Obama Administration Flip-Flops on Charitable Giving

The Obama administration firmly believes that one of the contributors to our national debt and budget deficits is the fact that the wealthy give to charity. His jobs bill makes this clear by proposing a cap on the deduction high income earners (the one’s most likely to take advantage of the deduction as well as provide the largest contributions) can claim when engaging in philanthropy. Currently, anyone earning over $250k per year is able to deduct up to 35 cents for every $1 they contribute to charity for up to 50% of their income. Under President Obama’s proposal, that would be dropped to 28 cents per $1.

According to the Center for Philanthropy at Indiana University, the impact on overall charitable giving would be “relatively small” even had the administration administered these caps in 2009 & 2010.

GET MORE STORIES LIKE THIS

IN YOUR INBOX!

Sign up for our daily email and get the stories everyone is talking about.

Uncategorized

Previous post

Cain: "I Have Never Sexually Harrassed Anyone, I was falsely accused"

Next post

Stop the High-tech Lynching of Herman Cain

Join the conversation!

We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse.