February 15, 2012
Nonprofits Respond to Obama's 2013 Budget
A recent Chronicle of Philanthropy article, "Nonprofits Oppose Obama Plan on Limiting Charity Write-Offs," details the nonprofit sector's reaction to the President's 2013 budget proposing limitations on the charitable contributions deduction for wealthier Americans, as previously blogged herein. Diana Aviv, chief executive of Independent Sector, is among the nonprofit leaders criticizing the proposal due to their belief that it will ultimately reduce charitable contributions, thereby negatively affecting the fiscal health of nonprofit organizations. Although the 2013 budget also contains a proposal to increase the estate tax rate from 35% to 45% and reduce the lifetime exemption to $3.5 million, which arguably will induce donors to make lifetime donations that will reduce the assets that will be subject to this higher rate of tax, nonprofits are nevertheless concerned that the deduction limitations on charitable contributions will result in less charitable giving.
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