President Obama's plan eliminates charitable deductions above that which is taxed below $200K for individuals and $250K for families. The U of Indiana data I've assembled below isn't perfectly aligned to his plan, it breaks down "household" income above the $200K mark and not individual or family income, but it gives an excellent picture of the devastating effect President Obama's plan has on charities.
Some think Obama's plan is a disgrace, and so do I.
For the most part, all of the green colored slices go from fully deductible to nondeductible, reducing the green dollars available to charity by about 40%:
Charitable Giving by Income Level
Source: Center for Philanthropy University of Indiana![[Charity.PNG]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguLAu7gTQjVVqQKsvkkTq8uO26toeR-d0Su5EhB66IzdWzd2l3dQIU0Y_r6-rsABpbwM4V6I8ZHSX_d289gqALDE01gPAoaX6duV7PLdGEfZfow9iz5K1DoWGWg9F1PpKoDe2Y7r5xYw/s1600/Charity.PNG)
![[Charity.PNG]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguLAu7gTQjVVqQKsvkkTq8uO26toeR-d0Su5EhB66IzdWzd2l3dQIU0Y_r6-rsABpbwM4V6I8ZHSX_d289gqALDE01gPAoaX6duV7PLdGEfZfow9iz5K1DoWGWg9F1PpKoDe2Y7r5xYw/s1600-h/Charity.PNG)
I honestly laughed last year when Michelle Obama said: "Instead of heading to Wall Street...blah, blah."
ReplyDeleteI asked myself what I thought was a common sense question. "Why did he go to Chicago of all places?" Hum...
As I found out, there were several reasons, and none of them particularly good. But now, there's maybe another reason to add to the list.
http://www.foxnews.com/politics/first100days/2009/03/25/obama-helped-fund-carbon-scheme/
As this new thing called 'Cap and Trade' seemed to gain ever-growing support among the thieves, it was obvious what it really was.
Getting elected is the same as winning the lottery, except your chances are much, much better.
The reversal today after "good" news may be worth noting.
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