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View Diary: Wealth, Charity, Majority Rule and Supporting Public Programs (8 comments)

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  •  Perhaps even more tellingly, the charitable (0+ / 0-)

    contributions of the wealthy, which are by no means insignificant, track closely the bounds of tax deduction allowances. Which is exactly why it is a disaster for the nonprofit sector for anyone to "seriously" consider balancing budgets on reduced charitable deduction allowances.

    I believe in AMT's, but I also be in maximizing charitable deductions. I argue that other types of deductions should be more limited to 50% of the AMT level and the balance reserved for charitable deductions, excluding for religious institutions. No more than 10% (standard tithing level) should be taxpayer supported (if any).

    A more specific, related effort should be focused on qualifying nonprofits to which such deductions apply. There are many, IMHO, that are set up purely for evading taxes or to evade taxes while funding personal religious and/or ideological interests.

    The singularity we are witnessing is the passing of the last wave of people who had the luxury to behave as if the past 30 years did not happen.

    by Words In Action on Sat May 04, 2013 at 07:09:16 AM PDT

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