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Charitable Theft

by Amity Shlaes
March 9, 2009

There’s a real power grab going on when it comes to Administration policy on charity.

Administration’s plan to curtail charitable deduction even as federal government gives “more” to charity.

The offset is a greater federal role. That’s the distressing part.

Gregory Helvering” has the best comment I’ve found. California’s great tax mind speaks the truth!

1 Comment

  • Posted by CAMP

    I have made a quick pass through the Obama tax changes and it looks like he knows exactly who voted for him. If you are in a blue state and were already getting nabbed by the AMT it was because you were losing your state&local tax deduction. With high state and local taxes I used to shudder when Washington talked about reforming AMT, because their “reform” was a permanent elimination of the state&local deduction. They were going to reform AMT by enshrining it, with the blue states made to carry states with no state income tax forever. Under Obama’s version high income California does not get a tax cut, but the AMT “reform” he proposes takes away mortgage and charitable deductions instead, and this covers all the states. Cali keeps its state and local deduction so the quality of life in Cali need not drop to pay for freeloaders who prefer low state taxes and Federal money to pay for improvements every hurricane season. This seems very fair to me. I never thought my taxes were going down, but it looks like they won’t be going up either. Can’t say the same for Dixie though. What’s more, by raising taxes nationally he prevents the great out-migration from Manhattan that Mayor Bloomberg has been fretting about. If the new tax is going to be charged whether you are in Charlotte or the Upper East Side, may as well stay put. No great jobs/taxpayer grab on this one. Orzag seems to be smarter than the average bear.