Obama To Wealthy: Stop Donating To Charities
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More news on Obama’s plans to vilify and tax the wealthy with backwards, counter-effective tactics. Now Obama is not only going to raise taxes on the highest tax paying portion of America, but he wants to discourage them from contributing to charities by raising the cost of them doing so:
President Barack Obama on Thursday will propose $634 billion in new taxes on upper-income Americans and cuts in government spending over the next decade to pay for his promised health-care expansion.
The tax increases would raise an estimated $318 billion over 10 years by reducing the value of such longstanding deductions as mortgage interest and charitable contributions for people in the highest tax brackets. Households paying income taxes at the 33% and 35% rates can currently claim deductions at those rates. Under the Obama proposal, they could deduct only 28% of the value of those payments.
Wow. Brilliant, you idiot. This will hit donations to everything: cancer research, poverty support, scholarships, churches, community organizations. The list goes on and on. If something costs more to do, then you do less of it to reach the same level of cost. Well, unless you’re the SpendoCrats, that is.
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