February 19, 2012
In a Time of High Deficits, the Charitable Deduction May Be Too Costly to Keep
To paraphrase Sara Lee, nobody doesn’t like the charitable tax deduction. It doesn’t have many enemies. It’s the tax-code equivalent of your slacker brother-in-law. It doesn’t really work, it seems harmless enough, but it costs plenty.
President Obama demonstrated that he understands the problem when in last week’s budget proposal he suggested limiting the size of charitable deductions that the very wealthy can take on their tax returns. Still, his action