President Obama's glib assertion that his reduction in tax deductions will not reduce donations is absurd. And his comment that his reduced deduction would only impact one or two percent of the nation misses the point that it is these folks who are doing almost half of the donating.In 2006, the most recent year for which data is available, four million taxpayers had adjusted gross incomes of $200,000 or more. They comprised 3% of the tax returns, made 31% of the income, but donated 44% of all charitable contributions. Together, they provided charity with $81 billion in that year.Obama's plan will cost them $10 billion in extra taxes on the income they allocated to charitable donations. How can the president be so glibly certain that they will not curtail their charitable contributions by a like amount or even more?
Seed Newsvine
Obama's rhetoric is totally out of phase with his intentions (agenda). Why should Obama worry about non-profits or charities? He is much more concerned with pawning off his new (Mandatory Participation) "Volunteer" organization which is nothing but a thinly disguised beginning of his Internal Security Force.
ReplyDelete