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To Hell With Charity? (Part 2 of 2)

Henry159 Wrote: Dec 28, 2012 10:31 PM

The point has been made earlier that only middle class home owners (or above) need worry at all about this. If you are a renter your only substantial deductions are going to be auto and state income taxes. Given the average household income of just short of $70,000, itemizing deductions probably would not be a way to save on taxes due. The standard deduction is $11,900, which is 17% of that. Given that the average charitable giving is around 3.2%, that would mean mighty high state and local taxes to make up the gap. Bottom line, give because it is the right thing to do and take the standard deduction unless you own a home.

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To Hell With Charity? (Part 2 of 2)

Imagine it's Christmas Eve in your local church and the offering plate is passed to help a local orphanage build an addition because there's "no room in the inn." But just when you're about to give generously to the cause, you recall that politicians in Washington recently voted to reduce tax deductions for charitable giving.

Would you give as much under reduced charitable deductions?

Despite the fact that charitable deductions are the 10th-most popular tax break (nearly 40 million Americans claim them annually), those in Washington are willing to gamble that you're going to give as generously in the future without it. But...

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