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Originally Posted by Riot
This money is supposed to fund health care reform.
If the important thing were truely the giving, then changing the percentage of charitable donations people who earn over $250,000 per year can deduct from 35% to 28% wouldn't decrease their giving at all.
But apparently the important thing for these folks isn't the giving, it's indeed the amount of tax deduction one gets from giving.
Don't worry, this one won't pass in the fall.
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Yea you all figured it out. The rich give for deductions. They love giving a million and getting $350K as a deduction. Great business and all. It gives them the feeling of being a legislator.
Sad part about this is Universities and Hospitals, large recipients of endowments and donations will take a hit but I know there are more important factors than Healthcare and Education to deal with right now. Like making it fair, tax-wise for low income people to give to charity. Talk about taking your eye off the ball!