Charitable Giving Coalition Relevant News Roundup November 14-16, 2012

noodleproudSoftware and s/w Development

Oct 29, 2013 (3 years and 7 months ago)

60 views

Charitable Giving Coalition

Relevant News
Roundup

November 14
-
16,

2012


Tax Tradeoffs Central as Obama Meets Congress Leaders

Bloomberg

By Richard Rubin and Heidi Przybyla

11/16/12

(*Quote from Steve Taylor)

President
Barack Obama
’s insistence on higher taxes for top earners and Republicans’
refusal to raise rates leaves negotiators with arithmetically complex and politically
fraught choices. Tax questions will be central today when Obama holds his fir
st face
-
to
-
face conversation with House Speaker John Boehner since the Nov. 6 election.

http://www.bloomberg.com/news/2012
-
11
-
16/tax
-
tradeoffs
-
central
-
as
-
obama
-
meets
-
congress
-
leaders.html


Capitol Hill leaders to huddle with Obama as clock ticks on fiscal cliff

NBC News

By Michael O’Brien

11/16/12

Post
-
election comity will meet its first test Friday as President Barack Obama welcomes
congression
al leaders from both parties to the White House for initial discussions as to
how they might avert the looming “fiscal cliff.”

http://nbcpolitics.nbcnews.com/_news/2012/11/16/15196601
-
capitol
-
hill
-
leaders
-
to
-
huddle
-
with
-
obama
-
as
-
clock
-
ticks
-
on
-
fiscal
-
cliff?lite


President and Congress urged to maintain current tax policies on giving

Philanthropy Management

11/
16/12

With the US election over, the Charitable Giving Coalition has again warned that tax
reform and deficit reduction with the aim of avoiding the ‘fiscal cliff’ should not come at
the expense of incentives to support charitable giving. “Tax policies tha
t encourage
giving are more important than ever, especially amid a struggling economic recovery and
in the wake of natural disasters like Hurricane Sandy,” says the Coalition.

http://philanthropy
-
management.com/news/Administration/President_and_Congress_urged_to_maintain_cu
rrent_tax_policies_on_giving.aspx


'Fiscal Cliff' Negotiations Raise Concerns Over Charitabl
e Tax Deductions

Philanthropy News Digest

11/16/12

As a lame
-
duck Congress and the White House try to negotiate an eleventh
-
hour
compromise to avoid the so
-
called "fiscal cliff," a combination of tax increases and
spending cuts scheduled to go into effect
January 1, many nonprofit leaders are worried
that any deal reached by year
-
end will limit deductions for charitable contributions,
mortgage interest, and other popular tax breaks,
The Hill

reports.

http://foundationcenter.org/pnd/news/story.jhtml?id=399600002


Election loser may win

Boston Herald

By Alan Feld

11/16/12

A
lthough
he lost the election,
Mitt Romney
’s tax
-
cap proposal may be a rare bipartisan
winner as Congress and the White House wrestle with how to avoid the fiscal cliff


which makes it useful to under
stand just who might gain and who might not under such a
tax reform plan.

http://bostonherald.com/news/opinion/op_ed/view/20221116election_loser_may_win


How to cu
t the charitable deduction without hurting charities

Washington Post

By Dylan Mathews

11/15/12

If Congress is to raise significant revenue by cutting deductions, they’re probably going
to have to cut back on popular provisions like the exemption for employ
er
-
provided
health insurance or the deduction for mortgage interest.

http://www.washingtonpost.com/blogs/wonkblog/wp/2012
/11/15/how
-
to
-
cut
-
the
-
charitable
-
deduction
-
without
-
hurting
-
charities/


Th
e Most Important Tax Break Is the One That Nobody Talks About

The Atlantic

11/15/12

If you really want to raise revenues, the Holy Grail isn't capping tax deductions, as
Romney propo
sed, or raising the top marginal rate, as Obama proposed. It's taxing
investment income like ordinary income.

http://ww
w.theatlantic.com/business/archive/2012/11/the
-
most
-
important
-
tax
-
break
-
is
-
the
-
one
-
that
-
nobody
-
talks
-
about/265308/


Would Fiscal Cliff Keep Rich From Giving to Charity?

CNBC

By Robert Frank

11/15/12

The idea of cutting deductions is raising howls of prote
st from non
-
profits and many
wealthy givers. If the charitable deduction is capped or cut, they say, the United States
will lose billions of dollars in charitable donations.

http://www.cnbc.com/id/49843781


Oba
ma Presses For Higher Taxes, But Adds Caveats

The Wall

Street Journal

By Carol Lee, Janet Hook and Damian Paletta

11/15/12

President Barack Obama said Wednesday he will push for a deal to resolve the year
-
end fiscal crisis by raising tax rates on upper
-
in
come Americans, while leaving enough
wiggle room to suggest to Republicans that the two sides could still compromise.

http://online.wsj.com/
article/SB10001424127887324595904578119491972685314.html?
KEYWORDS=damian+paletta


Tax fight sneaks up on K Street

The Hill

By Bernie Becker and Peter Schroeder

11/14/12

Interest groups are gearing up for a fight over their cherished tax breaks and prov
isions
that has arrived faster than they imagined. Organizations and lobbies trying to protect
the deductions for mortgage interest, charitable contributions and other policies had long
expected to be on defense during discussions over tax reform. But many

in the capital
did not expect those negotiations to heat up until 2013, and certainly not in the lame
-
duck session of Congress.

http://thehill.com/blo
gs/on
-
the
-
money/domestic
-
taxes/267771
-
tax
-
fight
-
sneaks
-
up
-
on
-
k
-
street


Let them eat nonrefundable credits

The Washington Post

By
Dylan Matthews


11/14/12

Recent
reports

suggest that Democratic policymakers are warming to a proposal Mitt
Romney made on the campaign trail to cap tax deductions witho
ut cutting any specific
tax breaks. House Speaker John Boehner and former Romney economic advisor Glenn
Hubbard are apparently also
on board

with the plan.

http://www.washingtonpost.com/blogs/wonkblog/wp/2012/11/14/let
-
them
-
eat
-
nonrefundable
-
credits/


Tax Deduction Cap Deserves Closer Scrutiny, Baucus Says

Bloomberg

By Richard Rubin and Kathleen Hunter

11/14/12

Capping tax breaks deserves a closer look as part of a resolution to the so
-
called fiscal
cliff and an overhaul of the tax code, said

Senate Finance Committee Chairman
Max
Baucus
.

http://www.bloomberg.com/news/2012
-
11
-
14/
tax
-
deduction
-
cap
-
deserves
-
closer
-
scrutiny
-
baucus
-
says.html


Summers: Be Careful About Capping Tax Deductions

By Jordan Weissmann

11/14/12

Lately, both Republicans and Democrats have warmed to this element of the Romney
tax plan. The ex
-
Treasury secretar
y says it's not enough.

http://www.theatlantic.com/business/archive/2012/11/summers
-
be
-
careful
-
about
-
capping
-
tax
-
deductions/265208/


T
o Get Policy Gains From Personal Income Tax Reform You Have To Eliminate
The Popular Deductions

Slate

By Matthew Yglesias

11/14/12

The saddest thing in Washington is to watch politicians start talking about tax reform

raising revenue without raising tax ra
tes

and then immediately turn around and clarify
that they're not talking about axing the
really popular

deductions. So no home mortgage
interest tax deduction, no large group health insurance exclusion, no charitable
deduction, etc. The problem is that if

you're not talking about the big popular deductions,
you're not talking about the big policy gains.

http://www.slate.com/blogs/moneybox/2012/11/14/popular_tax_deductions_to_make_ref
orm_work_you_need_to_eliminate_the_popular.html


American Charities Will K
ill Obama's $50,000 Tax Deduction Cap

Forbes

By Robert Lezner

11/14/12

President Obama’s proposal to tax the wealthiest 2% of the nation by capping their
charitable deductions at $50,000 a year would destroy the fund
-
raising ability of cultural
and educati
onal institutions dependent on their wealthy donors to put up new buildings,
to build endowments, to give away valuable art objects, underwrite an opera, or open a
new wing of a hospital or art museum. The proposal will be a death knoll for the rich
giving

away a vast part of their fortune.

http://www.forbes.com/sites/robertlenzner/2012/11/14/american
-
charities
-
will
-
kill
-
obamas
-
500
00
-
tax
-
deduction
-
cap/


Obama says no ‘red lines’ on top tax rate, signaling some flexibility in debt talks

The Washington Post

By
Lori Montgomery

and
Zachary A. Goldfarb

11/14/12

President Obama cracked open the door to compromise with Republicans on tax rates
for the nation’s wealthiest households Wednesday, saying he is “open
to new ideas” for
increasing their tax bills without letting the top rate rise as scheduled in January to
39.6

percent.

http://www.washingtonpost.com/business/economy/obama
-
says
-
no
-
red
-
lines
-
on
-
top
-
tax
-
rate
-
signaling
-
some
-
flexibility
-
in
-
debt
-
talks/2012/11/14/c28ceb0e
-
2e9a
-
11e2
-
beb2
-
4b4cf5087636_story.html


201
2 Donations Down or Stagnant for Two
-
Thirds of Charities, Survey Finds

Philanthropy News Digest

11/16/12

Nearly two
-
thirds of charitable organizations report that gifts, grants and donations in the
first nine months of 2012 fell or remained about the same
on a year
-
over
-
year basis, a
report from
GuideStar

finds.

http://foundationcenter.org/pnd/news/story.jhtml?id=399600004