Desperate times produce wacky measures.
I am watching in real time, our President, Mr. Obama, reiterate his plan to reduce the value (increase the cost) of charitable deductions made by rich people.
This is nutty stuff and we have pointed it out before.
Every tax deduction (not just charitable deductions) is worth more to a rich man who pays tax at a higher rate than it is to the middle-class man who pays tax at a low rate.
Obama says that “I don’t think that’s fair” that a rich person gets a bigger tax benefit from his charitable contributions than does the poorer man.
Well fix it!
Get rid of the progressive tax system and let everyone pay tax at the same rate.
Of course, this won’t happen because Democrats and the progressive tax system (apologies to Dan Rather) are tighter than Timmy and Lassie.
Read This:
Estimated Impact of Obama’s Charitable Deduction Proposals Detailed – Government and Politics Watch
2 responses so far ↓
1 Double the Charitable Deduction to Spur the Economy // Feb 1, 2011 at 8:14 pm
[...] Obama Supports Reduction in Charitable Deduction Allowance . . . AGAIN Bookmark & Share: [...]
2 Does the Charitable Contribution Deduction Unfairly Favor the Rich? // Aug 27, 2011 at 10:04 am
[...] Obama Supports Reduction in Charitable Contribution Deduction… AGAIN! [...]
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