President Obama is making a renewed call to limit the value of charitable tax breaks taken by wealthy people, saying that such changes are needed to help close the nation’s mounting federal deficit.
Heard about this on the radio a couple days ago. Don't understand this statement from the article. If he takes away part of the benefit of giving for those who calculate the bottom line - what will that do essentially to the rest of us?
Who will make up the decrease in giving when the independent charitable organizations do not have as much to contribute? Who makes up the rest needed for the poor? will that mean more taxes? Don't see how it can't.
Also ironic how the intent is to decrease the federal deficit by taking away resources form the poorest of us. This will not hurt the rich - it will essentially hurt the poor the most then it will trickle up to us. How can it not? Another form of more government control?
on September 19, 2011, 11:17 am