A Good Idea From Obama

[CuteOldGuy]

Ok, everyone says all I do is criticize Obama. That is not true. The article below is critical of Obama, but I support this action, if it is true that Obama wants to do it. It appears Obama may be wanting to eliminate the charitable contribution deduction and mortgage interest deduction as part of a fiscal cliff deal.

While I'd rather eliminate the income tax altogether, this would be step toward making it more sensible.

SO, I SUPPORT PRESIDENT OBAMA ON THIS ONE!

http://www.christianpost.com/news/el...e-class-85875/

[KCJoe]

Might as well eliminate the state and local tax deductions as well. AMT makes those meaningless.

[fetishfreak]

Originally Posted by CuteOldGuy

Ok, everyone says all I do is criticize Obama. That is not true. The article below is critical of Obama, but I support this action, if it is true that Obama wants to do it. It appears Obama may be wanting to eliminate the charitable contribution deduction and mortgage interest deduction as part of a fiscal cliff deal.

While I'd rather eliminate the income tax altogether, this would be step toward making it more sensible.

SO, I SUPPORT PRESIDENT OBAMA ON THIS ONE!

http://www.christianpost.com/news/el...e-class-85875/

While I agree that eliminating the income tax would be a great idea, I can not support this. The charitable donation deduction is not exactly one for one and has limits imposed as to who can receive the money etc. Since most charities are more efficient with there funds than the government is your money is well spent. You get the benefit of the good feeling for giving x number of dollars to a charity of your choosing and the benefit of seeing less of your money go to government waste. The government still gets your tax dollars, although at a lower amount to continue to waste. In the end this deduction improves the quality of life for many people because of private charities being able to do more good with less funds.

[JD Barleycorn]

So what is Obama's goal? Eliminating private funding of charities? Followed by government funding of charities. You know what happens when you put government strings on things.

[Yssup Rider]

Fucking idiot.

[Seedy]

Originally Posted by Yssup Rider

Fucking idiot.

You really need to quit talking about yourself that way.......LMMFAO

[Guest032516]

Originally Posted by Yssup Rider

Fucking idiot.

Don't be so hard on Obama.

[Chica Chaser]

Originally Posted by Yssup Rider

Fucking idiot.

I thought it was "dipshit"

[KCJoe]

While there are some charities that do good, I believe most are complete scams. With the majority of their funding going towards administrative expenses and fundraising and very little being spent on the charity part. If you want to feel good donating to a charity, don't ask the government to help subsidize it.

[satexasguy]

Fuck cutting the mortgage interest deduction. I am in the WORST tax bracket possible. I am single and have no kids. Cutting the mortgage deduction will make it worse for me. Fuck it, I'm going to start claiming my dogs as children.

[Whirlaway]

Correct !

Originally Posted by KCJoe

Might as well eliminate the state and local tax deductions as well. AMT makes those meaningless.

[Whirlaway]

Single taxpayers with NO dependents get fucked by government taxation and spending.............but the solution is less spending, not MORE Revenue sent to Austin or Washington DC !

Obama's budget aims are to spend more money, grow government, and tax the middle class more...

The ONLY solution is to down size government !

Originally Posted by satexasguy

Fuck cutting the mortgage interest deduction. I am in the WORST tax bracket possible. I am single and have no kids. Cutting the mortgage deduction will make it worse for me. Fuck it, I'm going to start claiming my dogs as children.

[joe bloe]

Originally Posted by KCJoe

While there are some charities that do good, I believe most are complete scams. With the majority of their funding going towards administrative expenses and fundraising and very little being spent on the charity part. If you want to feel good donating to a charity, don't ask the government to help subsidize it.

The majority of charitable groups have a much lower overhead than the government. On average, seventy percent of dollars donated to charities helping the poor, actually goes to help the poor. On average thirty percent of tax dollars, allocated by the government, for social welfare programs actually helps the recipient. We spend sixty thousand dollars per year, per household, in welfare programs for poor families. The welfare recipient only gets eighteen thousand dollars in benefits per household.

Losing the tax exemption for charitable contributions would be a big mistake. Warren Buffett says he doesn't pay enough taxes and supports higher taxes on the rich, while at the same time, he give BILLIONS to private charities like the Gates Foundation. He does this because he knows that the Gates Foundation will do far more good with the money than the government.

http://mises.org/journals/jls/21_2/21_2_1.pdf

[KCJoe]

Originally Posted by joe bloe

The majority of charitable groups have a much lower overhead than the government. On average, seventy percent of dollars donated to charities helping the poor, actually goes to help the poor. On average thirty percent of tax dollars, allocated by the government, for social welfare programs actually helps the recipient. We spend sixty thousand dollars per year, per household, in welfare programs for poor families. The welfare recipient only gets eighteen thousand dollars in benefits per household.

Losing the tax exemption for charitable contributions would be a big mistake. Warren Buffett says he doesn't pay enough taxes and supports higher taxes on the rich, while at the same time, he give BILLIONS to private charities like the Gates Foundation. He does this because he knows that the Gates Foundation will do far more good with the money than the government.

http://mises.org/journals/jls/21_2/21_2_1.pdf

Never said to replace charity spending with government spending. Just don't make the government subsidize your giving. Give because you want to, not because it only costs $.70 for each dollar. Eliminate the deduction, and lower the tax rates.

And there is no exemption for charitable contributions. You get a deduction, but only if you itemize.

[CJ7]

Originally Posted by Whirlaway

Single taxpayers with NO dependents get fucked by government taxation and spending.............but the solution is less spending, not MORE Revenue sent to Austin or Washington DC !

Obama's budget aims are to spend more money, grow government, and tax the middle class more...

The ONLY solution is to down size government !

no kids, no wife, no problem ...

buy a horse and enter it in the Olympics, thats good for writing off about $70 K