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November 15, 2024

JD Vance is Right: Reduce the Power of Big Foundations to Help Charity

In his 2021 campaign for Senate, JD Vance, now vice-president-elect, minced no words in expressing his disdain for two of America’s largest private, philanthropic institutions: the Ford Foundation and the Gates Foundations.   Both are, he said, “fundamentally cancers on American society but they pretend to be charities, so they benefit from preferential tax treatment.” Their endowments, he continued,…

October 9, 2024

Kamala Harris’s Main Priority Is Expanding Welfare, Not Strengthening the Middle Class

Last week’s vice-presidential debate was chock-full of references to the middle class and plans to improve conditions for the middle class. That’s also a common refrain to the stump speech of presidential candidate Kamala Harris: She touts that she comes from the middle class, supports the middle class, and values the work ethic that defines the…

October 3, 2024

Stop the insanity. Our national debt now tops $35 trillion…

America’s political leaders have a spending problem.  They know entitlement programs feature benefit promises far exceeding their tax base, but have done nothing to make them sound. Meanwhile, both parties demand more spending increases — despite the national debt soaring to $35 trillion, or more than $100,000 for each American, rich and poor alike. Under rosy assumptions, over $20 trillion in…

August 30, 2024

When It Comes to Declining Donations, There’s More to the Story

To the Editor: New research showing a sharp decline in giving in 2018 — the year after passage of the 2017 Tax Cuts and Jobs Act — must be tempered by a consideration of the extent of nonitemized giving, which is often difficult to capture. Rasheeda Childress’s article “Donors Likely Giving $16 Billion Less Each…

August 29, 2024

Kamala Harris Wants to Turn the Tax Code into a Mammoth ATM

Given her liberal record, it’s no surprise that Vice President Kamala Harris’s recently released economic agenda calls for vast increases in benefits for low-income adults. But it should be surprising for that spending to be cast as tax relief since low-income adults pay few, if any, federal income taxes in the first place.  That’s the spin Harris…

August 6, 2024

Trump’s Tax Law Diminished Incentives for Charitable Giving, But We Can Fix It

Debate over the potential renewal of the so-called Trump tax cuts of 2017 will be building as their expiration approaches next year. The focus will likely be on corporate and personal tax rates. But there’s a less-appreciated but consequential side effect of the Tax Cuts and Jobs Act: its impact on charitable giving. Simply put,…

January 11, 2024

Tax Credit Nation — Politicians Are Casting New Spending As ‘Tax Cuts,’ Hiding Their True Cost

With the national debt soaring past $34 trillion, liberal politicians hoping to expand the federal leviathan face a conundrum. How can they convince Americans wary of the effects of runaway government spending—painfully evident in recent elevated inflation and interest rates—to nonetheless support even greater expenditures? As President Biden and others demonstrate, one way is to cast new…

January 10, 2024

Even Congress’s “Tax Extenders” Are About More Benefits

Congress’s long list of unfinished business for the new year includes “tax extender” legislation, which is normally considered before lawmakers adjourn for the holidays in December. The fact that this legislation has lingered into January isn’t the only oddity. In an era of already rapidly rising spending, the more troubling anomaly is much of that supposed…

November 13, 2023

How The IRS Discourages Boomer Charity

Americans like to call ourselves the most generous nation on earth — but charitable giving is on the decline. In 2022, it fell 3.4% (10.5% when adjusted for inflation) to fall under $500 billion. It was only the fourth such decline in 40 years. What’s more, individual giving —  distinguished from that of foundations and corporations…

October 23, 2023

A Carbon Tax to Finance Child Tax Credit Expansion

A carbon tax is considered by most economists to be the most efficient and effective way to reduce carbon emissions. However, a long-standing political challenge to a carbon tax is the perception that it would disproportionately burden low- and middle-income households relative to high-income households. Many analysts and lawmakers have proposed using carbon tax revenues…