What do you think?
Response #1: (Left of Center)
Well, first of all the 1% would still get a tax deduction, just not a large as before. Secondly, if I (we) as middle class Americans have to make adjustments to stretch our dollar, why should the 1%? We give to charities and churches every year, regardless to economy, (assuming one is
employed and able to give). I don't base my giving on what I can write-off, or get back, that is just an added perk. The 1% should be just fine with their continued giving, while still receiving an extra perk, again just no as big as before. This is all to do about nothing. If the 1% only base
their giving on the ability to reduce their taxable income, then their heart is in the wrong place to begin with. God's law of sowing and reaping trumps the IRS. A tithe is based on 10% of your income, not a % of your tax write-off.
Comment #2 (From the Right)
You can give up to 50% of your income and receive a tax deduction. You are sadly mistaken if you think rich people do not include that in their estate planning and give accordingly over the last 5-10 years of their life.
So, the churches, city missions, and universities will suffer. Which I think is the plan. They want everyone to rely 100% on government for all needs. This is a great way to push out the church, city missions (most with a religious mission), and private universities (many of them founded on Christian Principles).
Response #2: (Left of Center)
Keep in mind "The Rich" are still getting a tax deduction. There are all types of "Rich". I consider myself extremely rich, not so much financially, only because I don't quiet make over $250K, yet. But even if I were over $250K, I would be willing to make additional sacrifices for my country and I believe in what President Obama is trying to do.
If everyone (rich, poor, or some where in between) had a godly heart, I dare say we would not need government at all. We would all live in harmony under a theocracy, rather than a democracy. Under a Democracy, there has to be checks and balances when it comes to power, wealth, and accountability, otherwise there would be total chaos. When I say balance, I am not implying equal, but I am implying fair. You have the Greedy-Wealthy, as well as the Charitable-Wealthy. Honest government should aid in keeping the balance. I think President Obama is trying to establish honest government.
Left of Center
3 comments:
Compassionate people are going to always donate regardless of the perks offered.
We could go on and on about AIG, but the fact still remains that they got the bail out money and went on a retreat. They need to be held accountable for their actions.
President Obama is doing a great job and we as citizens of the great United States of America need to keep praying that the Lord will give him wisdom, knowledge, guidance, understanding, and direction.
The short answer is yes. The real question is how much? Wealthy people (and I know several) frequently support charities that are important to them. What this legislation means is that these people would have to actively change their financial plans in order to give what they want while allowing more money for taxes. In some cases the tax bite would be big enough to reduce the donation amount. If you are giving $500 it doesn’t make much of a difference, with $5 million dollars it makes a HUGE difference.
From reading the arguments on this blog, it seems as if a lot of contributors somehow believe the money is better served in the hands of the government. This is a myth, every dime that is kept in private hands benefits the economy. Lets start with the “Rich Guy,” people often make the case that wealthy people don’t consume enough to matter to the economy. That is correct, they do something far more important, they INVEST! As an example take Cisco. Cisco was founded in 1984 by computer scientist from Stanford University. It appears that some “Rich Guys” in the form of venture capital gave them the money to start that business. And now that $100 Billion company supports tens of thousands of well paying jobs. And in normal times even the money that is kept in banks is working to expand the economy, in the form of construction loans, home loans, car loans, etc. Banks are only required to keep about 8% percent of their deposits, the rest they invest or loan. Money that enters the government is generally wasted. The CBO figures that right now 7% of every dollar that the government spends is wasted through fraud.
Finally the AIG thing.
Our politicians are milking a populist uprising for political gain. When in reality Congress agreed to these bonuses over four months ago. Also these are not the same people that ran the company into the ground. These are smart finance guys that the federal government (through Bush’s appointed CEO) convinced to stay on to help unravel this mess. The previous CEO and his chief lieutenants have been gone since the first bailout. Now the federal government (with Obama leading the populist charge) has demonized them to the point of these executives and their families receiving death threats. The tax payer’s money is in bigger jeopardy than before. If I was one of these AIG guys, I would be shopping my resume to the foreign owned financial firms on Wallstreet (those companies don’t have a salary cap.)
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