Sunday, March 9 2014 8:35 PM EDT2014-03-10 00:35:58 GMT
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A lot of people aren't aware of it, but President Obama has proposed yet another plan to transfer money from the people to the government so the government can do what the people themselves were doing much more efficiently.
He wants a tax policy change aimed at wealthy people who share their wealth with charitable organizations. This change would reduce the amount those people can deduct from their taxes from 35% of the donated amount to 28%.
Now, I agree the rich get a bigger tax break than the middle class for their philanthropy, but that's because they're paying at a higher rate. And they should have a greater incentive to give more of their money away because they have so much more to give!
Economists have estimated that if this proposal becomes law, it won't hurt the rich because they'll just reduce their charitable contributions by about 10% to balance things out. But it will harm those persons and causes that currently benefit from their generosity.
And the biggest irony is that only the charitable rich would be affected under the new plan, since the others just keep their money anyway!
Trying to raise money for good causes by expanding the bureaucracy to take more from those who are already supporting good causes makes no sense to me. And I hope this ill-advised proposal is rejected by our lawmakers.