Archive for July 21st, 2011

July 21, 2011

Special Report: Congress Considers Charitable Tax Deduction “Reform”

From time to time, as a special benefit to my blog subscribers, I’ll provide a bonus post that will not be broadly promoted. This special report concerns the debt ceiling/deficit reduction negotiations in Washington, DC.

While it looked like the debt ceiling/deficit reduction negotiations would not include reductions or caps to the charitable giving tax deduction, the so-called Senate Gang of Six has resurrected the idea. You can read the outline of the Gang of Six plan by clicking here. The reference to the charitable giving tax deduction is on page four.

Meantime, a coalition of nonprofit organizations and professional associations has sent a letter to Sen. Max Baucus, Chairman of the Finance Committee, to urge him to oppose any reduction or cap involving the charitable giving tax deduction. You can download a copy of the letter, including the list of signatories, by visiting http://mlinnovations.com/in_print.

Though late in the negotiations, it’s still too soon to know where things will end. In Washington, things can change at a moment’s notice. I’ll do my best to keep you updated on the important news. If you have any insights, please share them below.

That’s what Michael Rosen Says… What do you say?

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