Friends,I want to start today with a warning about “charitable giving” and end with a primer on wealth inequality. We tend to think of “charitable giving” as unambiguously good because we equate “charities” with organizations that help the poor and equate “giving” with generosity. The problem is that every dollar of “charitable giving” means substantially fewer dollars paid in taxes, because donors deduct their “charitable giving” from their taxable incomes. Which brings me to the upcoming gusher of “charitable giving” — the consequence of the AI boom and the largest IPOs in history. (At the very least, raise the capital gains tax rate to match the tax rate on ordinary income.)