Giving and Taxes
Evidently, the rich still carry influence in Washington. President Obama’s plan to cap itemized deductions for high-income taxpayers at a 28 percent rate flew like a lead balloon in Congress, reportedly sending the White House in search for other sources of revenue.
It would be a pity if the administration were to forgo that money — some $320 billion over the next 10 years to finance a good share of its proposed health care reform. The money is needed. And the complaints that capping deductions would kill charity, decimate small business and put yet another nail in the coffin of the housing industry are wrong.
The full-text editorial is available via The New York Times, 3.19.2009.
It would be a pity if the administration were to forgo that money — some $320 billion over the next 10 years to finance a good share of its proposed health care reform. The money is needed. And the complaints that capping deductions would kill charity, decimate small business and put yet another nail in the coffin of the housing industry are wrong.
The full-text editorial is available via The New York Times, 3.19.2009.
posted by Pamela Poland at
5:05 PM
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