Sunday, November 22, 2015

Its Time to Eliminate the Charitable Deduction

Permitting taxpayers to take a tax deduction for charitable contributions is another reverse Robin Hood exercise.  Almost all of the benefits of this deduction go to extremely wealthy Americans, none at all to poor people.

Worse, average Americans are required to poney up the missing tax dollars that would otherwise be paid by the wealthy.  These deductions have been used to finance phoney charities like the Clinton Foundation, which is mainly a source of funding for Clinton political operatives.

If people want to support a worthy cause, let them do it with their own dollars, not the dollars that other unsuspecting taxpayers will have to put up to make up for the tax breaks for a handful of absurdly rich people.

This should apply to both right wing and left wing not-for-profits.  The phrase "not-for-profits" usually means that average Americans are getting hosed by being unwittingly forced to underwrite things they know nothing about, while the wealthy get massive tax breaks and are able to set the political agenda for the country through their foundations, endowments and not-for-profits.

Let these foundation, endowments and not-for-profits survive without gouging the average American.  Make wealthy folks pay their taxes, then make their contributions.  Why should average Americans be on the hook for this?

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