Obama’s Tax Plan Could Cause Giving by the Wealthy to Drop by Several Billion Dollars Annually
A two-pronged attack on charities to eliminate them and supplant with more socialist programs. Part of the larger plan to make everyone ultimately dependent on a hand-out from maObama and the nanny state. Excerpts from the article:
President Obama’s tax proposals — including a limit on charitable giving deductions that could be taken by America’s wealthiest people — could cause giving by America’s wealthy to drop by several billion dollars a year, according to estimates released today by the Indiana University Center on Philanthropy.
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But the center cautioned that giving is far more likely to be affected by the condition of the stock market than by President Obama’s tax proposals. It noted that every time the stock market declines by 100 points, giving declines by $1.85-billion. Charitable donations rise by that same amount when the stock market increases.