Obama’s Budget Plans To Reduce Charitable Deductions

Filed in Gather Health Essential by on February 3, 2010 0 Comments

Democrats have long claimed that they are for the poor and downtrodden.  So why would President Obama cut tax deductions for charitable giving that so many charities rely on?  Could it possibly be that the progressives are trying to consolidate more power in Washington?  If the Charities fail, then Obama could further justify more spending, higher taxes and bigger government to fill the gap that the charities can’t.  The initial plan for the “savings” from these tax deductions is to help pay for the health care bill, thus transferring funds in part from charitable organizations that provide health services to the government.

President Obama proposed limiting the value of the tax break for itemized deductions, including donations to charity, to 28 percent for families making more than $250,000.  That would reduce by as much as 20 percent the amount wealthy taxpayers could get in tax breaks.

During these tough economic times, charities that already have to deal with lower donations and higher demand for services.  Charities stand to lose several billion dollars as a resultof this plan.  Cutting this tax rates hits the wealthy that are more generous in their giving, than those wealthy who do not make a habit of charitable giving.  So I encourage you to contact your Senators and Representatives and encourage they do not lower the deductions for charitable giving.

Read the full article HERE:

Thanks to BB Claudette for providing this info to me and encouraging me to write this article.  Check her out and add her as a friend.

 

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