All this talk about “closing loopholes” in the tax code is just another word for tax increase. And there are 4 (four) areas where Obama is attempting to gut my wallet:
1) raising income taxes
2) ending deduction for charitable contributions (which is really nothing more than an attempt to close down churches as tithers would get creamed by ending this deduction)
3) ending deduction for health-insurance premiums
4) ending deduction for mortgage interest (this is not really an issue for me, but is for many other jmfcst's)
never mind the fact that the jmfcst’s are the bedrock of this economy:
1) those who have never taken government assistance
2) families who made the choice at the very beginning of parenthood to have one parent stay at home with the children, sacrificing economic gain for the good of the children, keeping their kids out of trouble and in school
3) those who support the community and help others in need
4) those who live frugally and make savings a priority
5) self-employed who pay BOTH sides of social security tax
Tithing would be affected, and therefore churches and charitable organizations, which do gets lots of money from higher-income folks, would be affected. But that amounts to about a 7% increase. Every dollar you give to charity effectively costs you only 65 cents. Under the proposal, that dollar would cost you 72 cents. A difference, but not a huge difference. Am I reading this right?
