Is everything a conspiracy with you people? Romney wanted all these 'loopholes' closed. Now what would result from that? Well I would expect the donations to educational institutions would drop dramatically. But you only concern yourself with a conspiracy. I guess the greedy think everyone is greedy.Investing
11/16/2012 @ 1:00PM |589 views
Obama Will Insist Charitable Gifts Not Subject To Cap On Deductions
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The proposed tax deduction cap of $50,000 by the nationís wealthiest philanthropists will not include multi-million dollar gifts to non-profit institutions such as museums, Universities, hospitals and other essential cultural and social institutions, according to a source familiar with the current position of the White House.
This exclusion will mean that $135 billion instead of $150 billion in taxes from the 2% most wealthy in 2013, Martin Feldstein, Harvard economist,told me in an email from New York yesterday. Feldstein, who has been one of the authors of the cap on deductions, was not the source of the White House view. But, he agrees it is essential for the financing of the nations most important cultural institutions.
What the exclusion means for those earning a gross income of $1 million in 20123 is the ability to deduct cash gifts up to 50% of gross income or $500,000 from your $1 million gross income and pay taxes only on the $500,000.
For those who give away appreciated stock in publicly traded companies it means the ability to deduct up to 30% of $1 million gross income or $300,000 from the amount subject to tax from the federal government.
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Silver can you explain to this "idiot" what this means? Does cultural institutions include say "Presidential Libraries"?
These loopholes is what encourages people to give money where they want their money to go instead of where the government wants to spend it. I would think republicans would like this idea.