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Message
re: Good Will Donation - Tax Deduction
Posted on 11/18/14 at 10:00 am to hungryone
Posted on 11/18/14 at 10:00 am to hungryone
quote:
Get a damn charitable deduction available to non itemizing filers.
It almost happened in 2010. Back when the Bush tax cuts were originally expiring, one of the options on the table was to create a small add-on for charitable deductions on top of the standard deduction, limited to I believe 2K. But when they just ended up extending everything for 2 years, it fell by the wayside. Now, the idea seems to be a lower rate with a larger tax base, so I don't know if this idea will get any steam again.
I think it also helps to know what the standard deduction is supposed to cover - it assumes that everyone pays some state income tax, gives some money to charity, etc. Now, I agree with you, but, a lot of people will say they already "get" that deduction because if they were forced to itemize, even with what they give, they would still come out worse.
1
Posted on 11/18/14 at 10:23 am to LSUFanHouston
quote:
Now, I agree with you, but, a lot of people will say they already "get" that deduction because if they were forced to itemize, even with what they give, they would still come out worse.
I hear ya, but I'm still holding out hope for it as a line item for non-itemizers. The stuff that gets preference on the standard form (tax credits for adoption, education, etc) is biased toward the young....while the bulk of modest-to-middling giving comes from mid-age & older Americans. Why not throw the old church ladies & do gooders a bone? They raised their kids, went to school, saved for retirement...now let 'em see a modest tax advantage for their donations.
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