In defense, White House budget chief Peter Orszag wrote on his blog: "If you're a teacher making $50,000 a year and decide to donate $1,000 to the Red Cross or United Way, you enjoy a tax break of $150. If you are Warren Buffet or Bill Gates and you make that same donation, you get a $350 deduction -- more than twice the break as the teacher." This Administration wants to turn even philanthropy into a class issue.
Mr. Orszag revealed the real agenda at work when he pointed out that the money taken from the "rich" would be used to fund such Obama state-run charities as universal health care. The argument is that any potential declines in private gifts, whether to universities or foundations, will be balanced by increases in government grants paid with higher taxes -- redistribution by another means. This is how Europe's welfare state works: Taxes are so high that private citizens have come to believe it is only the state's duty to support cultural institutions and public welfare. The ambit for private giving shrinks.
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8 comments:
ELECTIONS HAVE CONSEQUENCES.
All bad in this case.
So now we are treated with a comment from the White House budget chief that shows he is a total idiot. As we all know charitable deductions are schedule A deductions which happen to phase out at certain income levels. I can only imagine what Warren Buffet's 1040 looks like but I can guarantee you that he does not get to deduct every dollar that is flowing through his schedule A.
You would think that an adminstration that is based on "transparency" would at least try to stop "blowing smoke up our rear orifices" instead of making this stupid statements which are clearly meant to stoke class warfare.
But then again we now have an IRS being run by a tax cheat!
The other fact is that these "socialists" which are now in charge never give to charity anyway. It has been clearly demonstrated factually, please refer to the earlier post I made about liberal vs conservative charitable giving, that conservative far out give to charities when compared to liberals.
If anyone in their right mind actually believes that with the size of the foundations that Gates has and that Buffet will give to, that they are not overtly saying that we can spend our money in a much better way than the US government can than that person who thinks that is clearly stupid. They have put humongous amounts of money into foundations to keep it from going to the US government when they die. Even Buffet is starting to sour on Obamamessiah.
If you have read what Buffet and Gates say, you will change your tune. They don't want to curse their heirs with inherited wealth ala Andrew Carnegie. They recognize the motivation-sucking power of old money.
Both support inheritance/estate taxes and reject GOP efforts to eliminate the longstanding policy. We would prefer to tax the dead and soft-handed heirs rather than those that work hard and risk capital.
Yea right. Believe everything you read. I am sure that the Buffet heirs and Gates heirs are going to be suffering trying to find their next meal after the current generation passes on. If they truly believed that this government is great and that they don't want their heirs to have much they could simply write massive checks to the US Treasury. There is no law against it.
In fact, Rich you think so highly of paying more, that you should put your money where your mouth is and write out a big fat check to the US Treasury yourself. Maybe if all you tax and spend types start paying for all of your pet projects instead of making hard working Americans pay for them we could pull this country out of the economic chaos that Obammessiah is bent on plunging us deeper into.
These type of foundations have been used to keep the power in the family for a long, long time. They keep the money from the US Treasury and use it for purposes that they favor. The foundation also gives them influence and the access to more power since others come to them for a hand out. I am sure you have heard of the Kennedy Foundation as well. I see a lot heirs of old Joe wearing shabby clothing and looking for hand outs.
By the way I have a bridge to nowhere that I am sure you would like to buy.
You truly do not get it. The death tax harms small family businesses. It will never harm the truly wealthy since
I have absolutely no respect for old money. I'd much rather the state take the money than allow creation of an "idle rich" class. I do NOT want power to be handed down through the family. This is America - they'll have to earn any power on their own. Frankly - this is better for everybody, including the heirs.
Gates + Buffet are giving less than 1% of their estates to family members. I think Buffet kids get like $3mm each or thereabouts.
Politically, I put the country's needs ahead of my own as demonstrated by my oft expressed opinion on tax rates. It is the selfish and short sighted Republicans that are cynical. All they talk about is tax cuts no matter if the economy is expanding or shrinking. It is religion, not science, and it is 100% selfishness, ignorance or a combination of the two.
And there is lies the crux.
Rich it is not giving to an idle rich, it is the belief that citizens can do better with money than the government.
So says the charitable trusts.
And yes, it is my money to leave as I wish, not your (the government)
Once your dead, Jim, you lose standing. Heirs are taxable, period, whether or not a dead person objects.
Why would inheriting money while laying on the sofa ever be superior to working one's ass off? The tax code should encourage work and discourage sloth.
It's not citizens v government - it is working people v fortunate heirs. Which party is more entitled to respect in the tax code?
I, for one, am grateful for the government of the USA. What are you guys, anarchists? If you prefer another government out there, don't let the door hit you on the...
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