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So if you have a charitable deduction of $1000 instead of deducting it against your full 39.6% rate, you can only deduct it against 28%.
Now consider the charitable deduction.
Scholars are divided on the charitable deduction.
The charitable deduction constitutes a subsidy from the federal government.
Estimates of how much the charitable deduction costs the government are sketchy.
As a result, he was not permitted to claim the money as a charitable deduction.
"Our priority is to preserve and protect the charitable deduction," it said.
Eliminating the charitable deduction could devastate many philanthropic organizations and the people they serve.
Excluding the charitable deduction from that cap would raise only $473 billion.
Wouldn't nonprofit organizations suffer if we eliminated the charitable deduction for the wealthy?
And President Obama again proposed cuts to the charitable deduction in his 2013 budget proposal.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com