Monday, April 19, 2010
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According to a study by the Center on Philanthropy at Indiana University, the Obama administration's decision to raise marginal tax rates and scale back deductions for charitable giving will cost charities $5 billion this year alone.
The negative impact is so tremendous that some experts believe that the tax policies are deliberately designed to curtail private giving, so the government will have more control over who does (and doesn't) get helped and, more importantly, prevent the poor from becoming confused about financial aid being available from any source except the government.
Of course, nothing comes for free...and the tradeoff for punishing the "evil rich" is less money and more suffering for the genuinely poor and needy.
It's all too easy to imagine this president arching an eyebrow, waving a lace handkerchief at the poor outside his palace window, and saying "Let them eat hope."