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Kettle Moraine, WI | I think there is a solution to that that doesn't involve increasing tax rate or introducing new form of tax:
End or Cap charitable contributions
I am not against charity or foundations but they are a huge vehicle to keep wealth and influence politics, culture, and societal change.
Some pledge to give 99% of their wealth. You betcha they will. Bypass the personal tax through charitable deduction, have their business contribute tax free, get their buddies to make a legal payoff to them by contributing to their charity. They keep all of their influence and power, get the social credit for being charitable, and have another vehicle to pay them time and expenses for speaking about how great they and their thoughts are.
One little line of tax code to Cap charitable donations at 10k or 20k and the wealthy will drop the charitable charrade.
It won't happen, but it could literally be that simple. If you need a tax deduction to donate, are they that charitable? Tax exempt charitable deductions also exponentiate the charitable donations beliefs by voting with their money but also the money that should have went to tax but actually stayed with the person. | |
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Benefits/Pitfalls of a guaranteed basic income as proposed by the Canadian government
