Senate Resolution Would Preserve Full Income Tax Charitable Deduction for High Income Taxpayers

Senate Resolution Would Preserve Full Income Tax Charitable Deduction for High Income Taxpayers

News story posted in Legislative on 7 April 2009| 6 comments
audience: National Publication | last updated: 18 May 2011
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Summary

The Senate last week sent a message to the White House that it opposes a provision in the Administration's budget proposal that would limit the rate taxpayers earning over $250,000 can apply to charitable deductions to 28%. The amendment, introduced by Sen. Robert F. Bennett, R-Utah, was included in the Senate's fiscal 2010 Budget Resolution.

Full Text:

AMENDMENT NO. __________

Calendar No. __________

Purpose: To prohibit changing current tax laws for charitable contribution tax deductions to pay for modernizing the health care system.

IN THE SENATE OF THE UNITED STATES
111th Cong., 1st Sess.

S. Con. Res. 13

AMENDMENT No. 759

By Conrad for Bennett

Ordered to lie on the table and to be printed

AMENDMENT intended to be proposed by Mr. BENNETT

Viz:

On page 31, line 9, after "purposes," insert "provided that such legislation would not result in diminishing a taxpayers' ability to deduct charitable contributions as an offset to pay for such purposes, and",

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Comments

Limiting charitablle giving deduction

What good is to be served, other than a modest increase in tax revenues, if the deduction for charitable giving is limited. This increased tax punishes charities which carry a huge burden of providing services for the needy and for offering excellent educational opportunites. Examples of the latter are Columbia and Harvard Universities which helped educatate President Obama. The Senate should be congratulated for doing the right thing in opposing this bad change in the tax code.

Charitable Contributions

I wonder how much of their incom the Rudnitzky's donate. I donate a large poortion of our income and it is infuriating to pay tax on it and California already limits at a very low level on top of Fed.

Looking for revenue

After 2010, assuming a democratic majority in the Congress, I expect higher tax rates to resurface if we are going to get our fiscal house in order due to the escalating cost of health care.

The Bennett Amendment

My experience is that a deduction of 28% is enough to provide some tax motivalion to be charitable. Nevertheless, I understand the concerns of charities. I will not be upset with the decision of my senators and reps on this one as there are more other more significant revenue needed measures to be considered.

The Bennett Amendment

Isn't it interesting that the amendment was made by a Republican.

The Bennett Amendment

... and passed by a voice vote of the Democratic-controlled Senate. ; )

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