“President Obama’s proposal to limit the tax deductibility of charitable contributions would effectively transfer more than $7 billion a year from the nation’s charitable institutions to the federal government. But the high-income taxpayers affected by the rule change are likely to cut their charitable giving by as much as the increase in their tax bills, which would, ironically, leave their remaining income and personal consumption unchanged. In effect, the change would be a tax on the charities, reducing their receipts by a dollar for every dollar of extra revenue the government collects.” — Martin Feldstein, Harvard economist writing in the Washington Post About Obama’s plan to increase taxes on charitable deductions
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On the plus side you’ll have less money going to charlatans like Benny Hinn, Joel Osteen, T.D. Jakes, Creflo Dollar, etc. Don’t Americans give most of their charitable donations to these churches that simply waste money on huge structures anyway?
Maybe so…but that waste would have to be compared to government waste. And I’m sure private charities on average are significantly more efficient than government programs - especially at the real concerns, like poverty and rehabilitation.
Btw, why havent you responded to my email?