March 12, 2009 at 7:20 PM CDT - Updated July 3 at 11:20 AM
I’d like to address what I think will be some unintended consequences of the idea that cutting the amount of money that higher income people can deduct on their income tax for charitable giving and interest on home mortgages.
I know the knee jerk reation of many people is that the so-called rich can afford it so let’s sock it to them everyway we can.But did anyone ever stop to think that it is the more affluent in our society that already pay the higher tax rates, and at the same time keep many of the charitable and faith-based organizations afloat?
While everyone’s donations are importat, those who are able to write the big checks often make the difference in whether the local United Way, the Salvation Army, the Boy Scouts, the church programs and literally thousands of organizations that help those less fortunate continue to be able to fund their good works for our society or not. Some may say that they should give whether they can get a tax break or not. Well they don’t have to and there is such a thing as enlighted self interest. It seems the government wants to be to provider of everything and discourage the fortunate from giving back. And what about the banking and real estate industries? We are loaning banks billions to give loans. But who takes out the biggest loans. Those who build big houses or own small businesses. We talk about tax credits for first time home buyers and that may help, but why discourage borrowing by those most able to pay it back.
It is the philosophy of socialism, demonizing the achievers in society, making the government everyone’s savior, class envy and redistribution of wealth.
Why work hard, get an education and strive to better oneself if the fruits of your labor are taken up by confiscatory taxation?It runs counter to everything that has made this a great country where everyone has an opportunity.
As one of our late presidents said,“A government big enough to give you everything you want is big enough to take away everything you have."