Socialism and communism

[BTFeather55]

Kasz216 said:

Final-Fan said:
I understand that it's not small potatoes, but that doesn't mean you aren't blowing this completely out of proportion and inventing/promoting conspiracy theories.

Take your time with any reply as I'm off to work.

I think it's easier if you go through the math of what Obama wants and go through how this would work.

Normally if I were a rich guy and i were to donate 1,000 dollars to charity.  I would no longer have to pay income tax on that 1,000 dollars.

Now Obama wants to change the law so that if you donate 1,000 dollars to charity you have to pay 100 dollars per 1,000 donated.

So for every 1,000 donated to charity, the government makes 100 dollars.  For every 1,000 dollars not donated to charity that would have been... the government makes 350.

Now... someone may want to double check my math since i'm tired... however.

 

He expects this to generate 18 billion per year.

If Charity giving were to drop by 4 billion.  That would be a gain of 1.4 Billion.

Four Billion/Onethousands X 350 = 1.4 Billion

So... Ignoring the fact that people will give much less in 09 then 06.

That gives us around 200 Billion total as far as charitable giving.

Assuming that it was all donated by that tax bracket... that would be 20 Billion.

So either he expects more of a loss to charitable giving... the top tax bracket gives an inordinante amount of money away to charity.

18 Billion - 1.4 Billion =  16.6 Billion.

So he's over by 3.4 billion.

So that would mean the rich donate 83% of all money given to charity?

With the 17% left being split among all the lower tax brackets AND corporations?  (Or just the tax brackets if we assume they were talking about just personal giving.)

That can't be right.  The number shrinks even below 17 when you realize that the number will actually be lower in projections.

 

Edit: Actually I screwed up and put 250 instead of 280.  Making the situation look even worse for Obama's projections.  Since instead of 100 per donated 1000 it would be $70.

Making from that 200 million a gain of 14 billion.  Combining for a grand total of 15.5 Billion.  If all money was given by the top bracket.

I mean... I don't see where Obama is getting his numbers here if he expects a mere 2% drop.  Unless you can see a flaw in my math.

 

 

     If you're a rich person and complaining about the fact that you have to pay $100.00 out of every $1,000.00 you donate to charity in taxes, then there's something wrong with you in the first place.  That's only 10% of the amount you donated.  If Obama was asking them to pay 50% or even 25% in taxes, that could be something to complain about.  But trying to complain about just 10% of it?  What is the rich person's name, Ebeneezer Scrooge?