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.
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