The chairmen of US President Obama’s National Commission on Fiscal Responsibilty and Reform has proposed the removal of the tax deduction for charitable donations, suggesting that it be replaced with a 12% tax credit. The tax credit would only be available for amounts beyond 2 percent of the taxpayer’s adjusted gross income and would be nonrefundable, meaning only people who owed income tax could claim it.
For more information: http://philanthropy.com/article/Key-Panel-Seeks-to-Revamp/125583/
Dec. 10, 2010
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