Is Barack Obama trying to harm charities?
The answer is yes no matter how Obama and his minions want to spin it. Why is Obama declaring war on charities? Let’s guess … so people will have to look to the Government for help instead of private, caring, charitable giving individuals. Charities have already been hit hard by the recession and Barack “Scrooge” Obama wants to make it even worse. People, are you starting to get the picture of the change that you voted for?
Change Charities can Believe In
Obama and change you can believe in … now the Obamamessiah wants to mess with charitable contribution deductions for the wealthy and its scaring the daylights out of Non-profits. Why would Obama want to impose limits of charitable contribution tax deductions for the rich during a down turn in the economy? The very people who provide the most in charitable giving, non-profit experts now fear that will dry up.
Mr. Obama proposed the new caps on Thursday as a way to finance changes in the country’s health-care system.
In a document outlining his 2010 budget plans, 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. In other words, taxpayers would save 28 cents on their federal income taxes for each dollar donated.
That would reduce by as much as 20 percent the amount wealthy taxpayers could get in tax breaks. Under the current system, taxpayers who are in the 33 percent or 35 percent tax brackets use that rate to claim deductions.
Budget Director Peter Orszag tries to spin the taxing scheme, but fails miserable. Who cares whether there is a recession or not, taxing charitable spending is a bad premise, PERIOD, no matter when. No one cares how poorly thought out taxes are going to be spent when they decimate charities.
Ultimately, not only is this tax plan on charitable contributions dangerous,the reasons why hind it make little to no sense.
The top executives at Independent Sector and the Council on Foundations state Obama tax plan would hamper giving to nonprofit groups and foundations.