Charitable Deduction Not Touched in Debt-Ceiling Deal
The tentative deficit deal between President Obama and House Speaker John Boehner does not make any changes in the tax deduction that donors receive for making charitable gifts.
The deal, which would trim the federal deficit by almost $2.5-trillion over the next 10 years, identifies $900-billion in spending reductions now and would require Congress to pass $1.5-trillion more in cuts by December 23. It is in that process that reducing or eliminating the value of the deduction could come under consideration.
- Companies:
- Association of Fundraising Professionals
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%0D%0A%20%20The%20deal,%20which%20would%20trim%20the%20federal%20deficit%20by%20almost%20$2.5-trillion%20over%20the%20next%2010%20years,%20identifies%20$900-billion%20in%20spending%20reductions%20now%20and%20would%20require%20Congress%20to%20pass%20$1.5-trillion%20more%20in%20cuts%20by%20December%2023.%20It%20is%20in%20that%20process%20that%20reducing%20or%20eliminating%20the%20value%20of%20the%20deduction%20could%20come%20under%20consideration.%0D%0A%0D%0A%0D%0Ahttps%3A%2F%2Fwww.nonprofitpro.com%2Faggregatedcontent%2Fcharitable-deduction-not-touched-debt-ceiling-deal%2F" target="_blank" class="email" data-post-id="17783" type="icon_link"> Email Email