Ben Buchwalter


Economy’s Impact on Charitable Giving
March 24, 2009, 7:57 pm
Filed under: Barack Obama, Economy | Tags: , ,

I really enjoyed Obama’s press conference tonight. I joked on Twitter that press conferences were more interesting when our Prez was a dolt. But really, I like it better this way (well, who doesn’t?). I thought one of the most interesting questions of the night came from Politico’s Mike Allen. The essence of his question (and I don’t have the text in front of me) was whether the implementation of progressive taxation would negatively impact charitable giving. The idea being that the country’s wealthiest individuals could be less likely to give to charity if their taxes are raised.

Obama said he didn’t agree with this reasoning at all. Raising taxes on the top 5% will not run them into the ground. Yes, people are saving everywhere they can and the current economic climate won’t be good for charitable giving. But that cuts across the board regardless of how people are taxed. Obama rightly concluded that what will permanently harm individual giving is allowing the economy to continue to tank. So if we think creatively about how to get us out of this mess, even if it means raising taxes a bit on the wealthy, then we could get out of this crisis faster and more permanently.

I was glad to hear Obama stick to his guns advocating for progressive taxation.

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