Tax the Rich

[Mango]

Yes, 90% of Americans donate to charity - averaging just over 3% of their income or $1875 per household or $900 per person.

My point was that it takes a lot of $900 donations to match what the "rich" people we are ragging on donate.

Here's a list for the top 60 for the last several years:

http://specials.slate.com/slate60/2007/

Some are huge donations due to a death (like Leana Helmsley's 4 BILLION), but many rich folks are putting massive amounts into charities. Oprah gave $50 million and barely made the top 50 (she's #43).

Scooter, your list is a drop in the bucket compared to what private individuals contributed in 2007.

"Americans increased their charitable donations significantly in 2006 to more than $295 billion -- a record, according to a study released June 25 by the Giving USA Foundation, which reports on charitable contributions. The overwhelming majority of this money was donated by individuals, not corporations or foundations, according to the chairman of Giving USA, Richard Jolly. Donations from individuals, including bequests, accounted for 83.3 percent of total giving last year, or $245.8 billion, he told USINFO."

 

[Cheering472]

Scooter, your list is a drop in the bucket compared to what private individuals contributed in 2007.

"Americans increased their charitable donations significantly in 2006 to more than $295 billion -- a record, according to a study released June 25 by the Giving USA Foundation, which reports on charitable contributions. The overwhelming majority of this money was donated by individuals, not corporations or foundations, according to the chairman of Giving USA, Richard Jolly. Donations from individuals, including bequests, accounted for 83.3 percent of total giving last year, or $245.8 billion, he told USINFO."

I hope they got a receipt so they can claim it on their taxes.

 

[Mango]

I hope they got a receipt so they can claim it on their taxes.

All kidding aside, I found it interesting that many Americans earning $75k and over do not claim the deduction. (from the link above) Only 25% or so do....... Interesting.

 

[scooterbug44]

That list IS individuals - in many cases their foundations and pet causes were the recipient, but it was rich individuals writing the checks. If you read all the notes, only Micheal Bloomberg's total also included contributions from his foundation as well as himself.

 

[Mango]

That list IS individuals - in many cases their foundations and pet causes were the recipient, but it was rich individuals writing the checks. If you read all the notes, only Micheal Bloomberg's total also included contributions from his foundation as well as himself.

DO THE MATH!!!! It's still a drop in the bucket compared to what average Americans collectively contributed. if I take your list, of about 50 people X 50 million each (high average) that's 25 billion. Even if I add another 20 billion to that from 1% of the population, that's 45 billion. (being generous)
If I take a low year of contributions- $265 billion, thats still $220 billion contributed by low- middle income Americans.

 

[30ashopper]

Here's a chart composed by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution:

I'll let y'all chew on this for a while.

However, I will say this much. The deficit the current administration has put this country in leaves us indebted to countries like China, Saudi Arabia, etc; which is a huge national security threat. McCain's plan also leaves us with a larger deficit than Obama's plan from purely a tax perspective.

I'd definitely choose McCain. "Starve the beast."

Also, do people who make "up to 18K" a year really pay taxes? Married filing jointly up to 16K pay 10%, that's $160.00, so under Obama's plan, how are these people being taxed $600.00 less??

 

[Bdarg]

I'd definitely choose McCain. "Starve the beast."

Also, do people who make "up to 18K" a year really pay taxes? Married filing jointly up to 16K pay 10%, that's $160.00, so under Obama's plan, how are these people being taxed $600.00 less??

Check you math. 10% of $16,000 is $1,600 ;-), not $160.

I would be careful around the IRS with those calculation capabilities.

 

[30ashopper]

Check you math. 10% of $16,000 is $1,600 ;-), not $160.

I would be careful around the IRS with those calculation capabilities.

Doh! Bad calculator, bad bad bad.

I'd like to see both these cuts combined together. Drop the tax increases of course.