September 16th, 2011

Soak the Rich? No, Soak the Needy

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I am one of those people President Obama continually tries to tax more aggressively. And I'm willing to pay more if the additional taxes are part of a sensible tax policy. But Mr. Obama wants to pay for much of his new jobs legislation by restricting the deductibility of charitable contributions (along with other items such as home mortgage interest and state taxes) by those he has defined as wealthy… At the moment a fine young woman is at the Mayo Clinic Medical School under a fellowship program I fund annually to pay her costs. She is a remarkable woman on her way to a superb medical career. If this new proposal either causes me to diminish my gift, or worse, to terminate it, I doubt the president would applaud.

Wall Street Journal, Opinion by Fay Vincent, 9/16/2011

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