A federal judge has rejected a motion filed by the U.S. Department of the Treasury to dismiss a California lawsuit that challenges tax breaks that ministers can receive on housing. The tax write-offs have been permitted under section 107 of the Internal Revenue Code for ministers of all faiths since the 1950s. In a May 21 ruling, U.S.
The White House’s budget proposal to reduce the tax deduction for charitable giving from 35 percent to 28 percent for wealthy givers “would equalize” the benefit common to all taxpayers who itemize their returns, said President Obama in his March 24 news conference.
Religious groups may be spared general decline in giving
Apr 21, 2009
The White House’s proposed 2010 federal budget calls for reducing the deduction for charitable contributions for the nation’s wealthiest taxpayers. Some religious groups are asking how that will affect their bottom line. The answer: it on depends who you ask.
In the course of discussing tax policy with an unlicensed Ohio plumber, Barack Obama suggested that “spreading the wealth around” a bit more would be good for the country. Obama was trying to explain why he wants to impose a modest tax increase on people who make more than $250,000 a year while reducing taxes on those making less than that amount.
To worry publicly about the increasing disparities of wealth and income in this country is to invite the charge of fomenting “class warfare.” Nevertheless, consider: Top CEOs earn 1,000 times the pay of an average worker—a ratio that has increased exponentially in the past three decades.
The U.S. Post Office says it will need $2.5 billion for additional security in response to the biological war being waged against Americans through the mail system. The airlines have already received a $15 billion bailout in the wake of the September 11 attacks.
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