WHY DO THE OBAMAS DONATE 22% OF THEIR INCOME TO CHARITY INSTEAD OF THE GOVERNMENT?
Do you think it is more important to have a tax policy that raises the most revenue at the least cost, in order to maximize job growth and economic opportunity - or to have a tax policy like the Buffett rule, which falsely claims it would make all millionaires pay a higher tax rate than their secretaries?
President Obama released his tax return last week, showing he had an effective rate of a little more than 20 percent of his income, even though he is rich by his own definition. One of major ways the Obamas were able to reduce their tax rate was by giving away 22 percent of their income to charity, which I applaud. But their actions raise several interesting points.
When we donate money to a charity, church or some other worthy cause, we are allowed a tax deduction, which means the government gets less of our money. The president and many in his party keep telling us that the government needs more money, but if they believe this, why are they taking charitable deductions? Why didn't they give it to the IRS which they say needs it so much?