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CHARITY - A MATTER OF DEDUCTION
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CHARITY - A MATTER OF DEDUCTION
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CHARITY - A MATTER OF DEDUCTION
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Newspaper Article
CHARITY - A MATTER OF DEDUCTION
1985
Overview
Three years ago, Congress voted to allow taxpayers who take the standard deduction and file the short form to deduct the value of their charitable contributions. This is being phased into the tax code, to make gradual the impact on revenues. In the first year, the limit of such ''above-the-line deductions'' was $25, but by 1986 non-itemizers would be able, under existing law, to deduct the full value of their gifts. Not surprisingly, the argument against allowing non-itemizers to deduct their contributions rests heavily on the belief that lower income taxpayers are much less likely to be influenced by tax incentives than are wealthier ones. One study maintains that 90 percent of charitable contributions made by families with incomes between $10,000 and $20,000 are not tax-induced. It concludes that the above-the-line deduction is ''a wasted subsidy.''
Publisher
New York Times Company
