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Obama's Plan to Reduce Charitable Deductions for the Wealthy Draws Criticism
Chronicle of Philanthropy ^
| Feb 27,2009
| Suzanne Perry
Posted on 02/28/2009 2:21:37 PM PST by SeekAndFind
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To: SeekAndFind
Obama’s reasoning is that the proposal on itemized deductions which would also apply to claims such as mortgage interest would raise $318-billion over 10 years. That money would help pay for a 10-year $630-billion reserve fund designed to help make health care more affordable and available.
To: SeekAndFind
In the name of fairness, of course.
3
posted on
02/28/2009 2:24:14 PM PST
by
Jeff Chandler
(We seem to be experiencing a tsunami of tsunami analogies.)
To: SeekAndFind
Today there was another thread about the mortgage interest deduction being limited for those making over $250,000/year. Is this in addition?
To: SeekAndFind
During the current economic downturn, which has forced nonprofits to do more with less, any proposal which would result in a decrease in private giving will be a disaster for Americas charities, and for those who depend upon them, said United Jewish Communities, an umbrella group for Jewish social-service charities.
“
Yet didn’t American Jews overwhelmingly vote for Obama? Surely they knew he was a closet socialist.
5
posted on
02/28/2009 2:24:36 PM PST
by
caseinpoint
(Don't get thickly involved in thin things)
Government will appropriate to iteself all possible and potential charitable funds, reserving to itself the role of charity.
Didn’t you get the memo?
6
posted on
02/28/2009 2:27:45 PM PST
by
combat_boots
("In a time of universal deceit, telling the truth is a revolutionary act."Aldous Huxley)
To: 17th Miss Regt
Today there was another thread about the mortgage interest deduction being limited for those making over $250,000/year. Is this in addition?
Yes. The Wall Street Journal reports these proposals (limits to mortgage and charity deductions) in their Thursday (Feb 26,2009) headline. This represents a double whammy to the wealthy. This is exactly in keeping with what he said to Joe the Plumber.
To: SeekAndFind
Taxing charities? I’m sure that’s the ‘change’ people had in mind.
8
posted on
02/28/2009 2:31:43 PM PST
by
eclecticEel
(Wall Street isn't a charity ... so why are we giving them money?)
To: eclecticEel
Technically it isn’t taxing charities. It is LIMITING DEDUCTIONS to charitable giving.
To: SeekAndFind
Obama still hasn't learned that liberalism destroys the economy. He might have learned this if he actually ran a business in the real world instead of sucking the teat of the ivory towers. Higher tax rates hurt the economy during normal times but they cause great depressions and deep recessions when they are forced on an economy that is already struggling. He's an economic train wreck.
10
posted on
02/28/2009 2:46:01 PM PST
by
peeps36
( Al Gore. Is A Big Fat Lying Hypocrite. He Pollutes The Air By Opening His Big Mouth)
To: SeekAndFind
An example from the article:
To illustrate, Mr. Sharpe offers the example of a wealthy donor in the top tax bracket who makes a $100,000 gift. The donor currently would save $35,000 in taxes, or 35 percent of the gift. Under President Obamas proposal, that same donor would save only $28,000, or 28 percent a difference of $7,000.
I'm sorry but if someone is wealthy enough to donate $100,000 to charity... but a difference in his tax writeoff of about $7,000 will stop him from donating... then he maybe needs to reexamine his reasons for being "charitable".
11
posted on
02/28/2009 2:46:25 PM PST
by
saquin
To: SeekAndFind
Donations to ACORN will continue to receive 150% deduction against taxes.
Plus a one night stay in the Lincoln bedroom.
12
posted on
02/28/2009 2:46:43 PM PST
by
TYVets
To: SeekAndFind
Do I get this right? If people make over $250,000 they will not be able to claim payments on their home as a mortgage deduction?? Thats crazy. Insane.
13
posted on
02/28/2009 2:49:06 PM PST
by
Venturer
To: Venturer
No, they will still be able to claim mortgage payments as a deduction. I believe it will be a limit on how much they could claim and I think there’s something about a limit on how much they could claim on a second or vacation home.
14
posted on
02/28/2009 2:53:30 PM PST
by
saquin
To: combat_boots
“Government will appropriate to iteself all possible and potential charitable funds, reserving to itself the role of charity”.
I somewhere missed the memo or amendment to the Constitution that stated everything belongs to the government, and you may only use what we deem you need. I propose we start a “nose” rebellion. Every time a politician, on any level, tells us they need to raise taxes for the needs of government, we punch them in the nose. Between their need for frequent medical care, and the cost of trying and incarcerating us, it could make a difference. If nothing else, the group photos of Obama, Reid, Pelosi, Dodds, and Franks would be amusing.
To: saquin
then he maybe needs to reexamine his reasons for being "charitable". No, maybe he simply needs to tell hussein to shove it. - We are not here to further the socialist agenda by being in any way charitable.
I am currently moving 100% into areas that have no taxable exposure at all, and I am winding down 2 different businesses, as well, so as to stay unexposed.
I am not here to further these agenda items in any way at all, nor am I going to be a useful idiot to do so.
16
posted on
02/28/2009 2:58:39 PM PST
by
bill1952
(McCain and the GOP were worthless)
To: SeekAndFind
There is now a hard cap on the middle class. It is $250k. Don't even try to get over it.
The elite don't want to have to rub shoulders with non-Ivy League people who's only accomplishment in life is in working hard and being successful.
17
posted on
02/28/2009 2:59:04 PM PST
by
SampleMan
(Socialism and Liberty are mutually exclusive.)
To: SeekAndFind
Whose donations build the new hospital wings and research centers - the wealthy. The health care in this country is so good because of so many generous wealthy people.
18
posted on
02/28/2009 3:05:22 PM PST
by
keepitreal
(Obama brings change: an international crisis (terrorism) within 6 months)
To: 17th Miss Regt
Today there was another thread about the mortgage interest deduction being limited for those making over $250,000/year. Is this in addition? It appears to be aimed at itemized deductions for anyone making over $250,000. Mortgage interest and charitable deductions are usually the big hitters, but I'll bet any itemized deduction will be limited to 28% even though the marginal rate will be 39.6%.
19
posted on
02/28/2009 3:08:41 PM PST
by
Myrddin
To: Venturer
If people make over $250,000 they will not be able to claim payments on their home as a mortgage deduction??Of course. We don't want to encourage the wealthy to buy homes we want to give to deadbeats and illegals.
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