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Friday, November 25, 2005
Instapundit links to a post that suggests repealing the charitable contribution deduction. I have to disagree stringently with that position. Professor Reynolds opines that it is surely better to eliminate the deduction than to risk the corruption associated with the myriad charities out there. However, there are worthy charities that deserve contributions, charities that would suffer without the requisite deductions. Just this year, my wife and I have given to the Cystic Fibrosis Foundation, the Salvation Army, the Hurricane Katrina Relief Fund, and several initiatives at my alma mater, not to mention a weekly tithe and offering at our church. Three things influenced the amounts of money contributed to these causes:
- The sheer act of charity.
- Matching employer funds (with the exception of tithes and offerings, of course.)
- The deductibility of the contributions.
This is not to say that we would have withheld charitable giving without #3, but the level of charity would have been lower, not only because #3 provides further incentive to give, but that the amount of money from which we could have drawn the funds would have been ultimately less. Professor Reynolds prefers to throw out the baby with the bath water. I prefer to either keep the system of deducting charitable contributions as is, or go with an overhauled tax system altogether. Labels: Archives_2005
.: posted by
Dave
6:23 PM
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