The Conservative Cave
Current Events => Politics => Topic started by: Chris_ on April 03, 2009, 06:46:03 AM
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Senate Rejects Obama Plan to Cut Tax Breaks on Charitable Gifts
April 2 (Bloomberg) -- The U.S. Senate rejected a proposal by President Barack Obama to finance an overhaul of the nation’s health-care system by limiting the ability of the well-to-do to take tax deductions for charitable contributions.
The chamber unanimously approved an amendment to a pending budget plan that rejects the proposal to limit the size of itemized deductions that can be taken by those earning more than $250,000.
Obama proposed using the estimated $318 billion such a change would generate to help finance a health-care overhaul, which he says will cost at least $630 billion. Lawmakers said they feared the effect of such a tax change on charities.
“The Senate sent a clear message to the president,†said Senator Bob Bennett, a Utah Republican who sponsored the amendment. “Charities benefit greatly from the donations made by individuals in this income bracket, and raising taxes on these contributions would be a disservice to Americans and the millions of charities across the country.â€
LINK (http://www.bloomberg.com/apps/news?pid=20601087&sid=aAKl4RpzgwpY&refer=worldwide)
Way to go, Big 0hhh. Add another penalty to wealthy folks for giving money to charity. Good thing this one didn't go through.
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Everyone must look to the government for help....or Obama Wan.