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Originally Posted by dellinger63
Yea you all figured it out. The rich give for deductions. They love giving a million and getting $350K as a deduction. Great business and all. It gives them the feeling of being a legislator.
Sad part about this is Universities and Hospitals, large recipients of endowments and donations will take a hit but I know there are more important factors than Healthcare and Education to deal with right now. Like making it fair, tax-wise for low income people to give to charity. Talk about taking your eye off the ball!
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Yes, people in that earning level certainly do give for tax deductions, it's an important part of tax planning for that income bracket.
The estimate is that charitable donations would decrease by 1.7% (Obama team) to 3.7% worse case scenario (some independent org that monitors charitable deductions whose name I can't remember, I read it yesterday)
But again, there are already so many Dems and Repubs against this, it won't pass in the fall.