Tax Relief: Let?s Be Fair And Charitable
Any tax scheme should reflect a nation?s goal to increase productivity and to improve the lives of people of all income and social levels. As it is now, the U.S. tax system has too many inequities. Let?s look at a few:
1. Successful small entrepreneurs must give almost 50% of their income to government in taxes
2. Most Americans can?t deduct their charitable donations
3. Marriage often means that a couple will be subjected to higher tax burdens
4. Farms and businesses owned by families are sold to pay death tax
5. Single parents (usually women) are in a higher marginal tax bracket than the wealthy
This is not a fair system and a tax plan must provide tax relief for those who belong to the groups described above.
When the income tax was established, the importance of supporting and encouraging charitable donations by providing a deduction for doing so was realised. Unfortunately, a whopping 70% of persons who file taxes cannot deduct the donations to charities because these deductions are not itemized.
While the intention is not to make the wealthy ?pay? for being wealthy, a fair, balanced tax relief must see the more affluent citizens bearing a bigger portion of the tax load; and by allowing each taxpayer to deduct her/his charitable donations by expanding this deduction to non-itemizers, millions or even billions more will be gained in charitable contributions.
So let?s encourage the government, through the way we vote and lobby and protest, to be for fair and charitable in the tax plan, so that we all - rich or not-so-rich - would get that tax relief.