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Hidden Losses in Tax Reform

Hidden Losses in Tax Reform | CURRENT TAX PLANNING CREATES CHARITABLE CONTRIBUTIONS DUE TO TAX WRITE-OFFS. LACK OF TAX WRITE-OFFS  DO NOT INCENT THE WEALTHY TO DO PHILANTHROPIC DONATIONS.   
 THINK ABOUT IT. | image tagged in tax reform,philanthropy,wealthy,donations,tax cuts for the rich,rich | made w/ Imgflip meme maker
492 views 1 upvote Made by TerryM 7 years ago in fun
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5 Comments
[deleted]
0 ups, 7y,
1 reply
Are REAL charitable contributions on the chopping block?

We need to stop political contributions from being a write off. THAT needs to happen.
0 ups, 7y
Political contributions have not been a write off. Charitable ones have. Now that there is a blanket deduction amount for everything you used to write off, the incentives are gone.
0 ups, 7y,
1 reply
These are real charitable contributions... like to Churches and Non-profits. Places like the Salvation Army and The Red Cross and the Mennonite Disaster Services. Many of those are funded by small donations from 95% of the public as well as large donations from the wealthy and their foundations. However, those people are incented to donate to their favorite cause because they also have tax benefits... and if less people itemize, there is less incentive. The Catholic Church called the current plan immoral. The head of the collective of non-profit agencies said that up to 250,000 non-profit jobs may be lost as these write-offs disappear.... in addition to many of their services.
[deleted]
0 ups, 7y,
1 reply
My question remains: Are real charitable donations (like the ones you mentioned) "write off" status in jeopardy with new tax plans? If so, please show proof. Otherwise baseless claims are only good at causing undo panic.
0 ups, 7y
I would assume you have read up now.
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CURRENT TAX PLANNING CREATES CHARITABLE CONTRIBUTIONS DUE TO TAX WRITE-OFFS. LACK OF TAX WRITE-OFFS DO NOT INCENT THE WEALTHY TO DO PHILANTHROPIC DONATIONS. THINK ABOUT IT.