Using taxes would be (IMO) ideal, but that just isn't politically feasible in the US. I'm not sure I'm convinced that university donations from the wealthy is anywhere near as good when it comes to wealth distribution, but it's pointless to say "doing this with taxes is better" if we don't have those taxes and can't have those taxes.

> So because billionares will try to fight legislation

They don't "try". They succeed. Time and time again. Maybe at some point they'll stop succeeding, but I'm not going to hold my breath.