Saturday, December 15, 2012
About That Charitable Deduction: Private Charity or Government as Charity?
“The White House and the nation’s most prominent charities are embroiled in a tense behind-the-scenes debate over President Obama’s push to scale back the nearly century-old tax deduction on donations that the charities say is crucial for their financial health.”
“The charities characterize the lobbying expenses as a sound investment given the money at stake: Americans donated nearly $300 billion to charity last year. The groups say they had to act because lowering the deduction would reduce giving, primarily by the wealthy donors who make the bulk of contributions. With their finances squeezed by the economy and state budget cuts, charities say this would force them to cut funding for services such as aid to the poor and artistic programs.” - White House, nonprofit groups battle over charitable deductions, Washington Post, 12/13/2012
Link to entire article appears below: