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: The Buck Stops Here

Fairness?

By Stuart Buck, Esq.

The director of OMB puts this forth as a reason for limiting charitable deductions by rich people: Third, there?s a question of fairness. Non-profits play a critical role in our society (indeed, I have worked at several of them in the past). But let?s look at how the tax code treats two different contributors to a non-profit. If you?re a teacher making $50,000 a year and decide to donate $1,000 to the Red Cross or United Way, you enjoy a tax break of $150. If you are Warren Buffet or Bill Gates and you make that same donation, you get a $350 deduction ? more than twice the break as the teacher.That makes no sense. The only way that Bill Gates would get a larger deduction would be if he had paid that higher amount in taxes in the first place...continue to full post

Full post as published by The Buck Stops Here on March 01, 2009 (boomark / email).