Something else I don't like about this forum, other than the inability to edit a post, is not being able to quote someone's reply and respond to it...but anyway...
Obama's plan to reduce the deduction is CRAP! I agree with Scotthar. Whether it's for the "wrong reason" or not, many charities welcome the donation...most would consider a blessing. It's the wealthy who, many times under advice from their accountant (or financial advisor), give to charities in order to get the write off. Many may not have given at all, other than their regular donations (i.e. church), if not for the counsel of a financial advisor. Those organizations will suffer. Being a parent of children who go to a private (christian) school, that relies heavily on the charity of individuals, corporations, and other foundations, benefitting from write-offs, are already seeing a HUGE impact on the stability of its future due to the economy. The school has recently been told that a couple of those foundations (which probably rely on the charity of other people and organizations) will not be able to help support the school next year...to the tune of upwards of $200k or so. Taking away the incentive to give will only make it worse...and bring the end to many great organizations. I'd give what I could to my kids' school tax write-off or not, but if I knew someone that needed/wanted to have a tax write-off, and was looking for a place to put their money, I'd encourage them to give to my kids' school. 🙂 I just don't understand Obama's thinking. Personally, I think he's a wolf in sheep's clothing.
