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View Diary: A tax break both parties can agree to limit (24 comments)

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  •  Yes and No (0+ / 0-)

    You are exactly right that the Ryan budget the GOP supported lowers the top marginal rate to 25 percent and that Republicans would not agree to lowering the charitable giving deduction unless it was accompanied by that lower rate.

    But the entire Ryan budget rests on closing and/or limiting tax expenditures that cost Uncle Sam $1.3 trillion a year.  To achieve his "lower rates," Ryan needs to "broaden the base" by as much as $600 billion a year.  And to date, Ryan hasn't named a single deduction or loophole he'd close.  So, I'm merely helping him out by suggesting one that could ultimately help him reach his stated goal:

    We're proposing to keep revenues where they are, but to clear up all the special interest loopholes, which are uniquely enjoyed by higher income earners, in exchange for lower rates for everyone.
    For more details, see "Republicans Chicken Out on Tax Reform."

    I don't disagree with your assessment about the political prospects for this, for all the reasons you mention.  But I think it the Dems can make a strong case that, without endangering charitable giving overall, it is better for the nation to help the hungry and the unemployed directly than let the wealthy pocket tax breaks for donating to museums and the universities their children attend.

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