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I have a question. Will spreading the wealth, by placing higher taxes upon the rich affect medical research? I'm not talking about the NIH, but private corporations who give vast amounts for medicial research, ie diabetes. Something to think about. Until World War II (1939-1945), most money for medical research in the United States was donated by wealthy individuals, industry, and universities. Scientists resisted government funding because they feared losing the intellectual freedom to study as they chose. Since the 1940s, however, the Federal Government has taken a major role in funding biomedical research. The National Institutes of Health (NIH) in Bethesda, Maryland, is the biggest government source of research funds. NIH is an agency within the U. S. Department of Health and Human Services. In 2001, the NIH planned to spend about $20.3 billion on biomedical research, distributed to scientists in colleges and universities to conduct specific research projects. The pharmaceutical industry spent about $26 billion on research in 2000. The next largest source of funds is the Howard Hughes Medical Institute (HHMI), which spends about $554 million annually. Other major funding sources are private foundations and voluntary health organizations. Private foundations are organizations established by wealthy individuals. Among those active in biomedical research are the Charles A. Dana Foundation, the Lucille P. Markey Foundation, and the Whittaker Foundation. Voluntary health organizations are charities supported by contributions from members and the public. Major voluntary health organizations include the American Cancer Society, the American Heart Association, and the American Diabetes Association. Just curious about your thoughts on this. Trekker
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Good question, Pat. I'm thinking that most of these foundations are not-for-profit entities and, as such, already don't pay taxes, so they shouldn't be affected. As for donations from industry, not sure. Any money they donate is considered a tax-deduction (not sure on which schedule), but it reduces the amount of profit on which they have to pay taxes, so it may not make a difference. Perhaps someone else may know more about how for-profit corporations benefit (or don't benefit) from donating money. Ruth |
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Since it is very doubtful that large corporations are making donations based totally on benevolence, I would imagine there is a substantial tax benefit (break) involved. In that case it seems they would have an incentive to contribute even more to research if their tax rate increases. Terri |
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