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Ambassador Earl Mack, former New York State Council on the Arts chairman, on the charitable tax deduction potentially being taken away, and the fallou...
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It limits it.
Our next guest says that would be a terrible idea -- -- -- former chairman of the new York state council on the arts so welcomed the program -- to have you with us.
Good morning -- here today -- I'm I'm pretty good now.
If you get to restriction on the charitable tax deduction always eliminated.
-- I understand that charitable contributions will probably go down I I can see that happening.
But doesn't that imply.
That the whole reason for giving to charity is to get a tax break as opposed to supporting the good that that charity does.
That's that's a misnomer.
So many people think of that -- giving something to do rich.
And the wealthy.
Buy -- giving them the tax break well.
And firstly.
The the charitable sector.
Is all one point nine trillion high repeat one point nine trillion dollar industry it's five and a half.
-- 6%.
Of our economy.
And and charitable organizations.
Like.
The Salvation Army red the Red Cross united way.
For example united way.
Point point 9%.
Of -- of of their contributions.
Over it well over 101000 dollars.
Our financial.
15% of their budget.
And it just to give you winning -- I don't think I understand what mr.
ambassador I I I understand that charity is big.
And I understand that a tax deduction is an incentive.
To give to take a look at that look at official or look at the service -- -- -- -- -- good I don't see that but it is little.
It should we be an issue -- trying to get at here is.
If it's just to get a tax deduction.
That detracts from the motives to be charitable doesn't is not so much a good thing.
-- a tax break Norman.
Well it's been this.
Way for over a hundred years and and it works and I think that giving is God's gift.
And if you get a tax -- and you incentivize.
The -- to help the homeless to help the poor.
To feed the hungry and that's a good thing OK let you -- don't -- consider ourselves as a community and got.
And -- Oklahoma percent.
You say that charitable giving is a one point nine trillion dollar industry in this tell you -- -- to god that your let's now let's suppose that the charitable tax deduction was eliminated completely.
What do you think that number would go down to one point nine trillion to walked.
Well I think it will go down more in proportion and then.
Then the carts because charitable organizations.
Are very very cautious and -- their revenue -- go down.
By it's a 10%.
They'll cut back 20%.
And and let me.
That it available didn't give me a number meet its one point nine trillion and you eliminate the tax deduction was it come down to a trillion all less and get an idea.
Well I think that'll -- march 6 reports that the elimination.
Would probably carpet and half will.
It's a -- -- so I'm out of time.
That that is a dramatic number I don't I don't think many people expect the deduction to be completely eliminated.
But if you did that -- -- in half would be a very serious thing and a few plants were to go down -- mr.
long.
Okay that's important stuff mr.
ambassador and -- a former ambassador to Finland that's why address address -- mr.
ambassador.
Thank you very much for joining us this is a very important -- me okay sir thank you.
Next case dozens of assault weapons flying off the shelves by the allies at one particular gun -- will bring you the store owner in a moment and ask him what's going on who's buying and --
