We don't need rich people to all piling in to donate to the top schools. Have them donated to the 2nd, 3rd, or 4th tier schools.
Encouraging donation to top schools via legacy admission creates a perverse incentive to concentrate resources at a few top schools, creating the cycle of everyone fighting to get into them. Money and resources should be spread out.
I like a alternate version of this: tax 25% of all donations to schools (all of them, top or not), and redirect the money to fund and improve quality of public universities.
You still have a strong incentive for folks who want to show gratitude to their alma mater, and at the same time help improve access and equity to everyone else.
