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More on Charitable Deductions

By Intellectual Property Law, Esq.

From page 1 of this morning's New York Times:

"What the Democratic barons of Congress liked best about President Obama?s audacious budget was his invitation to fill in the details. They have started by erasing some of his. The apparent first casualty is a big one: a proposal to limit tax deductions for the wealthiest 1.2 percent of taxpayers. ... [T]he chairmen of the House and Senate tax-writing committees, Senator Max Baucus of Montana and Representative Charles B. Rangel of New York, have objected to the proposal, citing a potential drop in tax-deductible gifts to charities."

Later, the story adds:

"[Treasury secretary] Geithner staunchly defended the proposed limit, telling the House Budget Committee it would affect few taxpayers and still let them take deductions at the same level as in the Reagan years: a 28 percent rate, nearly twice what most taxpayers can claim. The White House has sought to broaden that defense, emphasizing that the impact on charitable giving is likely to be small and that the proposal is hardly radical. Mr. Geithner has called it 'fair and reasonable.'"

Previous post on this subject here.

Full post as published by The Art Law Blog on March 10, 2009 (boomark / email).