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April 14, 2013
Obama HATES Charities..Obama Budget Discourages Giving To Charities, Increases ‘Charity Tax’
Obama Budget Discourages Giving To Charities, Increases ‘Charity Tax’
Obama’s long-awaited budget proposal, to be released today, does not come right out and say that it intends to reduce contributions to charity—but that is almost certainly what would happen were it to become law. Here’s why. The White House has effectively doubled down on a tax change it has been pushing for four years that would limit the value of the charitable tax deduction. The Administration has, since 2009, pushed unsuccessfully to allow only 28 cents on a dollar donated to charity to be deducted—even though the top tax rate for the wealthy donors who make most use of the deduction has been 35 percent. In the budget released today, the President again proposes to cap the charitable deduction at 28 percent—despite the fact that the top rate on the highest earners has increased to 39.6 percent. Think of it this way: the White House proposal would raise the cost of giving to charity from 60 cents per dollar to 72 cents per dollar. That’s a 20 percent increase in what can be called the “charity tax.”
When one taxes something more, of course, one gets less of it—and it’s likely that the current $168 billion in itemized charitable giving would decline. Indeed, Indiana University’s Center for Philanthropy has previously estimated that capping the charitable tax deduction’s value at 28 percent—even when the top income tax rate was 35 percent—would lower giving by 1.3 percent, or some $2.18 billion in 2010. The new proposal would likely take an even bigger bite from giving. The Chronicle of Philanthropy reports that the reduction in giving could be as high as $9 billion a year.
Wild Thing's comment.....................
Lefties do not believe in charity; they believe in entitlement. Studies have consistently shown that liberals give much less to charity than conservatives. This is simply Obama’s way of raising taxes on conservatives at the expense of charities. Obama should be ashamed of this heartless political calculation.
Obama is a total worthless POS as a human being he is despicable.
Posted by Wild Thing at April 14, 2013 01:55 AM
Comments
Obama looks at it as money that should be going into the Treasury instead of charities. If the wealthy are going to give millions, it should be to him. After all, he's got four years worth of vacations him and the family need to take.
Posted by: BobF at April 14, 2013 09:16 AM
The sorry bastard knows that charitable giving is an American tradition and of course he needs to destroy all of our traditions and ready us for sharia law.
Posted by: TomR,armed in Texas at April 14, 2013 11:09 AM
