Tax Planning For Freedom: The Arizona School Choice Trust
This is the time of year when investors and individuals are thinking about tax planning. Many will be looking to take portfolio gains or losses to minimize taxation. Others will be looking for charitable deductions to achieve similar ends.
Is there a way to combine personal economic needs, and charitable instincts in a way that enhances freedom?
Yes, there is: contribute to the Arizona School Choice Trust.
ASCT is Arizona’s oldest STO (Scholarship Tuition Organization.) This organization pioneered the idea of school choice in Arizona, which in turn, led the nation in the direction of educational freedom. The vision of Jack and Isabelle McVaugh, coupled with the intellectual firepower of Nobel Prize-winning economist Milton Friedman, forever changed the landscape of education in Arizona and the nation.
The school choice movement is one of the few lasting changes conservatives and libertarians have been able to achieve.
Since the founding of public education, it was generally felt that children should attend a public school based on their geography. This often ignored the needs of the students and made students and parents captive of a monopoly system without the freedom to choose what was felt best for the student and the family.
As years went by, much of the educational system was captured by left-wing and teacher union forces, and now parents have to contend with poor educational outcomes, severe discipline and safety issues, and twisted morality.
At one time, public schools were pretty good in the country. Having attended public schools myself, that can be said as a fact. But those days are now gone and parents need the opportunity of choice. Having the choice is no longer a luxury, it is a necessity.
But not all parents can afford the choice. ASCT still stays with its original mission of giving scholarships to attend school to those of lower income. Hence, the charitable function that was alluded to earlier.
For every dollar you contribute (up to a limit of $2,609 for a married couple filing jointly in 2023), you get a dollar-for-dollar reduction in your Arizona state income tax obligation. For a single taxpayer for 2023, the limit is $1,307.
So, here is the deal: You get to reduce your taxes at the same time you help less fortunate children escape the bad schools they otherwise would be forced to attend. You get a dollar reduction in your tax burden for every dollar you give to a good cause.
You may call ASCT, ask questions, or donate by phone at 623-414-3429.
Or, you can visit their website at ASCT.org.
You may pay with a credit card if you wish.
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Image Credit: ASCT
