Follow BeltwayBlips on Twitter
A Falloff In Charitable Contributions?
The Atlantic Politics Channel —
The first battle lines of the FY 2010 budget are hereby drawn; figures as diverse as CNBC's Maria Bartimoro and Majority Leader Steny Hoyer say that any limitation on itemized deductions for taxpayers earning over $200,000 individually will severely limit charitable giving. Hoyer calls it "clearly one of the greatest concerns." Bartiromo worries about the "unintended consequences." But this sounds like a talking point. If wealthy people want to give money, then they should give, regardless of tax benefits. Also: if you're inclined to oppose higher taxes on rich people, wouldn't this be the first way you'd try to sell your opposition to the American ...
Are charitable contributions really at risk under Obama budget?
Top of the Ticket —
It is the buzz of the philanthropy world, news that President Obama's fiscal 2010 budget blueprint cuts tax deductions for charitable donations (and other items) for Americans in the top income brackets.
While some fear a falloff in donations, others are asking about motive. Would wealthy Americans really stop giving to charities if their deductions were reduced?
Under the president's plan, itemized tax deductions for charitable giving and mortgages would be capped for those earning more than $250,000 a year. Changes would be phased in gradually over the next few years. So in 2010, instead of getting a 33% or 35% ...
