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Steve McIntosh Report Blog



Should we end some of these tax breaks?

Start talking about eliminating tax deductions for mortgage interest, charitable donations, and a bunch of other personal financial behavior, and you stir up a hornet’s nest. Americans … and the businesses that benefit … love their tax breaks.
That’s why our tax code is so big and complicated; it’s loaded with thousands of “gimmes”.
Political groups benefit from something called 5-0-1 C 4. It favors “nonprofits” and their contributors without disclosing who those donors are, as long as the organization also promotes “social welfare”.
Personally, I make donations because I support the organization … not to get a tax break. However, I realize that political organizations, churches, and businesses depend on these contributions. Eliminating tax deductions is quite probably impossible.
When he was a state senator, conservative Republican Dick Kelsey promoted a plan to eliminate many Kansas tax exemptions, some of which are simply ridiculous. Kelsey’s ideas didn’t get much media attention, but they apparently reached the Kansas Chamber of Commerce … which helped to ensure that Kelsey was not re-elected.
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Our thought for today is from Dwight D. Eisenhower:
 
“A people that values its privileges above its principles soon loses both.”


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Topics : Social Issues
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Locations : Kansas
People : Dick KelseyDwight D. Eisenhower




 
05/29/2013 1:38AM
Should we end some of these tax breaks?
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