Tax law and charitable contributions

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SonomaCat
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Tax law and charitable contributions

Post by SonomaCat » Wed Apr 15, 2009 2:31 pm

http://www.slate.com/id/2216243/

I've never really thought about the impact of estate taxes on charitable contributions before, so I found that interesting.

That aside, I'm not really a big fan of Obama's proposal for benefiting contributions at 28% instead of the top marginal rate ... primarily because it seems like a really messy way to go about it (overly complicated).

If they feel that they need to peel some more revenue out of this sort of thing, I think a better policy position (and a whole lot less popular, of course), would be to crack down on what is and is not considered a charitable contribution. Some low-hanging fruit would be to no longer allow deductions for contributions to churches (except for specific church activities that are actually doing community service work), start cracking down on "educational" groups whose money doesn't directly go to educational purposes (such as --and this hurts because I benefit from it--group that are really in place to make a football or basketball team better like the QBC), and stricter rules about the allowed activities of any group that is considered eligible for charitable contributions (requiring that the activities are indeed promoting community benefit and/or education).



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Ponycat
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Re: Tax law and charitable contributions

Post by Ponycat » Thu Apr 16, 2009 10:56 am

As someone going through dealing with estate taxes now I can see how eliminating them would hurt charitable donations (although our charitalbe donation was going to be done regardless), however this doesn't change my view that estate taxes are B.S. and do nothing that most proponents claim they do. However, I think Slate is using a specious agruement in bringing up estate taxes, charitable donations, and a Senator stance on these things.


The devil made me do it the first time... the second time I done it on my own.

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