Sunday (4/17) on The Hill blog On The Money, Vicki Needham reports on a debate over taxes that could have implications for orchestras. “A clear majority of those polled oppose reforms that eliminate tax deductions to either lower tax rates or reduce the federal budget deficit, several of which are included in congressional proposals related to the budget,” Needham writes. “Of the respondents who were asked about eliminating the deductions as part of a plan to lower the overall tax rate, 61 percent oppose eliminating the mortgage interest deduction, 62 percent are against nixing the state and local taxes deduction and 71 percent don’t want to lose their ability to write off contributions to local charities, according to a USA Today/Gallup poll. When asked about eliminating the same deductions to reduce the federal budget deficit, 68 percent oppose eliminating the mortgage interest deduction, 58 percent oppose ending the deduction of state and local taxes and 60 percent don’t want to lose their ability to deduct contributions to local charities.”
Posted April 21, 2011
