Cant trust em
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Fri Feb-27-09 08:36 PM
Original message |
New budget to eliminate tax incentives for charitable donations? |
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Edited on Fri Feb-27-09 08:37 PM by Cant trust em
How does the DU community feel about this? As a fundraiser, I'm concerned that non-profits across the board will be taking hits eliminating direct services to the most vulnerable people in the economy. I know that the spirit of giving should be there whether you get a tax break or not, but let's face it, that's not always the case.
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jwirr
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Fri Feb-27-09 08:44 PM
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1. As someone who often needs their help I am also worried. |
rgbecker
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Fri Feb-27-09 08:53 PM
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2. There should be no tax consequences to donating or not! |
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The Gov'ment should stay out of the business of making judgments about which donations should be deductible. The argument that donations would dry up don't realize that these donations are made even though 90-65% of the donation is not reimbursed by the tax deduction. People want to give to their favorite charity or cause and will and the government should stay out of deciding which benefit from the IRS policy. Its always the rich that benefit by these deductions the most. That gives them undue influence in which charities thrive and which perish.
Also, why is the government supporting borrowing to buy a house, but gives no benefit to those who save and buy using cash. The decision to borrow to buy a house should be made on its own merits and not be influenced by the IRS.
The whole of schedule A should be reduced to the local RE, and income tax deduction.
A progressive can have these views so don't be calling me a libertarian.
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Thickasabrick
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Fri Feb-27-09 09:41 PM
Response to Reply #2 |
3. I disagree. There are a significant amount of people (we'll call |
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them assholes), who only donate to charity as a way to reduce their tax liability. Non profits would be hurt by this.
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Somawas
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Fri Feb-27-09 09:52 PM
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5. You could call them assholes, but you would be wrong. |
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There are charities I donate to from my personal funds. I'd donate to them without regard to whether I got the deduction. There are some that I donate to through my business. Most of those I doubt I would support from my personal funds. So I give to more charities than I would otherwise because I can deduct that cost. And I don't feel even a little apologetic for it.
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Thickasabrick
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Fri Feb-27-09 10:00 PM
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10. The assholes I am referring to are the people who only give because |
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of the tax write off. If there was no write off - they wouldn't give squat. You obviously do not fit that definition.
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Egalitariat
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Fri Feb-27-09 10:00 PM
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11. What percent of all charitable donations do you think are made by assholes?**** |
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According to your definition?
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Thickasabrick
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Fri Feb-27-09 10:02 PM
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12. I have no idea - the fact that some people donate only for the benefit |
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of a tax write off are in my opinion "assholes".
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Egalitariat
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Fri Feb-27-09 10:06 PM
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13. I don't know either. But I bet that asshole money is a huge percentage |
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of all charitable donations. And I bet it's just as effective as ideologue money when it comes to doing good.
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Thickasabrick
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Fri Feb-27-09 10:35 PM
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14. I am not arguing that - that's why I don't want to see that tax break |
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taken away. It's too important and I don't care where the money comes from as long as it continues to come.
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brentspeak
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Fri Feb-27-09 09:45 PM
Response to Original message |
4. Is your OP title a question to verify your concern, or is it actually in the budget? |
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I don't know the answer to that myself. Anyone here?
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The Velveteen Ocelot
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Fri Feb-27-09 09:55 PM
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6. They are not eliminating the charitable deduction. |
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As I understand it, those families whose taxable income is greater than $250K/year could deduct their mortgage interest and charitable deductions only at the 28 percent rate, not at the 35 percent rate (or the 39.6 percent rate, once Bush’s tax cuts expire after next year). Right now, every $1,000 in mortgage interest or charitable gifts generates $350 in tax savings for top earners; under the new plan the tax savings would be $280.
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ayeshahaqqiqa
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Fri Feb-27-09 09:58 PM
Response to Reply #6 |
9. Thanks for the clarification |
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I've volunteered and worked for non-profits for years, and I know that big donors are the ones who ask for receipts for tax purposes. Our small donors don't seem to care. But our small donations wouldn't pay for some of the big ticket items that the generosity of large donors have gotten us, including paying for the construction of our Health Education Center.
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ihavenobias
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Fri Feb-27-09 10:41 PM
Response to Reply #6 |
15. Exactly. Somehow a 7% reduction has been spun into "eliminated altogether" by the right. |
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And unfortunately that gross misrepresentation is spreading.
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ayeshahaqqiqa
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Fri Feb-27-09 09:55 PM
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7. I work for a nonprofit |
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and our big donations are indeed important for tax write-offs. Most of our small donations are not. But we never get enough small donations to equal the large donations, which pay for needed equipment.
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Cant trust em
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Sat Feb-28-09 04:05 PM
Response to Reply #7 |
18. By law, non-profits only have to provide acknowledgment over $200 |
CreekDog
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Sat Feb-28-09 04:45 PM
Response to Reply #18 |
20. why haven't you fixed your OP to reflect the truth of what is in the budget proposal? |
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do you want bad information to be out there and for you to be the source of it?
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Cant trust em
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Sun Mar-01-09 11:24 PM
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22. Because I was at work and I got busy. |
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It was phrased in the form of a question.
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mia
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Fri Feb-27-09 09:56 PM
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I think that eliminating tax incentives for charitable donations is a big mistake. Plenty of wealthy people like to have their names associated with particular causes. It is a legacy of sorts. How often do you hear of large anonymous donors? My son-in-law is a fund-raiser too.
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Kat45
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Fri Feb-27-09 11:57 PM
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16. I donate anyway even though I can't itemize and therefore can't deduct |
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I just don't have enough total deductions to make itemizing worthwhile. So even though I can't get the deductions from my taxes, I still give to charities. (Of course it's not much because I don't make much money.) Of course I can't speak for other folks.
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1
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Sat Feb-28-09 12:01 AM
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CreekDog
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Sat Feb-28-09 04:44 PM
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19. eliminate? why are you spreading false information? |
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we are talking reducing the deductibility for the wealthy and even that deductibility is only reduced slightly.
but of course, by saying "eliminate" you make it sound so much more alarming. :eyes:
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JimWis
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Sat Feb-28-09 05:32 PM
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21. As a seasonal tax preparer, I have not seen any correlation |
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Edited on Sat Feb-28-09 05:34 PM by JimWis
between the amount given to charity and how much people make or have in money. Some people give alot and some just don't, regardless of tax write off or their financial circumstances. But I have noticed that as the economy suffers, charitable giving suffers also. And this cut back in the giving, again, is done by both low and high income individuals. In my opinion, the tax write off does not have anything, or very little, to do with it.
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