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President Obama has proposed changes that will limit deductions on charitable giving for high earners. His proposed 2010 budget outline reduces tax benefits from 35% to 28%. According to Suzaane Perry, the Chronicle of Philanthropy, (February 26, 2009), “That would reduce by as much as 20 percent the amount wealthy taxpayers could get in tax breaks. Under the current system, taxpayers who are in the 33 percent or 35 percent tax brackets use that rate to claim deductions.”
During a time when nonprofits are already considering a sharp decrease in donations and an boost in demand for services, this comes as a blow to charitable organizations that are selection out struggling, homeless, and uninsured Americans. The President says this will be offset by government programs to help nonprofits (but how, is yet to be determined). Already there has been a backlash among bloggers that the government should not be deciding which nonprofits get federal dollars, and as a CEO of a inhabitant-level medical nonprofit, I must say that I agree. Charitable giving is a personal choice, not a choice government should make.internet marketing clarified
Even if the proposed “offsets” are simply better door to credit, nonprofits tend to shy from loans since it puts them into debt without the benefit of repaying loans from sales or other income-generating revenue that a for-profit business has. Donors want to give to help people (or animals, or a upset tangible) not to pay off business debt. In fact, if a nonprofit does resort to sales or promotions and makes too much cash from “unrelated business income” (non-donation income) to repay loans, it must pay taxes on that income at the same rate as any for-profit business.internet marketing clarified
Corporations will be less likely to make large donations and those wonderful donors who make large donations will probably be even fewer and farther between. Since significantly more women found and run nonprofits than men, I am interested in your thoughts about charitable giving and hope you will take time to respond to the poll below (you can check more than one answer if more than one apply).
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