Charitable Giving Deductions At Risk

Fri, 11/18/2011 (All day)

CAAFrom our state partner, California Arts Advocates: The Supercommittee of Congress is looking at changing itemized deductions (which would include the charitable giving incentive). The tax deductions for second homes and charitable deductions could be slashed or eliminated as part of the agreement.  The Obama Administration has proposed capping the value of charitable deductions to 28 percent for those taxpayers who itemize. Currently, the value of the deduction is tied to the marginal income tax rate the donor pays; 35% for the highest earning families. The proposal is being used to help close revenue gaps for everything from the newly enacted health care law to federal deficit reduction.

To take immediate actions, you can call, email, and tweet your member of Congress and encourage him or her to maintain tax deducations for charitable giving.  CLICK HERE to find the information for your member of Congress, receive suggested talking points and learn more about the potential changes.