clinton's assault on charitable giving

HILLARY CLINTONS COLLEGE PLAN INCLUDES AN ASSAULTON CHARITABLE GIVINGARLINGTON, VA Today, Hillary Clinton will reveal her newest spending proposal, a $350 billion college affordability plan. Clintons campaign has said limiting ta ded!ctions for the wealthy, incl!ding limiting the charitable giving ded!ction, will pay for the plan.This is another eample of how Hillary Clintons plans are "!st o!t of to!ch with reality. #ot only does Clintons proposal threaten charitable giving, b!t her plan is also one that has been re"ected every year d!ring $arac% &bamas presidency, incl!ding by 'enate (emocrats. Clearly Clinton simply wants to have the third term of a failed presidency with an idea re"ected n!mero!s times on a bipartisan basis. )itho!t a pay*for based in reality, her new spending plan wo!ld "!st blow a $350 billion hole in the b!dget. Clintons $350 Billion College Affordability Plan Will Be FullyPaid For By Limiting a! "edu#tions For $e Wealt$yClintons Proposed $!" Billion Colle#e A$$ord%&ilit' Pl%n (ill Be P%id )or B' C%ppin# T*e V%l+e O$ Ite,i-ed Ded+.tions (e%lt*' )%,ilies C%n T%/e On T*eir T%0 Ret+rns1 But her proposals, which would cost $35 !illio" o#er $ %ears a"d i"clude "ew re&i"a"ci"' optio"s &or those alread% stru''li"' with de!t, are a" a''ressi#e respo"se to what (a"% A(erica"s ) *e(ocrats a"d Repu!lica"s ali+e ) see as a worse"i"' crisis &orci"' %ou"' adults to (o#e !ac+ ho(ewith their pare"ts a"d stru''le to 'et out &ro( u"der repa%(e"t !ills, - .rs, /li"to" would pa% &or the pla" !% cappi"' the #alue o& ite(i0ed deductio"s that wealth% &a(ilies ca" ta+e o" their ta1 retur"s, The ta1 a"d spe"di"' ele(e"ts o& her proposal would "eed support &ro( /o"'ress ) a tall order, si"ce it is "ow ru" !% Repu!lica"s ) while the pla"2s 'oals would depe"d o" support &ro( state'o#er"ors a"d le'islators, (ore a"d (ore o& who( ha#e !ee" Repu!lica"s rece"tl%,3 45atric+ 6eal%, 6illar% /li"to" to O&&er 5la" o" 5a%i"' /olle'e Tuitio" 7ithout Needi"' Loa"s,3 The #ew +or% Times, 89$9$5: 2)+ll' P%id )or3 T*is Pl%n (ill Cost In T*e R%n#e O$ $!" Billion O4er 5" Ye%rs 6 And (ill Be )+ll' P%id )or B' Li,itin# T%0 E0pendit+res )or Hi#*7In.o,e T%0p%'ers18 46illar% /li"to"2s New /olle'e /o(pact,3 6illar% ;or A(erica2s The $riefing ;actsheet, Accessed 89$9$5: 2T*e C%,p%i#n S%id It (o+ld P%' )or It B' Li,itin# Ded+.tions )or Upper7In.o,e T%0 )ilers9 (*i.* President B%r%./ O&%,% H%s Repe%tedl' Proposed (it*o+t S+..ess18 4Laura .ec+ler a"d s a""ual !ud'et,would raise (ore tha" $@ !illio" i" the "e1t decade, accordi"' to the Treasur% *epart(e"t,3 4Lisa Lerer, 6illar% /li"to" To 5ropose $35 Billio" /olle'e A&&orda!ilit% 5la",3 The -ssociated .ress, 89A9$5:President %bama First Pro&osed Limiting a! "edu#tions'(n#luding "edu#tions For C$aritable )i*ing' (n +00, In :"";9 O&%,% Proposed Li,itin# T%0 Ded+.tions )or T*e (e%lt*'9 In.l+din# Ded+.tions )or C*%rit%&le Gi4in#9 To Help P%' )or O&%,%C%reIn :"";9 O&%,% Proposed Li,itin# T*e V%l+e O$ (e%lt*' A,eri.%ns Ite,i-ed Ded+.tions9 In.l+din# T*e One )or C*%rit%&le Gi4in#9 To P%' )or O&%,%C%re1 5reside"tO!a(a is ru""i"' i"to sti&& /o"'ressio"al resista"ce to his pla"s to raise (o"e% &or his a(!itious a'e"da, a"d the resulti"' hole i" the !ud'et is threate"i"' a (aBor health care o#erhaul a"d other polic% i"itiati#es, The ad(i"istratio"2s ce"tral re#e"ue proposal ) li(iti"' the #alue o& a&&lue"t A(erica"s2 ite(i0ed deductio"s, i"cludi"' the o"e &or charita!le 'i#i"' ) &ell &lat i" /o"'ress, lea#i"'the 7hite 6ouse, at least &or "ow, without $3$8 !illio" that it wa"ts to set aside to help co#er u"i"sured A(erica"s, At the sa(e ti(e, law(a+ers o& !oth parties ha#e war"ed a'ai"st (o#i"' too Cuic+l% o" a pla" to auctio" car!o" e(issio" per(its to produce (ore tha" $@ !illio",3 4/arl 6ulse, O!a(a2s Re#e"ue 5la"s 6it Resista"ce I" /o"'ress,3 The #ew +or% Times, D9$A9A: O&%,% Proposed Li,itin# T*e V%l+e O$ T*e T%0 Bre%/ )or Ite,i-ed Ded+.tions To :< Per.ent )or )%,ilies =%/in# =ore T*%n $:!"9"""1 I" a docu(e"t outli"i"' his ?$ !ud'et pla"s, 5reside"t O!a(a proposed li(iti"' the #alue o& the ta1 !rea+ &or ite(i0ed deductio"s, i"cludi"' do"atio"s to charit%, to ?8 perce"t &or &a(ilies (a+i"' (ore tha" $?5,, I" other words, ta1pa%ers would sa#e ?8 ce"ts o" their &ederal i"co(e ta1es &or each dollar do"ated,3 4Eu0a""e 5err%, O!a(a>s 5la" To Reduce /harita!le *eductio"s ;or The 7ealth% *raws /riticis(,3 The Chronicle &f .hilanthropy, ?9?@9A: 2T*%t (o+ld Red+.e B' As =+.* As :" Per.ent T*e A,o+nt (e%lt*' T%0p%'ers Co+ld Get In T%0 Bre%/s1 Under T*e C+rrent S'ste,9 T%0p%'ers (*o Are In T*ePer.ent Or ! Per.ent T%0 Br%./ets Use T*%t R%te To Cl%i, Ded+.tions18 4Eu0a""e 5err%, O!a(a>s 5la" To Reduce /harita!le *eductio"s ;or The 7ealth% *raws /riticis(,3 The Chronicle &f .hilanthropy, ?9?@9A:2T*e President S%'s T*e Propos%l On Ite,i-ed Ded+.tions > (*i.* (o+ld Also Appl' To Cl%i,s S+.* As =ort#%#e Interest > (o+ld R%ise $5s Ta1 5la",3 The Chronicle &f .hilanthropy, ?9?@9A:Sen%te De,o.r%ts Voted A#%inst Lo@erin# T%0 Ded+.tions On C*%rit%&le Contri&+tionsOn April :9 :"";9 !D De,o.r%ts Voted A#%inst Li,itin# C*%rit%&le Ded+.tions1 4E,A(dt,83 To E,/o",Res,$3, Roll /all Vote H$38I A(e"d(e"t A'reed To AD=3I R D=, * 53=?, I $=$, D9?9A:Se4er%l De,o.r%ts Opposed O&%,%s Pl%n To Red+.e T%0 Bene$its T*%t T*e (e%lt*' T%/e On Ite,i-ed Ded+.tions And Voted A#%inst Li,itin# T*e T%0 Ded+.tions On C*%rit%&le Contri&+tions1 *e(ocrats too+ pai"s to (a+e sure their respo"ses to O!a(a>s a(!itious !ud'et le&t out co"te"tious proposals, The% i"clude auctio"i"' per(its &or polluters to e(it'ree"house 'ases or reduci"' the ta1 !e"e&its that wealthier people ta+e o" ite(i0ed deductio"s such as charita!le 'i&ts a"d (ort'a'e i"terest, -Ee#eral #otes ta+e" i" the Ee"ate duri"' last wee+>s de!ate &urther eroded O!a(a>s positio", O" health care, the Ee"ate #oted AD=3 a'ai"st loweri"' the ta1 !e"e&its a#aila!le to wealthier people ta+i"' ad#a"ta'e o& deductio"s o" charita!le co"tri!utio"s,34A"drew Ta%lor, A"al%sisI /o"'ress Bac+s Eo(e O!a(a Goals, Not all,3 The -ssociated .ress, D959A:%bama -as Pro&osed Limiting a! "edu#tions' (n#luding"edu#tions For C$aritable "onations' .*ery /ear 0in#e :"5"In :"5"9 O&%,% Proposed To C%p T*e R%te At (*i.* Hi#*7In.o,e Ho+se*olds C%n Ite,i-e T*eir Ded+.tions At :< Per.ent1 5reside"t O!a(a, i" his proposed ?$$ !ud'et, is calli"' o" /o"'ress to (a+e a "u(!er o& ta1 cha"'es &or i"di#iduals, Eo(e ideas are "ew, .a"% others were (ade last %ear, !ut "ot e"acted !% /o"'ress, Eo the esti(ates o& the re#e"ue that (a% !e raised !% his proposals (a% !e o#erl% opti(istic, - The preside"t proposes to cap at ?8J the rate at which hi'h=i"co(e households ca" ite(i0e their deductio"s, /urre"tl% the #alue o& a deductio" is eCual to the deducti!le a(ou"t (ultipled !% o"e>s top i"co(e ta1 rate, which ca" ra"'e well a!o#e ?8J, Eo deductio"s will !e worth less to a hi'h=i"co(e ta1 &iler u"der the preside"t>s proposal,3 4s Bud'etI I(pact O" Kour Ta1es,3 /NN .o"e%, ?9?9$: 2C%ppin# Ite,i-ed Ded+.tions Is A Propos%l He =%de L%st Ye%r And It (ent No@*ere1 T*%ts In P%rt Be.%+se =%n' In Con#ress S%id It (o+ld Serio+sl' C+r& C*%rit%&le Gi4in#9 E4en T*o+#* T*%t Is Not A )ore#one Con.l+sion18 4s Bud'etI I(pact O" Kour Ta1es,3 /NN .o"e%, ?9?9$::"55In :"559 O&%,%s Proposed $DDE Billion Ao&s Bill (o+ld H%4e Li,ited T%0 Ded+.tions )or T*e (e%lt*9 In.l+din# Ded+.tions )or C*%rit%&le Gi4in#1 5reside"t O!a(a2s proposed $DDL=!illio" Bo!s !ill would !e &i"a"ced (ai"l% !% li(iti"' the perce"ta'e o& i"co(e wealth% do"ors could write o&&, i"cludi"' ta1 !rea+s &or charita!le 'i&ts, .r, O!a(a, who toda% released the details o& the pla" he outli"ed to /o"'ress last wee+, su''ested li(iti"' write=o&&s &or ite(i0ed deductio"s to ?8perce"t, The "atio"2s (ost a&&lue"t people are curre"tl% allowed to write o&& 35 ce"ts o& e#er% $$ the% spe"d o" charita!le 'i#i"', housi"', (edical e1pe"ses, a"d other deducti!le ite(s,3 4Lisa /hiu, O!a(a2s