To give and live to give again has always been the American way. Traditionally, Americans contribute to those charitable institutions and associations which effectuate their benevolent, philanthropic desires. Many individuals believe the funding of charitable institutions should be primarily by direct contributions from the private sector as opposed to federal and state government subsidies. This view is supported by the federal income, I gift and estate tax deductions.
Olin R. Melchionna Jr.,
The Tax Consequences of Inter Vivos Charitable Contributions After December 31, 1969 Under Section 170,
U. Rich. L. Rev.
Available at: http://scholarship.richmond.edu/lawreview/vol10/iss3/3