“‘Donate’ $10 million in stock to charity, purchased for $6 million — then get all $10 million back in tax credits and avoid more than $1 million in capital gains taxes. Massive benefits for already rich individuals — you gotta love it. And it’s all created by House Resolution 1 in Congress — the “One Big Beautiful Bill Act.” Kansas Reps. Ron Estes, Tracey Mann and Derek Schmidt all voted yes for it…
“The federal voucher would benefit families with incomes at or below 300% of the area’s median income. In Johnson County, this includes families earning over $320,000, based on 2023 data…
“Evidence shows we shouldn’t support vouchers at all. More than 60 of 105 Kansas counties don’t have private schools. Those that pop up in response to vouchers have a terrible track record of student learning losses. Elite private schools parents dream of can still deny any child admission for any reason they want. Vouchers overwhelmingly benefit students already enrolled in private schools (92% in Oklahoma), and raise tuition at private schools (21-58% in Iowa), keeping them out of reach for low-income families, even with the voucher. One Big Beautiful Bill creates one big beautiful windfall for one type of charitable contribution, unavailable for any other cause — wildly unprecedented cronyism in the federal tax code. Whether the ultra-wealthy agree with vouchers or not, their accountants would be absolutely negligent in their fiduciary responsibility if they don’t recommend this profitable way to liquidate appreciated stocks. Research from the 501(c)(3) nonprofit Institute on Taxation and Economic Policy notes it harnesses ‘wealthy families’ interest in tax avoidance and personal profit as a means of bolstering private schools at the expense of public budgets’ — to the tune of $26 billion of federal and state dollars over the next 10 years if capped.”
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Originally posted to Facebook on 6/2/25.