News & Insights

Proposed changes to the tax code might have an effect on contributions from higher-income donors.

Game with tiles spelling MONEY and TAXESMajor newspapers like the Wall Street Journal and the Washington Post have reported on the Obama administration's plan to reduce the deductions on charitable donations. The plan would apply only to individual taxpayers with incomes above $250,000 or couples with a combined income above $500,000.

Currently most taxpayers can deduct the total amount of their charitable donations from their income, thus reducing their taxes by the amount of their combined donations. But under the new plan, those higher-income taxpayers would be able to deduct less. Taxpayers in the 35 percent tax bracket would only be able to deduct donations as if they were in the 28 percent bracket.

The Evangelical Council for Financial Accountability gives some examples of how this might affect the taxes of a theoretical higher-income couple.

Nonprofits who rely on the generosity of high-income donors are concerned that this may affect major gifts. For example, see comments by Independent Sector.

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