Seems like you're minimizing a person's ability to give the University $2000 and being able to write off $1600 of that. That's significant.
Using your numbers, someone donating $5MM of a $200MM worth is the same as someone donating $10,000 with a net worth of $400k. 2.5% is a significant donation to give without a deduction.
Hell, I can tell you this, I'd be hard pressed to give 2.5% of my net worth away and not expecting some kind of write-off.
Those were just talking points. My point was that $5M is immaterial to these people. Taking away a small tax break isn't causing them to go elsewhere. They support their team and get to brag about their posh surroundings. I'm sure Byrne got some No answers, but I read where there was a waiting list of folks for those boxes, so I stand by the fact that a tax break was of no concern to the 1%ers. And I would think those tax breaks were limited to a certain amount, just like any other tax break has a cap. On top of it all, most of these people live through investments, meaning they may not itemize, which is what you have to do to write these taxes off. There have been times I took standard deductions and dis not write my tax breaks off.