Economy

Why Does Obama Hate Charities?!

President Obama last night:

Let's go back to the rate that existed under Ronald Reagan. People are still going to be able to make charitable contributions. It just means, if you give $100 and you're in this tax bracket, at a certain point, instead of being able to write off 36 percent or 39 percent, you're writing off 28 percent.

Now, if it's really a charitable contribution, I'm assuming that that shouldn't be the determining factor as to whether you're giving that $100 to the homeless shelter down the street.

Brilliant. Listening to the tea baggers and the far-right talkers, you'd think the president entirely dropped the deduction. It's actually a reduction of literally pennies on the dollar. But notice in particular how he shamed the far-right and super rich for arguing that charitable giving is contingent upon the deduction.

[Typo corrected.]