I recent read about a law in Arizona that enacted a dollar-for-dollar tax credit for any individual (or company) that contributes to education. It allows taxpayers to donate up to $500 dollars for scholarships and get that money back, all of it, at tax filing time. According to the data, the program has raised $32 million since 1997 and funded more than 19,000 scholarships - 80% for children from needy families. I really like this idea, and I believe something we should institute in Texas especially considering or horrendous education problems. But I also think this kind of thing could be (and should be) extended nationally, especially in other areas such as donating to charity. Think about it, for every dollar people donate to the Red Cross they could deduct a dollar from their tax bill. I think this would be an excellent way of giving incentives for people to donate to good causes. Anyway, those are my two cents for the day.
2 comments:
That sounds like a decent idea, but if the government is going to be involved, they should be making sure that they only credit for charities that comply with state standards. The Red Cross is good and so is the ASPCA, but you wouldn't want people getting credit for money spent on scholarships that are racially selective.
Yeah, of course.
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