ABSTRACT
This chapter suggests a novel way of understanding philanthropy as tantamount to voluntary self-taxation, which brings subjective wellbeing (i.e., “happiness”) to the donor and offers avenues for boosting aggregated philanthropy in society. I introduce a theoretical framework comprising new technical concepts and discuss the potential implications of this toolbox for policymakers. While my approach pertains to semantics, I establish connections with several fields in an interdisciplinary fashion. The arguments are illustrated with empirical examples from France, the United States, and global philanthropy. I discuss the extent of tax incentives’ efficiency and relevance using the newly proposed prism. I conclude that placing less emphasis on the financial costs associated with giving and highlighting the noneconomic benefits derived from altruism can likely spur resilient generosity. This approach offers a new paradigm centered on happiness and wellbeing, which may revitalize public discourse around philanthropy.
