Days ago, the US Senate passed the Senate Budget Resolution by a vote of 50-49 with one senator not voting. During the deliberations leading up to the vote, the Senate refused to consider an amendment offered by Sen. Roy Blunt (R-MO) and Sen. John Thune (R-SD). That amendment would have protected the charitable deduction.
When the House and the Senate come together to reconcile their budget proposals, one of the items they will likely discuss is whether to preserve, restrict, or eliminate the tax deduction for charitable giving.
For now, it’s impossible to predict what will happen. We don’t even know if a final budget will be adopted before the mid-term Congressional elections in 2014.
You can read more about this in one of my previous special reports: “Charitable Giving Deduction in the Crosshairs, Again.”
If you want to see the charitable deduction preserved, contact your Representative and Senators and let them know.
Whether you’re for preserving the deduction, in favor of changes, or simply indifferent to the debate, be sure to start preparing for what might ultimately happen so you’re not caught by surprise.
That’s what Michael Rosen says… What do you say?
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