In Friday’s (11/30) Chronicle of Philanthropy, Doug Donovan reports, “Nonprofits are stepping up the pressure on Congress and President Obama to protect the charitable deduction as elected officials continue to debate spending cuts and tax increases to reduce the national deficit. More than 225 nonprofit leaders are scheduled to arrive in Washington on Tuesday to begin a two-day lobbying effort to warn Congress about what they say will be great harm to their organizations if the charitable deduction is reduced. They will arrive with new polling data released this week by United Way Worldwide that shows widespread public support for protecting the charitable deduction. … Nonprofits say donations have already been hurt by the slow economy and any decrease in tax breaks will just give donors more reason to reduce their gifts. … President Obama has proposed reducing from 35 percent to 28 percent the amount wealthy people could write off from their charitable gifts. … In addition, a proposal introduced by Mitt Romney during the presidential election is now gathering support. Mr. Romney proposed capping all itemized deductions, including the mortgage deduction, at $17,000 to $25,000.”
Posted December 4, 2012
