Both Parties Question Eliminating Deductions

Well, it seems President Barrack Obama is facing a challenge from his own party now. That's right, even Democrats are questioning the Presidents plan to eliminate or at least reduce tax deductions for those over a certain income, according to CBS News.

President Obama's proposal to limit itemized tax deductions for high earners is running into opposition from key Democrats in Congress who worry that charities and the housing market would be hurt.

Senate Finance Committee Chairman Max Baucus questioned Wednesday whether the proposal was viable, a day after his House counterpart also expressed reservations.

Not surprising, since the richest members in Congress are the Democrats and not the Republicans. They don't want to lose those deductions.

"I would never want to adversely affect anything that is charitable or good," the New York Democrat said.

Republicans have been even more critical of the proposal, saying it would reduce charitable donations at a time when many charities are struggling.

I'm sorry, but charities are always struggling and if you are only giving for the deduction, then you are giving for the wrong reason. Heck, I remember when donations to political campaigns were tax deductible. Yet, there are more donations flowing into those campaigns then ever before, even without the deduction.


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