Bill Clinton wrapped up his second annual charity extravaganza with commitments worth $7.3 billion to combat illness, poverty, religious and ethnic conflict, and climate change -- from 215 do-gooding tycoons. Last year's event scored more commitments --- over 300 in all -- but last year's pledges weren't as big, totaling just $2.5 billion.

I think it's wonderful that the world's biggest billionaires are devoting a portion of their fortunes to good causes. Richard Branson, who made a mint in the "Virgin" Group, pledged that for the next decade he'll put all his personal profits from the airlines and a rail company he controls -- some $3 billion -- into non-fossil based energy development.

Besides the Clinton billionaire event, the Google tycoons recently announced they'll put a billion into a for-profit charity to develop non-fossil energy and public health initiatives. Bill Gates is devoting some of his billions to fighting AIDS in Africa. Warren Buffet is turning over some of his billions to Bill Gates to do more good stuff with. A few years back, Ted Turner gave the UN a billion dollars.

Remember George Bush I's "thousand points of light"? Now we have a few hundred supernovas.

I remember a day when government collected billions of dollars from tycoons like these, as well as from ordinary taxpayers, and when our democratic process decided what the billions would be devoted to.

In 1960, the moguls of America paid a marginal tax of 90 percent on their incomes, which translated into an effective rate -- after all deductions and credits -- of some 50 percent. They also paid hefty taxes on their capital gains. And when they died, their heirs paid estate taxes.

But in 1960, it was also the case that over two-thirds of Americans trusted government to do the right thing all or most of the time, according to survey research.

Now, the moguls pay an effective rate of about 15 percent of their incomes. They don't pay anything at all if they have clever enough accountants and lawyers to park their loot in tax havens. Their capital gains taxes have been lowered, and their estate taxes are being phased out.

What's more, they're richer today than ever before in history. The latest release of Forbes Magazine's annual listing of the richest 400 Americans is made up solely of billionaires -- for the first time.

And what of government? Now, according to surveys, two-thirds of Americans don't trust government to do anything right.

So perhaps it's understandable that nowadays we have to rely on the generosity of tycoons. When they decide to devote some of their billions to what they consider to be worthwhile causes, we applaud their generosity.

I don't want to sound like an ingrate or overly sentimental, but I preferred it the old way.

Robert B. Reich is co-founder of The American Prospect. A version of this column originally appeared on Marketplace.

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