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Good news today:
#1
Good news today:

Obama's Democratic allies controlling Congress have already made it clear that they will reject key elements of his plan. Already apparently dead is a plan to raise $267 billion over the next decade to pay for his health care initiative by curbing the ability of wealthier people to reduce their tax bills through deductions for mortgage interest, charitable contributions and state and local taxes.

http://finance.yahoo.com/news/White-Hous....html?.v=8
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#2
moved because it was offtopic - or were you implying that the Van Andels only made the donation because it was tax deductible?

That's not a very charitable insinuation ...
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#3
Funny......Wait...no it wasn't!! :grin:
It is only through labor and painful effort, by grim energy and resolute courage, that we move on to better things. --Roosevelt
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#4
I was "implying" that I do not think Obama should eliminate tax deductions for charitable people like the DeVos and VanAndel families.

His proposal would would in effect be a tax on charity. Even Obama's own party thinks this is a lousy idea.

Nearly every charity in the nation is hurting. Why would we want to eliminate tax deductions for the people who can still afford to donate?

Why don't you call Hope College and ask them if they would like to see the government take away the tax advantages for gifts from the DeVos and VanAndel families.
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#5
MichMan Wrote:I was "implying" that I do not think Obama should eliminate tax deductions for charitable people like the DeVos and VanAndel families.

His proposal would would in effect be a tax on charity. Even Obama's own party thinks this is a lousy idea.


Removal of a tax deduction is in effect adding a tax? Interesting perspective.

We discussed this topic of tax deductions are while back and I'm actually still undecided about it.

MichMan Wrote:Nearly every charity in the nation is hurting. Why would we want to eliminate tax deductions for the people who can still afford to donate?


oh ... so you ARE saying the Van Andels wouldn't donate the $$$ if they weren't getting a tax deduction for it ...

Personally, I think better of them
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#6
My apologies if you were offended.

I have a lot of friends who work for non-profits. It is very tough to raise money right now.

Due to the economy EVERYONE is cutting back on charitable giving, even the large wealthy donors. Weathy donors have structured planning formulas, based on the investments. So with the stock market down, the real estate market down already, raising the tax liability on these gifts would have its effect.

Luckily people from both sides of the politcal spectrum agree on this issue.

__________

I have a friend who builds homes. The only thing that saved him last year was that he was able to build two VERY large multi-million dollar homes. (He employs about 30 people) He would be the first to tell you that if the mortgage deduction would be eliminated, there would be fewer large homes built by wealthy people.
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#7
when the money supply is moved around (you know ... spread the wealth! Wink )someone will nearly always suffer. That's no evidence that's a good or bad idea.
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