Skip to comments.Fiscal Cliff Bill Hurts Charities & Donors
Posted on 01/03/2013 5:44:33 AM PST by Edmunds mom
The charitable deduction wasnt dumped off the fiscal cliff, but it was dented in the new law passed by Congress. That bill does not include cuts to your charitable tax deduction that are as big as President Obama proposed in his last budget, but it does trim deductibility for donors.
The most important stat is the swag Congress and the President expect to receive by cutting deductions: $152 billion over a decade.
Economic growth and wealth creation are vital to the charitable sectors health, which means punitive taxes will harm charities and wealth creators alike.
Too bad so few in the tax-exempt world ever stop to think about that fact.
(Excerpt) Read more at philanthropydaily.com ...
Donations to charities should not be done for the tax deduction but because your heart says it is the right thing to do. Those who truly donate will continue.
another (un)intended consequence of Republicans sitting on their azzes instead of voting for Romney. Just imagine how these negotiations would have played out if Obama had spent the last month packing his stuff rather than gloating and bullying. It was indeed “the most important election in our lifetimes” - and we muffed it.