In Friday’s (2/15) Wall Street Journal (subscription required), John D. McKinnon writes, “Lawmakers have begun taking on one of the more sensitive issues in the tax code, the treatment of charitable donations, as efforts to overhaul the tax system cranked up again. Charities urged the Ways and Means Committee not to further limit tax deductions for giving, saying at a hearing Thursday that it would reduce donations. People who itemize represent barely one quarter of all taxpayers, but are responsible for more than 76% of individual contributions to charitable organizations, said Diana Aviv, president of Independent Sector. She told lawmakers that reducing the deduction should have ‘no place’ in deliberations over rewriting the tax code. … A number of proposals for further limiting itemized deductions have surfaced, as lawmakers look for ways to reduce loopholes and other tax breaks that reduce revenues and clutter the tax code.”
Posted February 15, 2013
