Estimated Impact of Obama's Charitable-Deduction Proposals Detailed (BO's Lying, Ignoramus response)

Chronicle of Philanthropy ^ | March 6, 2009 | Suzanne Perry

[gusopol3]

The Chronicle of Philanthropy News Updates

March 06, 2009 Estimated Impact of Obama's Charitable-Deduction Proposals Detailed

Indiana University’s Center on Philanthropy has posted a paper explaining how it calculated how much giving would fall under proposals by President Obama to limit charitable deductions and raise the upper tax brackets.

The center announced last week that charitable donations would have dropped almost $3.9-billion in 2006 if the two measures had been in effect that year.

President Obama has proposed capping the tax break for itemized deductions on federal taxes, including donations to charity, at 28 percent as a way to raise money to help reshape the country’s health-care system. He has also proposed raising the upper tax brackets from 33 percent and 35 percent to 36 percent and 39.6 percent.

The Tax Policy Center has made a different calculation of how much giving would be affected if the two tax proposals were imposed in 2011, as suggested by the president. The center, a joint venture of the Urban Institute and Brookings Institution, projects donations would fall by $9-billion. The explanation is posted on the center’s blog, TaxVox.

— Suzanne Perry

[gusopol3]

Q: It's not the well-to-do people. It's the charities. Given what you've just said, are you confident the charities are wrong when they contend that this would discourage giving?

OBAMA: Yes, I am. I mean, if you look at the evidence, there's very little evidence that this has a significant impact on charitable giving.

note the posturing as somebody who actually knows what he's talking about as he lies to diminish the private sctor and further aggrandize the government.

[gusopol3]

more of his bilge: "In that sense, what it would do is it would equalize. When I give $100, I'd get the same amount of deduction as when some, a bus driver who's making $50,000 a year, or $40,000 a year, gives that same $100. Right now, he gets 28 percent, he gets to write off 28 percent. I get to write off 39 percent. I don't think that's fair."

Of course, Arthur C. Brooks has the answer in Who Really Cares? , not specifically with regard to the $50k itemizer, but with non-itemizers, whom he says should be allowed to itemize their charitable deductions. Therefore, extending the arguent, to make it "fair," BO, allow everyone to deduct at the higher rate for charitable giving, rather than limiting higher quantity givers to the low rate.

[paulycy]

[gusopol3]

sign him up for food stamps; if he dies, register him to vote.

[gusopol3]

better yet, who let that kid out of the womb?

[caver]

I bet that these people at Indiana University’s Center on Philanthropy voted for Obama. Monroe County, Indiana home of IU, is one of the 3 big liberal counties that made Indiana go for Obama. But these libs are so much smarter than the rest of us.

[texmexis best]

Talk with your pastor about his bill. It could be very important for your church.