Wednesday, March 5, 2014
BIG’s Blog: Obama 2015 Budget Would Cap Charitable Deduction at 28% for Wealthy
This just out!
I didn’t vote for Obama, but don’t let anyone tell you that the Republicans aren’t seeking to limit tax write-offs for charitable giving. Last week Rep Dave Camp, the Republican who chairs the immensely powerful House Ways and Means Committee released his blueprint that would also limit deductions.
Both sides of the aisle and both ends of Pennsylvania Avenue are moving to limit deductions.
Well, mostly because they need revenue. Getting spending cuts in a democracy is … well, hard. So cutting deductions increases revenue.
Are wealthy donors going to quit giving if they can’t get a deduction?
It will have an impact … but less on faith-based organizations.
So assuming this becomes our “new normal,” what does this mean for nonprofits?
You had better figure out a way to broaden the base of supporters.
I don’t know how you do this without being on the Internet.
-MikeWelcome to BIG's Blog! Please feel free to forward this post to your friends and coworkers...and email me a comment at: email@example.com