Software billionaire Lawrence Ellison is giving $200 million to the University of Southern California for a cancer-research center. Financial planning guru Ric Edelman pledged $25 million to Rowan University for expanding a marine fossil park. Private-jet mogul Kenn Ricci bestowed $5 million on Notre Dame’s marching band.
As these 2016 commitments attest, the super-rich often slim their tax bills by swelling the coffers of their alma maters through donations for pet projects. Now, under a tax overhaul in Washington, the tax benefits of such gifts could be curtailed. That prospect is alarming the ranks of the .01 percent and their favorite charities.