As you probably know by now from our prior blog posts and media coverage on this topic, President Obama's 2011 budget includes a proposal to lower the amount those in the highest tax brackets can deduct for their charitable endeavors. Many donors and nonprofit experts think that this is a horrible idea.In fact, a recent poll by the Association of Fundraising Professionals (AFP), shows that 57% of fundraisers believe this plan would hurt their charity's ability to raise funds. More troubling is that 35% of the respondents said that their charity would be "hurt a lot" if this proposal was enacted. AFP members are so concerned about this issue that they've collaborated with other industry groups to send a letter to President Obama asking him not to "to set limits on important tax incentives for giving."
If you are working on your 2009 tax return and want to learn more about the current tax benefits of giving, then we encourage you to visit our site where we have an article addressing this topic.
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