Well, it looks like president Obama finally read Arthur Brooks’ book Who Really Cares. Obama realizes that limited tax donations will not really effect his voting base. Conservatives are the ones who donate more money and time. I’m not exactly sure what the White House is thinking on this one. Add this to the blind stupidity file along with the Capital Gains. There’s no reason to do this other than partisan gain. It’s not going to mean more tax revenue. What’s the point in going to war with charitable organizations? What does the president hope to gain?
President Obama’s proposal to limit the tax deductibility of charitable contributions would effectively transfer more than $7 billion a year from the nation’s charitable institutions to the federal government. But the high-income taxpayers affected by the rule change are likely to cut their charitable giving by as much as the increase in their tax bills, which would, ironically, leave their remaining income and personal consumption unchanged.
Every time something like this comes up I grow more and more convinced that the president is completely clueless. The only thing he has going for him is reading speeches on the campaign trail. Everything else so far has been a mess.
While I admire the speed in which you have adopted the ominous tone of many who are not Obama fans, I sort of think that this is more smoke than fire. The limits on charitable donations are already in place in a defacto manner. The AMT. Yet Charitable giving is quite high (well, not now, there’s a recession going on)
When 95% of the country is already in the 28% or lower bracket, we are really looking at the top 5% of wage earners who may be impacted by this Obama suggestion. With the AMT in place, it just doesn’t add up.They already are impacted. I think the bigger problem with this proposal is that there will be no net change in tax reciepts one way or another, because not much will change.
Religious donations are not dependent on the wealthy. The things that are dependent on the wealthy have the government to turn too. (yes, I understand your horror at government’s involvement in anything. I, on the other hand am not.) Besides, these top wage earners are givin’ their charity dollars to liberal things like the the Arts and needle exchanges.
“Conservatives are the ones who donate more money and time.”
Another one of your “facts”.