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Category Archives: Campaign 2012
October 25, 2012, 5:27 pm
Nonprofit Leaders Urge Obama and Romney to Protect Tax Break
Leaders of big nationwide nonprofits sent letters to President Obama and Mitt Romney on Thursday urging the presidential candidates to reconsider their proposals to cut the charitable tax deduction. (See the letter to Mr. Obama and the one to Mr. Romney.)
The leaders also announced that they have scheduled a gathering on December 4 and 5 to bring hundreds of its members to Washington to tell members of Congress that any tax changes that led to decline in private giving would devastate nonprofits and the people they serve.
Among the organizations that sent the letters were the Salvation Army and United Way Worldwide and nonprofit coalitions like the Association of Fundraising Professionals and Independent Sector.
“Any proposed cap would have long-lasting negative consequences on the charitable organizations upon which millions of Americans rely for vital programs and services,â…
September 21, 2012, 5:16 pm
Romney Limits His Charitable Deduction to Increase Tax Bill
Mitt Romney and his wife, Ann, contributed $4-million to charity last year but claimed a tax deduction for only $2.25-million, according to their 2011 tax return and other financial information released today.
They limited their deduction because their income was less than the amount they reported last January on an estimated tax return, and their donations “would have significantly reduced their tax obligation for the year,” according to a letter from Brad Malt, a family trustee.
Mr. Romney wanted to increase his tax bill to conform to his statement in August—based on the January estimate—that “he paid at least 13 percent in income taxes in each of the last 10 years,” Mr. Malt said.
In the 2011 return issued today, Mr. Romney reports adjusted gross income of almost $13.7-million, down from $20.9-million in the estimated return. After limiting the charitable deduction, his…
April 13, 2012, 1:26 pm
Obamas Gave 22% of Their Income to Charity
President Obama and his wife, Michelle, gave nearly 22 percent of their income to charity in 2011, according to tax returns made public today.
The couple reported $789,674 in income and gave $172,130 to charity.
The largest gift was a $117,130 contribution to the Fisher House Foundation, a group that provides free or low-cost housing to military personnel and their families while they are receiving treatment at military medical centers. Mr. Obama has been giving the charity the after-tax proceeds of the sale of a children’s book he wrote.
The Obamas’ giving represents a bigger share of their income than that of the presumptive Republican nominee for president, Mitt Romney, and his wife, Ann, according to an estimate of their 2011 taxes, released in January. They reported they had given more than 16 percent of their income to charity in 2010 and 2011.
According to the Romney …
March 27, 2012, 5:08 pm
Quiet Time on Capitol Hill Offers Opportunity for Charities
Legislative decisions often get delayed in a presidential-election year, but that makes 2012 a good time to contact members of Congress and their aides, says Jerry McCoy, a Washington lawyer who advises charities.
“This is a quiet time, and members are less distracted,” says Mr. McCoy. He says that point was brought home to him by two Congressional staff members who last week held an informal, off-the-record gathering with Mr. McCoy and members of the Association of Small Foundations.
One piece of legislation they discussed was a measure to expand the deduction that partnerships and other privately held businesses can get for contributing supplies such as blankets or emergency-relief products. (For more details, see a background report he wrote.)
Andrew Schulz, vice president for government relations at the Council on Foundations, agrees that this year is an opportune time for …
February 16, 2012, 11:37 am
Santorums Gave 2.2% of Income to Charity
Rick Santorum and his wife, Karen, gave 2.2 percent of their income to charity from 2007 to 2010, according to tax returns the candidate for the Republican presidential nomination released last night to Politico, a newspaper that covers politics.
The Santorums gave 1.8 percent of their $930,227 in total income to charity in 2010. In 2009, they donated 2.7 percent of their $1,127,266 total income.
The tax returns do not disclose the names of the organizations they supported.
The four years of returns show that the Santorums’ giving is about average for people in their income range who itemize their taxes.
Americans who make $500,000 to $1-million gave on average 2.6 percent of their total income to charity in 2009, the latest year for which the Internal Revenue Service has provided data. People who earn $1-million to $1.5-million gave on average 2.9 percent of their income…
January 24, 2012, 10:36 am
Romneys Gave 16% of Their Income to Charity
Mitt Romney and his wife, Ann, gave more than 16 percent of their income to charity in 2010 and 2011, according to tax returns made public Tuesday
Mr. Romney, the Republican candidate for President, had been facing mounting public pressure to release his tax returns. Newt Gingrich, who is challenging Mr. Romney and others for the Republican nomination, disclosed recently that he had donated 2.6-percent of his income to charity in 2010.
According to the records released by the Romney campaign, the couple reported $21.6-million in income in 2010 and gave $3-million to charity. In 2011, they reported $20.9 million in income and made $4-million in charitable gifts.
Most of the Romneys charitable contributions over the two years were cash donations that totaled $4.1 million to the Church of Jesus Christ of Latter-day Saints. They also gave $500,000 to their family foundation, the
January 20, 2012, 11:11 am
Newt Gingrich Donated 2.6% of Income to Charity in 2010
Newt Gingrich, the Republican presidential contender, and his wife, Callista, contributed $81,133 to charity in 2010, while the couple’s foundation made $120,000 in grants, according to tax returns Mr. Gingrich released last night.
The Gingriches, who reported adjusted gross income of about $3.1-million, said they donated $9,540 to the Basilica of the National Shrine of the Immaculate Conception, $3,100 to miscellaneous causes, and $68,493 in unspecified cash contributions through their business operations.
The Gingrich Foundation reported revenue of $152,609 in 2010, all from one of the candidate’s companies, Gingrich Holdings—which shares the same address as the foundation in Washington. The grant maker gave money to 14 cultural, educational, and health charities, including the Alzheimer’s Association, the Atlanta Ballet, and Luther College.
The tax form said Ms. Gingrich is…
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