If Obama is elected and his plan is enacted what will happen to charitable giving?

Question

With the additional taxes on the "rich" who are very charitable in my state for families and children in need, shelters, the arts, food banks, hospitals, schools, etc....will they stop giving extra to support these causes?

or will the "middle class" use the extra cash in their pockets whether gotten through tax cuts or stimulus checks to give to these needy and worthy organizations to make up for the loss gifts from the "rich"?

or will the "poor" people use the gifts they receive from Obama in useful ways to create a new life for themselves and no longer need the charitable "handouts" they were accustomed to receiving?

Answer 1

Wealthy will grow tired of helping the unappreciative. Charities will dwindle away. The government doesn't want them around anyway. That's their competition.



The Middle class a/k/a Working class already pays about 1/3 of their wages in taxes. They won't have extra cash, because even though his supporters don't want to believe it, the middle class taxes will go up more. No money left for anything extra, including charities.



The poor will use these gifts to buy more electronics, cars & houses or whatever else they want to "enrich" their lives. They are taking it because they feel like they deserve the working man's money in the first place. So, don't expect to see any of it going to charity, because those who earn nothing think its all owed to them.

Answer 2

LOL good one.

The rich will give less

The middle class will not give whatever they gained

And the poor will never see the so called gifts.



I think everybody is in for a rude awakening when they find out that none of the so called "more money in your pocket" plans under Obama happens. Someone mentioned taking the salary test under the new obama plan and it does indeed shows a saving for middle classes ... but the trick is that that calculator also includes the actual tax cuts that Bush enacted which will expire at the end of the year and Obama swore not to reenact them.

So buy buy dreams welcome not 8 more years of broken politics but 4 more years of just a different kind of broken politics.

Answer 3

The middle class won't have any "extra cash" in their pockets. The tax the rich always has a trickle down effect on the middle class. Therefore, the answer to your question is charitable giving will suffer.

Answer 4

Obama is obviously proscribing those deductions by using fact he needs the donations to bypass down. Obama would not like the unfastened industry to have a hand in fixing societies complications, like homelessness, and starvation. proscribing deductions will insure that he might desire to then blame the prosperous for no longer being concerned by using loss of charitable donations. it extremely is a grimy trick it extremely is worth of a good Chicago flesh presser. people have short memories, and while those charities rfile donations down, Obama will declare that the government has to step in to unravel those complications.

Answer 5

If anything the "rich" will contribute even more since charitable donations to tax-exempt organizations are tax deductible...

On top of the fact that charitable donations from the middle class go up when the middle class is doing better economically.

Answer 6

Its going to dry up, but not from the ultra rich, its the little nickel and dime donations from the middle class that will dry up because they just won't be able to afford it.

The government spending will pick up, but won't pick up all the slack because its simply not as efficient to collect the money, pay bureaucrats to shuffle it around, and distribute it as it is to distribute it directly.

The "poor" will expand so any savings in reduced need will be made up for in increased volume.

Answer 7

Honey with the economy the way it is donations are dropping and dropping fast. People are not donating cause they don't know what tomorrow will bring.



Charities suffer when we are in a recession. The best way to get out of a recession is to have a democrat in office. They normally increase taxes which sucks but it allows us to start paying our debt back.

Answer 8

They will no longer need to be as charitable.



The problem is that not all rich people are charitable. In fact, if you look at the studies, most rich people don't donate money to causes, they spend it on excessive luxuries.



Do you want a society that encourages social hedonism and material self-indulgence? or one that addresses the basic needs of it's citizens?

Answer 9

The middle class doesn't have "extra cash". That money will most likely be used to pay their mortgage since its probably a couple months past due and almost forclosed.

Answer 10

Going, going, gone.



For those who don't think trickle down econ works, ask the charities, hotel workers, restaurant workers, landscape workers, retail workers, anything that depends on people spending disposable income.



Use your Brain,

vote for McCain !



I can't believe someone above said "donate too to avoid taxes. " where do these people come from? do they have a clue? If I donate $100, yes I can write it off, but that's still $100 less to pay the phone bill with.

Answer 11

I think that the "rich" will continue to donate, because that's where they avoid paying taxes.



Then the people making 250k a year to 1 mil a year will now start to donate too to avoid taxes.



So...charitable donations goes up

Answer 12

Donations to charity are tax deductible.



If anything, with the Bush tax-cuts for the millionaires repealed, they'll donate even more as a form of tax shelter.

Answer 13

The rich are not going to suddenly be so poor they can't afford charity. Their taxes are only going to be slightly increased. We're talking the top 5% of the population. A slight tax increase will not affect their wealthiness one bit.



With universal healthcare the middle class and poor will be able to be treated for their illnesses and not have to suffer or run up huge debts anymore out of sheer bad luck. It will take a huge burden off of the people. They will have more money to spend, which will help renew the economy too.

Answer 14

Charitable donations will go down

Answer 15

You forget that the rich are so rich, they won't ever miss the money, they have many to hundreds of times as much money as they need to spend. They have trouble finding places to invest it and track it. Not a problem. Part of the great disparity in our country. Think of the single mother working 60 hour weeks just to keep her kids in an apartment and fed.

Answer 16

In many cases those agencies will go away, or will have to get all of their money from the government who will in turn regulate them into obscurity.

Answer 17

Obama wants to end a tax cut that the republicans gave the top 5%.

THAT'S ALL

Answer 18

Charitable donations are tax-deductible, you know. Epic fail.

Answer 19

Giving will still afford the rich a tax write off... perhaps more useful to them, then, under Obama's plan, than ever.



DOn't worry.

Answer 20

It will end..you really think the "middle class" as you put it,,will have extra cash???man obama has you blinded to the max.





MCCAIN/PALIN

Answer 21

Good point....curious to see the answers to this one. I believe regardless, the rich will still give.

Answer 22

Those who give will give, those who don't won't. It IS that simple. Quit trying to assign some speculation based on assumptions on your part to the next President.

Answer 23

Good point. I have been wondering the same exact thing.

Compulsory giving is not charity.

http://www.youtube.com/watch?v=uSpcxkKlEFA

Answer 24

The government will become the largest charity of all.