US considers removing charity tax deductions

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.

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Dec. 10, 2010

 Tags: general

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