The Ford Foundation: A Tax Act

Henry Ford II is commonly mistaken for Henry Ford’s child when in fact he is his grandson and the son of Edsel, Henry Ford’s only child. It was on this day in 1956 that Henry Ford II resigned as the chairman of the Ford Foundation, a nonprofit set up by Edsel Ford as a way to basically escape certain taxes imposed by the FDR administration.The Ford Foundation, started in 1936, quickly became the richest charity in the country. It all started thanks to particular taxes called “soak the rich” which were forced on estates worth more than $50 million. The Ford Foundation would receive the bulk of the elder Henry Ford’s estate, as well as an endowment from Edsel’s, resulting in a 95 percent (non-voting) stake in Ford Motor Company valued at nearly $493 million. This ensured $25 million of dividends per year, making the Ford Foundation the richest charity in the USA by a large distance.
For example, when Henry Ford died in 1947 the foundation saved the Ford Family more than $321 million in inheritance taxes. This isn’t to say the foundation hasn’t done great things for society. In the beginning it had a fairly vague mission statement, claiming it would give money “for scientific, educational and charitable purposes, all for the public welfare.” Until the founding of the Bill and Melinda Gates Foundation in 2000 the Ford Foundation continually ranked as the highest giving US non-profit.

11 Responses

  1. Thanks for the marvelous posting! I quite enjoyed reading it, you may be a great author.
    I will make sure to bookmark your blog and
    will often come back sometime soon. I want to encourage you to definitely continue your great
    work, have a nice weekend!

  2. you’re in point of fact a just right webmaster.
    The site loading pace is incredible. It kind of feels that you’re doing any distinctive trick.
    Moreover, The contents are masterwork. you’ve performed a great activity
    on this subject!

  3. Magnificent goods from you, man. I’ve be mindful your stuff previous to and you’re just too
    magnificent. I actually like what you’ve bought here, really like what you’re stating and
    the way in which through which you are saying it.
    You make it entertaining and you continue to care for to stay it wise.
    I cant wait to learn far more from you. This is actually a wonderful site.

  4. You really make it appear so easy along with yourpresentation however I find this topic to be actually something that I believeI’d by no means understand. It seems too complex and extremely vast for me.I am taking a look ahead on your subsequent submit, I willtry to get the hold of it!

  5. Hi there, I discovered your website by the use of Google even as looking for a comparable subject,
    your website got here up, it appears great. I’ve bookmarked it
    in my google bookmarks.
    Hello there, simply was alert to your weblog via Google, and found that it’s really informative.

    I am going to watch out for brussels. I will appreciate if you happen to proceed
    this in future. Many other people will likely be benefited out of your writing.

  6. Hello just wanted to give you a brief heads up and let you know a few of the pictures aren’t
    loading properly. I’m not sure why but I think its a linking issue.
    I’ve tried it in two different internet browsers and both show the same results.

  7. Hey I know this is off topic but I was wondering if you knew of
    any widgets I could add to my blog that automatically tweet my newest twitter updates.
    I’ve been looking for a plug-in like this for quite some time and was hoping maybe you
    would have some experience with something like this. Please let me know if you run into anything.

    I truly enjoy reading your blog and I look forward to your new updates.

  8. Pretty great post. I simply stumbled upon your weblog and wished to say that I’ve truly loved surfing around yourweblog posts. After all I will be subscribing for your feed and I’m hoping you write once more soon!

  9. Exceptional post however I was wondering if you could write a litte more
    on this subject? I’d be very thankful if you could elaborate a little bit more.

  10. of course like your web-site however you have to check the spelling on several of your posts.

    Several of them are rife with spelling issues and
    I find it very troublesome to inform the truth then again I’ll certainly come
    again again.

Leave a Reply

Your email address will not be published. Required fields are marked *

The best way to support This Day in Automotive History is to become a monthly subscriber on Facebook.

Subscriber benefits include:

  • Most importantly, you’re supporting great content about Automotive History
  • Early access to content on Facebook
  • Discounts on our store
  • Special live videos

If you learned something today, please buy me a beer!

No payment method connected. Contact seller.


This Day in Automotive History - the book!

This Day In Automotive History

By Brian Corey

This book tells fascinating tales, bringing individual days to life with short stories, photographs and illustrations.

This Day in Automotive History

This Day in Automotive History is a transportation history, car history and general automotive history website dedicated to providing informative and entertaining content.

We encourage you to share our page and connect with us on Facebook or sign up for our automotive history newsletter. If you’d like your car featured, reach out to us!


Connect with us on Facebook or sign up for our automotive history newsletter to keep in touch.

Love automotive history? Support this site!


Sign up for our automotive history newsletter to keep in touch.