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.
Our thought for today is from Dwight D. Eisenhower:
“A people that values its privileges above its principles soon loses both.”