The college admissions scandal continues to reverberate across the nation, the “upstairs” folks continue to game the system with their wealth and power to ensure their offspring gain admission to elite colleges, while the “downstairs” oppressed folks are effectively shut out.
In his ground breaking book, “Winners Take All: . . .,” Anand Giridharadas examines how the elite class consolidates their power and wealth. He argues America is rigged for the wealthy. The tax code favors the rich, the anti-trust enforcement favors the rich. Funding public schools favors the rich.
Here is how the taxpayers get ripped off. Rich guys donate to fake charities or foundations and take a fat deduction from their taxes. The non-profit foundation pays no taxes. The donation then gets passed on the “Stanford Boating Club” or university that is a registered non-profit and pays no taxes. Many of the pedigree “grads” then get high paying jobs in consulting and finance taking advantage of their alum status to complete the cycle creating a deeply entrenched upstairs-downstairs system.
Los Altos, Calif.