Posts tagged ‘Paul Ryan’

July 7, 2016

Should You Worry about Election-Year Tax Plans?

As Americans, we should be generally concerned with who our next President will be. The outcome has both personal and professional implications for you, even if you’re one of my international readers.

Presidential Seal by Jason Seliskar via FlickrWho will be best for the future of the nation and the world? Who will voters elect?:

Whether you’re a nonprofit manager, fundraising professional, and/or donor, you should also be concerned about which of the candidates will be best for the charity sector. Government policies, particularly tax policies, can have a significant impact on charitable giving.

If new government policies lead to greater economic growth, nonprofit organizations will likely benefit. Giving USA has shown that charitable giving consistently correlates to roughly two percent of Gross Domestic Product. So, if the nation experiences more robust economic growth, we can expect more robust philanthropic growth. The converse is also true.

If new government policies lead to greater personal income, nonprofit organizations will likely benefit as Giving USA has revealed that giving also consistently correlates to approximately two percent of personal income.

So, which Presidential candidate is best? Well, that’s a simple question with a complex answer. Evaluating the potential impact of each plan will never generate a consensus among economists. Furthermore, it’s doubtful that any of the plans will be adopted as presented. Congress will still have its say. And Speaker of the House Paul Ryan has introduced his own tax proposal.

While I will not tell you which candidate will be best for the country and the nonprofit sector — I don’t happen to own a crystal ball — I will provide you with a few key, relevant highlights of each plan. I hope you’ll then take the time to learn a bit more about each candidate and his/her proposals so that you can make an informed choice this November and be prepared when change arrives.

I also encourage you to visit the seemingly non-partisan website I Side With to take a quiz that will match your answers with the positions the candidates have taken on a variety of issues. At the conclusion of the quiz, you’ll be told how your positions align with those of each of the candidates. The results might surprise you. If you’re one of my international readers, I still encourage you to take the quiz to see how our presidential candidates align with your values so you’ll know who to root for.

Now, let’s take a brief look at some of the highlights from the various tax proposals:

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September 28, 2012

How Much Do the Candidates Donate, Pay in Taxes?

This Presidential Election campaign season, the mainstream media has paid a great deal of attention to candidate tax returns. Now, I’d like to join the conversation by looking at the candidates’ 2011 federal tax returns.

In this post, I’m not going to suggest that one candidate is better than the other. I’m certainly not going to endorse a candidate.

While we may disagree on what the numbers mean or whether they mean much of anything at all, I suspect we’ll all agree that the numbers are interesting to look at, at least for a few moments.

From the perspective of public policy, Barack Obama wants to limit tax deductions for charitable giving. For his part, Mitt Romney has hinted that he may also seek to limit the tax deduction for charitable giving but, so far, he has not offered specifics about where he stands on the details of tax policy.

So, I thought it would be worthwhile to review how much money each candidate has contributed to the US Treasury and to the nonprofit sector.

I’ll leave it to you to decide how relevant or important this information is to your voting decision or what you think the potential impact is for the nonprofit sector.

I’ve put together the following chart based on a Fox News report that looked at candidate tax filings for 2011:

 

CATEGORY

OBAMA

BIDEN

ROMNEY

RYAN

ADJUSTED GROSS INCOME

$789,674

$379,035

$13,696,851

$342,416

CHARITABLE DEDUCTION

$172,130

$5,540

$2,250,772

$12,991

CHARITABLE GIVING %

21.8%

1.5%

16.4%

3.8%

FEDERAL TAXES OWED

$162,074

$87,900

$1,935,708

$64,764

EFFECTIVE TAX RATE

20.5%

23.2%

14.1%

18.9%

GIVING + TAX %

42.3%

24.7%

30.5%

22.7%

 

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