I have to tell you what I've thought for a long time now about tax write offs for charity. You give $5 to the Salvation Army and they help the poor. You get a tax break for $5, and so Uncle Sam doesn't get it. And neither does some starving grandmother in Poughkeepsie who's getting Social Security. Bad idea. Thoughts?
I don't understand. Are you saying that if I take a tax write off for donating to a charity, I'm robbing that poor starving Grandmother in Poughkeepsie cuz the Social Security system won't have the money to give her her full monthly check?????????????????????????? Seriously? Is that what you're saying? More than likely, the poor lady will get her check, since she's legally entitled to it. If tax write offs were eliminated, then lots of poor starving ladies would be in trouble, cuz they'd be depending on the altruistic sentiments of donors, including Republicans, other Christians, and the population in general. Without the incentive of personal gain, watch those charitable donations dry up!
No I'm saying both should help the "old lady". Also I was going bring up the estate tax. Pres. George W. Bush did away with it. It set the bar at a million dollars, which adjusted for inflation, would just be middle class today. No, the estate tax was a good idea. And they did away with it.
Well what about a tax write off / Donation for multi- millions of Dollars. There is no cap on these deductions. Your $5. is dwarfed by these mega donors. People cry out for the injustice of Billionaire tax breaks but nowhere do I find un-capped donations questioned. One can read about Bill Gates, Mark Zuckerberg et al donating big dollars to skip-on paying income taxes. It was only in 2016 where Billionaires were able to write-off all of the Real Estate taxes on thier multiple properties. the 2017 Tax Cut and jobs billl capped R.E.Tax write off at $10,000. Can we please cap write off on big donations?
