Obama Soaks the Rich: Churches, Day Care, Homeless Shelters, Soup Kitchens

Fred Garvin's picture

Obama Soaks the Rich: Churches, Day Care, Homeless Shelters, Soup Kitchens

Imagine all the harm Obama's program will cause. Churches will be hit most hard. They account for the largest share of charitable donations, but universities, disease research, hospitals, soup kitchens and cultural institutions will also be hard hit. So will international relief efforts that funnel aid abroad through churches or directly.

It is totally dishonest for Obama to pretend that his curtailment of these deductions won't hurt the poor. It will most directly impact them since most of the charities Obama is hurting focus on helping the impoverished.

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Main Stream's picture
Submitted by Main Stream on Sat, 03/28/2009 - 11:00am.

I wish you would occasionally research an issue prior to posting your Clown Hall crap. It's easy for anyone to just scan the headlines for right-wing garbage that suits your anti-Obama, "we're slouching towards socialism" mantra, however, you end up looking simple minded most of the time.

Here are some facts you missed in your cut-and-paste post:

* The proposed tax change would not be imposed during a recession. Instead, it would begin in 2011 – at which point we expect the economy to be recovering.

* Tax change example: "If you’re a teacher making $50,000 a year and decide to donate $1,000 to the Red Cross or United Way, you enjoy a tax break of $150. If you are Warren Buffet or Bill Gates and you make that same donation, you get a $350 deduction – more than twice the break as the teacher.

This proposal walks that difference back some of the way – it would limit the tax benefit for Buffet or Gates to $280. In other words, we are not eliminating the deduction – just reducing it to 28 percent (or $280 on the hypothetical $1,000 contribution) for the 5 percent of families at the very top of the income distribution. That is the same tax benefit that they would have enjoyed at the end of the Reagan Administration."

* About 75 percent of overall contributions would not even be affected by the proposed income tax change – because the contributions come from individuals who would not be affected or from corporations or foundations not subject to the individual income tax.

OMB LINK


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