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Gov. Bob McDonnell Signs Largest Tax Hike in Virginia History into Law: http://t.co/iENksi7uQi
May 14, 2013 02:01 PM
taxreformer -
IRS tax return preparation invites a conflict of interest: http://t.co/oKvpIofu7Y
May 14, 2013 01:30 PM
taxreformer -
These destructive #Obamacare tax hikes will soon be implemented: http://t.co/opFkyf1guJ
May 14, 2013 01:01 PM
taxreformer -
"Saying the Marketplace Fairness Act is fair is like saying the Affordable Care Act makes health care affordable" -@MarshaBlackburn
May 14, 2013 12:30 PM
taxreformer -
"I can't believe #Obamacare led to higher health care costs," said no economist ever: http://t.co/J6dfnKqFYZ
May 14, 2013 12:01 PM
taxreformer -
#Obamacare's 10% tanning tax hits salon owners and customers, most of which are women: http://t.co/dJuaGAT9LE
May 14, 2013 11:01 AM
taxreformer -
Groups who advocated for the IRS to prepare tax returns sure look foolish these days: http://t.co/oKvpIofu7Y
May 13, 2013 06:30 PM
taxreformer -
"We don't need the federal government mandating additional taxes..." -@MarshaBlackburn on MFA: http://t.co/lAuLJtr5t3 #NoNetTax
May 13, 2013 06:00 PM
taxreformer -
Health insurers and businesses are already feeling the iron-clad grip of regulations in #Obamacare: http://t.co/J6dfnKqFYZ
May 13, 2013 05:30 PM
taxreformer -
Virginia Governor Bob McDonnell Signs Largest Tax Hike in Virginia History into Law http://t.co/Qd6KOFfaPv
May 13, 2013 03:46 PM
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Presumptuous Health Care
Yesterday, President Obama reaffirmed his belief in increasing taxes on Americans who are already facing higher marginal tax rates than communist China or Cuba: “I put forward what I thought was the best proposal, which was to limit the deductions, the itemized deductions, for the wealthiest Americans.” Obama’s proposal is to limit the value of itemized deductions to 28 percent for the top two brackets. The tax increase raises an estimated $267 billion over ten years.
Itemized deductions on mortgage interest and charitable donations are used by taxpayers to reduce taxable income. Itemized deductions incentivize taxpayers to purchase a home or assist the less fortunate. Obama’s higher taxes discourage charitable giving and home ownership. An ideal tax system would have lower marginal rates and a broader tax base, but that is not what this debate is about.
Taxing charitable giving will decrease donations to charity organizations helping individuals below the poverty line. Obama claims that health care reform will adequately compensate the poor for a decrease in charitable giving. The truth is, Mr. President, health care might not be the first concern of those below the poverty line. Food, shelter, and clothing are basic services that charity organizations provide. Additionally, charity clinics and charity hospitals provide health care. By reducing the quantity of charitable donations, Obama’s plan presumptuously assumes poverty-stricken families need government health care more than other basic necessity provided by charity.
Obama’s plan reduces demand for new homes by restricting itemized deductions for mortgage payments. More costly mortgage payments mean that fewer Americans can afford to pursue the American dream. Discouraging home ownership slows economic growth within the construction industry, an important employer for millions. If Obama wants real economic recovery, he must allow economic growth to resume without throwing wrenches in the recovery process.
Obama promised he won’t raise taxes on Americans making less than $250,000 a year. But his philanthropy and home ownership tax threatens the charity opportunities and jobs of America’s poorest.
