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PrintDecember 24, 2017
Do taxpayers need a subsidy to be charitable?
Ever the doomsayers on President Trump's tax-cut achievement, the Washington Post would have you think all charitable giving will dry up with the elimination of their deductibility on taxes. The Post writes:
Many U.S. charities are worried the tax overhaul bill signed by President Trump on Friday could spur a landmark shift in philanthropy, speeding along the decline of middle-class donors and transforming charitable gift-giving into a pursuit largely left to the wealthy.
The source of concern is how the tax bill is expected to sharply reduce the number of taxpayers who qualify for the charitable tax deduction — a big driver of gifts to nonprofits. One study predicts that donations will fall by at least $13 billion, about 4.5 percent, next year. That decline is expected to be concentrated among gifts from the middle of the income scale. The richest Americans will mostly keep their ability to take the tax break.
I guess journalists and Democrats believe people should only give money or will give money only when the government subsidizes them. They believe they are entitled to other people's money, so as to pretend they care.
Republicans actually believe they should give to charity whether they get something in return for the government or not.
Which party is more charitable?
Since only 30% of taxpayers itemize, now are we to believe that no one from the other 70% gives?
The media just repeats talking points. They don't seem to have any independent thoughts.
I will not itemize next year but I am planning to up my charitable contributions because at age 64 I have paid off most my debts. My mother died at age 91 but she always gave to her church and other charities despite never itemizing and despite an income of around $30,000. I do not believe either my mother and I have ever been described as rich yet we donate. What a concept!
