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President Obama’s plan to pay for a jobs bill by limiting the tax break wealthy people get for their itemized deductions, including charitable gifts, appears dead—at least for now.Senate Democrats have rejected that proposal, releasing legislation …
Nonprofits are gearing up to fight President Obama’s plan to pay for his jobs bill in part by limiting charitable deductions. Mr. Obama wants to limit the amount all wealthy people can write off for charitable gifts as well as housing, medical expens…
ARE YOU READY FOR THE IRA CHARITABLE ROLLOVER SEASON? Through December 31, 2011, IRA owners age 70½ or older can make direct, tax-free transfers to qualified charitable organizations—up to $100,000. Scoring: People 70½ and older can take advantage of this opportunity to transfer dollars tax-free from their IRA accounts by doing the following: Transferring the [...]
A new law to increase the debt-ceiling limit does not make any changes in the tax deduction that donors receive for making charitable gifts.The law, which President Obama signed Tuesday, seeks to trim the federal deficit by almost $2.5-trillion over th…
The Internal Revenue Service on Thursday abandoned its effort to force five big-ticket donors to pay gift taxes on contributions they made to nonprofit advocacy groups that are playing an increasing role in American politics. The memo was a sharp rever…
At Forbes we spend a lot of time calculating the billions that people have amassed. We also track what they give away. Based on our recent analysis, we have identified what looks like a pretty elite club: 19 people who have already donated at least $1 …
The Los Angeles philanthropist and art collector Eli Broad has donated more than $2-billion to the arts, education, and medical research, drawing much praise but criticism as well. Mr. Broad, who plans to give away much of his fortune to charity, told …
President Obama and his wife, Michelle, donated 14 percent of their income to charity in 2010, according to the couple’s 2010 tax return. The couple, which reported an adjusted gross income of $1.7-million in 2010, gave $245,075 to 36 charities.The l…
The number of charities and foundations in the United States reached nearly 1.3 million in 2010, according to new data released by the IRS, more than double the number of organizations that were on the rolls just 15 years ago.That number will probably …
