Why Limiting the Charity Tax Deduction Won’t Destroy Charities


Business & Money

At least one part of negotiations over the fiscal cliff appears misguided: Eliminating or capping the tax deduction for charitable contributions isn’t as big a deal as some fear.

Republicans have proposed raising $800 billion over 10 years by capping tax deductions for the wealthy, including highly popular breaks for mortgage interest, state and local taxes, and charitable giving. Democrats won’t hear of capping the tax deduction for charitable giving, which they say accounts for much or even most of the additional revenue.

“If you eliminated charitable deductions, that means every hospital and university and not-for-profit agency across the country would suddenly find themselves on the verge of collapse,” President Obama said on Bloomberg TV, as reported in The New York Times.  “So that’s not a realistic option.”

(MORE: Why the Coconut Craze Isn’t Helping Farmers)

Americans give about $300 billion a year. How much of…

View original post 625 more words

Advertisements

7 responses to “Why Limiting the Charity Tax Deduction Won’t Destroy Charities

  1. Lupe Wickware

    I’ve a experiencing this will surpass the overrated “Margin Call” may be Gere’s 1st Oscar nom too.

  2. free xbox live codes

    Hello There. I found your blog using msn. This is a very well written article. I will make sure to bookmark it and return to read more of your useful info. Thanks for the post. I will definitely comeback.

  3. how to make my hair grow faster

    Interesting article. It is quite unfortunate that over the last 10 years, the travel industry has already been able to to take on terrorism, SARS, tsunamis, influenza, swine flu, as well as first ever true global downturn. Through all of it the industry has proven to be strong, resilient in addition to dynamic, finding new tips on how to deal with trouble. There are constantly fresh difficulties and the possiblility to which the business must once again adapt and answer.

  4. Pingback: URL

  5. CEQshSLwqehs0E

    76949 270972Some times its a pain in the ass to read what people wrote but this web site is very user friendly ! . 745780

  6. free riot points

    This site was… how do I say it? Relevant!! Finally I’ve found something that helped me. Thanks!

  7. Erminia Demuzio

    Many homeowners are living in one of their largest tax deductions without even knowing it. This is especially true of people who have added on to their house or done some remodeling project recently. There are actually lots of different ways you can use home improvements for tax deductions. Sure, you can usually subtract the amount of interest you pay on your mortgage or home equity loans, but there are also a multitude of home expenses and upgrades you can use to reduce your taxable income if you meet certain requirements.`

    Hottest post on our own web site
    <'http://www.healthmedicinelab.com/symptoms-of-mono/

Like this post!! Add Your Comment here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s