One of the key losers in the President’s proposed 2011 budget are charities. In his budget he is proposing that the tax break for itemized deductions, including donations to charity, be capped at 28% for families making more than $250,000 per year. This represents a 20% reduction in tax breaks for those in the 33% to 35% tax bracket willing to contribute. As a result, the President claims that this would raise $318 billion over ten years in order pay for the $630 billion reserve fund designated for health care reform.
Ok, let’s see now. For the sake of reforming the health care system with a government-run program that will actually increase costs and decrease efficacy, we are going to penalize those who are most willing to give to charities by reducing their incentive to do so. As a result we will have a health care system that actually exacerbates critical problems and $318 billion less in available funds for charities.
Does that make sense?
Events
May 6, 2010
Soroptimist Meeting with CD5 candidates
Mustang Library - Book Discussion Room link to event
Jim on the Issues
Prosperity
I believe government is and should be limited by three defined purposes. The first is for our government to promote prosperity. That means it should facilitate the free market system so we can all innovate and create wealth. Government shouldn't dictate, define or over-regulate our road to happinness
Liberty
Second, government should defend our fundamental liberties as defined by the Constitution of the United States of America and the Bill of Rights and not infringe upon them.
Security
Third, government should provide for our common security.
