“If you’re a teacher making $50,000 a year and decide to donate $1,000 to the Red Cross or United Way, you enjoy a tax break of $150,” Mr. Orszag wrote. “If you are Warren Buffett or Bill Gates and you make that same donation, you get a $350 deduction, more than twice the teacher.”
(Actually, Mr. Buffett’s overall tax rate was somewhere around 17 percent, according to his testimony before Congress, and thus his deduction would be less than the teacher’s. Mr. Gates has not disclosed his tax rate.)
Charities Say Government Is Ignoring Them in Crisis
“If you’re a teacher making $50,000 a year and decide to donate $1,000 to the Red Cross or United Way, you enjoy a tax break of $150,” Mr. Orszag wrote. “If you are Warren Buffett or Bill Gates and you make that same donation, you get a $350 deduction, more than twice the teacher.”
(Actually, Mr. Buffett’s overall tax rate was somewhere around 17 percent, according to his testimony before Congress, and thus his deduction would be less than the teacher’s. Mr. Gates has not disclosed his tax rate.)