Sigh.
Tax breaks for big (and already profitable) corporations funded by reduced benefit from donating to charity.
Sound compassionate to you? Me neither.
Tucked away in the American Jobs Creation Act (a corporate tax giveaway that was passed by Congress last week) is a provision to radically change/reduce the tax deduction benefit of giving your car to charity. This will generate $2.4 billion for the federal government over the next 10 years.
That's a good thing, right? After all, someone has to pay for the tax breaks to already profitable corporations, right? Why not Goodwill ($12 million a year from donated vehicles) and Volunteers of America ($10 million) and the other 4,300 charities that accept donations? I mean, these charities already have lots of money-- doesn't the federal government already fully fund their communities' needs? Or will corporate benefits result in less food for the hungry, shelter for the homeless?
Well, who cares? After all, there's a war on! Oh, I forgot, the SAME corporations benefit from that, too.
Makes me ill.
News coverage.
http://www.commondreams.org/views04/1013-27.htm
http://www.usatoday.com/money/perfi/taxes/2004-10-13-car-donations_x.htm
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