Taxes, Philathropy and the Disappearing Art of Selflessness
We are hearing all over the news that Obama is "raising taxes".
Rarely is it mentioned who the victims of these "higher taxes" are.
Here's the truth: Obama is allowing the *Bush tax cuts* on the wealthiest 1% of people in this country to *expire* in 2010. Since 2001, corporate taxpayers have received almost half a trillion dollars in tax relief. And that doesn't include deductions.
A half of a trillion dollars.
Their taxes will go up roughly 3-4.5%: 33% goes to 36% and 35% goes to 39.6%.
This is a small group of people compared to what, 99% of the wage earners in this nation?
These corporate taxpayers are the same group we are bailing out.
If you want to get a sense about who will be affected and how, check this out from The Tax Foundation.
Charitable donation tax deductions are being reduced, too.
There has been an outcry that people won't donate to charities because of this.
My thinking is: if you are giving to charities in the spirit of charity, it won't matter how much you get out of it.
That's what philanthropy is: a gift that is given without expecting something in return.
5 comments:
It's about time the tax breaks to the wealthiest expire. As far as donations, I give and the reason I give is not for the deduction. Granted, my donations are a pitance in comparison to the wealthy. I donate because the cause is something I believe in and want to help/support. That should be the only reason.
I have rarely had money to donate, so I usually donate Time to my favored charities. Lots of time. I have consistently donated my time to one charity or another for the last 16 years. Significant time in terms of manhours.
People who give for tax breaks, well, while I appreciate the gift because it does do some good, from my perspective, it seems awfully convenient to make the self look good to the rest of the community while basically getting part of that money back from the government.
That doesnt sound like giving to me. Not-Selflessly as has been suggested here.
It's nice to be recognized for your contributions, but if the only reason you are doing it, is to get recognition, then one might hope that you examine your true motivations.
Giving, or Vanity?
There have been few times when I have had the extra dough to give to any charity.
Time is usually all I can afford.
We are getting back to basics...everyone does their share...go figure!
I have done both. Every year I buy bears for the kids at the children's hospital for the kids who are dying. I alos donate my time as a lawyer.
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