before returning to his home state to enter politics.
Vance’s brand of populism resonates with many voters, but one area in which his advice is sorely misguided involves private philanthropy. Vance has proposed a tax on the assets of large philanthropies — calling out the Ford Foundation by name — claiming it is “the fair thing to do” because these institutions create “a massive left-wing bias at the heart of our society.” Vance has also suggested requiring foundations with more than $100 million in assets to spend 20% of their endowment each year — or else lose their tax-exempt status.
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