Obama Tells Charities They're Wrong About His Tax Plan
Reader Comments
How tax rates affect charitable giving
Economics studies have shown that if the after-tax cost of charitable giving increases x%, then the total amount of giving also decreases about x%.
So, Obama is wrong.
Is it just me or
is President Obama telling a lot of people that they are wrong about his ...... (fill in the blank). It seems everyone is wrong except him.
He is so out of his league. Did anyone else notice his staff at his "press conference" standing by with a "I hope he doesn't say the wrong thing again" look on their face. Who is pulling the strings on this puppet?
taxes and religious institutions.
Money that is given to charities (absolutely none of which goes to proselytizing) should be a tax deduction.
However, if the "faith-based charity" spends any of the money on religious pamplets or religious icons for their offices then that part should not be tax-free on the part of the charity and not a deduction for the donator.
The religious institutions in this country take in hundreds of billions of dollars each year. And they pay no taxes on that money. That part of their revenue that is from donations is deducted from the taxes owed by the donors. The rest of us have to make up for the lost revenue.
There can be no tax-exemptions for any religious institution and no tax deductions for donating to religious institutions. Everyone must pay their fair share of the tax burden. This is the only way that we have a chance of bringing down the debt.
The other thing
That will help charities the most is to be sure that Estate and Gift taxes never ever go completely away.
If you think that tinkering with the "tax deduction" percentages is a big deal, just imagine what would happen to charities if there were no Estate tax at all. Bye, bye big legacy gifts. (We'll just leave it all to the kids.)
