As the government works to solve the country’s budget problems, President Obama and Congress are considering caps or cuts to the charitable tax deduction. Recently Senator Max Baucus, Chairman of the Senate Finance Committee and Senator Orrin Hatch, Senior Rep. on the committee, initiated a process of crafting legislation to overhaul the tax code beginning with a “blank slate”. The overhaul, as the two Senators envision it, will strip the tax code of all deductions, exclusions, and credits – including charitable deductions.
The two Senators sent out a letter to the Senate asking them to submit by July 26 detailed proposals …read more
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