Big name Ivy League schools are well known for their large endowments. I believe Harvard has something like $30B and Yale about $20B. The person who manages the Yale endowment gets returns of about 18-20% annually.
Why can't cities do the same thing? Suppose we were to assess a one time only fee for every individual and business in a big city. I'll use NYC as an example. NYC has an anticipated tax revenue of $38B for the 2008 fiscal year. Now that's just from individual taxes of various kinds. Doesn't this put into perspective the enormous wealth of these Ivies?
Let's take a one-time 3% cut of this, and assume that buisnesses can come up with an identical amount. Six percent of $38B is $2.28B. That money will be the principle of the endowment, and will never be spent on anything. Let's assume a 15% return, which is clearly possible. At the end of one year we have a total of $2.622B, and the people of the city made $342M. We'll take $171M and put it back into the endowment (50% re-investment), and the rest can be used for....REDUCING TAXES! Make that the only purpose for this endowment. No infrastructure, jobs, salaries, nothing. Just for reducing taxes. Obviously the people who made the first contribution will get the least amount of benefit, but think about how much better their children will be?
Crazy idea? Maybe. But I don't see why the same principles and practices used by wealthy individuals can't be used to the benefit of everyone, rich or poor.
Subscribe to:
Post Comments (Atom)
19 comments:
Link exchange is nothing else however it is just placing the other
person's website link on your page at appropriate place and other person will also do similar in support of you.
Here is my page : tilted tunnel gameplay
After I initially commented I seem to have clicked the -Notify me when
new comments are added- checkbox and from now on each time a comment is
added I receive 4 emails with the exact same comment.
Is there a means you are able to remove me from that service?
Cheers!
My site - Financial Advisor
It's an remarkable paragraph in favor of all the online people; they will get advantage from it I am sure.
my web site :: friv.com
There is certainly a lot to learn about this subject.
I like all the points you've made.
My web site: Business Plan Product
Hi, after reading this remarkable paragraph i am too happy to share my familiarity here with mates.
Also see my webpage > mortgage aid
Malaysia & Singapore & brunei ideal on-line blogshop for wholesale & supply korean
accessories, accessories, earstuds, choker, rings, bracelet, trinket & hair accessories.
Deal 35 % wholesale price cut. Ship Worldwide
Feel free to visit my web site ... staples kardus
Malaysia & Singapore & brunei greatest online blogshop for wholesale & quantity korean accessories,
earrings, earstuds, choker, rings, hair, bangle & bracelet accessories.
Deal 35 % wholesale rebate. Ship Worldwide
my web site > enter for more info
I drop a comment each time I appreciate a post on a website or
if I have something to contribute to the discussion.
It is a result of the fire communicated in the article I browsed.
And after this article "Endowments for Cities". I was actually moved enough to
post a commenta response ;-) I actually do have a
couple of questions for you if you usually do not mind.
Could it be only me or does it appear like some of these remarks look like they are left by brain dead people?
:-P And, if you are posting at other sites, I would like to keep up with
anything fresh you have to post. Could you make a list every one of your communal pages like
your twitter feed, Facebook page or linkedin profile?
Feel free to surf my web site ; Smith Mountain Lake Rental Homes
Hi there, I enjoy reading through your article. I like to write a little comment to support you.
Here is my web blog - adjustable weight dumbbells
After looking into a number of the articles on your site,
I truly like your way of blogging. I saved as a favorite it to my bookmark site list and will be checking back in the near
future. Please visit my website as well and let me
know what you think.
Also visit my web site dumbbells weights
I really love your blog.. Very nice colors & theme. Did
you build this site yourself? Please reply back as I'm wanting to create my own site and would like to know where you got this from or exactly what the theme is called. Cheers!
Here is my blog ... low cost auto insurance california
my web site > best auto insurance companies in california
Just desire to say your article is as amazing. The clarity in
your post is simply great and i can assume you're an expert on this subject. Fine with your permission let me to grab your feed to keep updated with forthcoming post. Thanks a million and please carry on the gratifying work.
My web site :: blog resources
Magnificent beat ! I would like to apprentice while you amend your
web site, how can i subscribe for a blog website?
The account aided me a acceptable deal. I had been a little bit
acquainted of this your broadcast provided bright clear concept
my homepage ... eco-friendly kids
my page :: parenting
Hello, i read your blog from time to time and i
own a similar one and i was just curious if you get a lot of spam feedback?
If so how do you protect against it, any plugin or
anything you can recommend? I get so much lately it's driving me crazy so any help is very much appreciated.
Also visit my site ... best software to download torrents
I seriously love your site.. Excellent colors & theme.
Did you build this amazing site yourself?
Please reply back as I'm planning to create my own personal site and would like to learn where you got this from or exactly what the theme is called. Appreciate it!
Feel free to visit my web blog: free safe music download
Good day I am so happy I found your website, I really found you by accident, while I was looking on Yahoo for something else,
Regardless I am here now and would just like to say thank you
for a marvelous post and a all round enjoyable blog (I also love the theme/design), I don't have time to go through it all at the minute but I have bookmarked it and also added in your RSS feeds, so when I have time I will be back to read much more, Please do keep up the awesome job.
Look into my weblog; twitter
There's certainly a lot to find out about this issue. I love all the points you've made.
Here is my homepage; este usuario
Woah! I'm really loving the template/theme of this blog. It's simple, yet
effective. A lot of times it's difficult to get that "perfect balance" between superb usability and visual appearance. I must say that you've done a excellent job with this.
Additionally, the blog loads very fast for me on Chrome.
Excellent Blog!
Stop by my web page: http://hotgirlsexcam.com/
Having read this I thought it was extremely informative.
I appreciate you finding the time and energy to put this informative article together.
I once again find myself spending a significant amount of time both
reading and posting comments. But so what, it
was still worth it!
Here is my web blog; emergency mold damage repair services Charlotte NC
Post a Comment