I was watching good morning america today and heard some news that baffled logical thinking to me. It was about what has been, for years, considered “normal tax breaks”.
Donating to charities if you were over age 70 was tax deductible. It sounds like this year after December 31 that those donation to charities can no longer be deductible.
They can still donate…but they wont get a tax break for doing so. That isn’t fair. I mean, geez even the big millionaires find ways of donating that dont dent their millions; they CAN AFFORD TO TAKE A TAX HIT, SENIORS CANT.
Decisions like this is crazy talk to me. With the economy being in the condition it is today; why would they cut the tax break for seniors. If a senior is in the enviable position of having a few “extra” dollars to contribute to social causes for charity it is a win-win situation; both for the senior as well as for our communities.
Times are tough (at least in my state). In fact, Michigan has “lost” 30,500 people in the last year to other states. Michigan and Rhode Island are the only two states to have lost large numbers of people; the other 48 states have shown population growth.
People here have had to cut back on not only extra expenses but, necessities as well. Charities have been making the news for the last few years because many of them have not had the finances they need to carry on their good works.
It is such an example of a dog chasing their tail. Now that they cut the tax deductions for seniors, there will be less money in the coffers of the charities that would have benefitted. That in turn, cuts the monies available to those in need, which then puts more people in line for federal and state help; which in turn, taxes more workers who can ill afford to have more taxes taken out.
I say, what happened to common sense?