Businessmen these days are playing an ever increasing role in the creation and support of "non-profit" philanthropic foundations. Their purpose is a dual one; to save taxes and to immortalize a family name, and they are as old as the pyramids. We know of about 20,000 foundations existing in England, but the large broad-purpose foundations were created in the United States. The greatest expansion in this area is attributable to the family and corporate foundations. The corporation tax of 52% and the individual income tax of up to 91% are so severe that high-bracket taxpayers can give to charity at a small cost.
Joseph Berman & Daniel S. Berman,Tax Advantages of Foundations and Exempt Organizations, 4 Clev.-Marshall L. Rev. 124 (1955)