Legislation Still a Threat to Charitable Giving?

Ad Feedback

The recession has forced some Americans to cut back on giving to churches and charities, and many believe a proposed legislation could hurt donations even more.

The Senate has already voted to remove President Obama's proposal to reduce the tax cuts wealthier Americans currently receive for charitable donations.

Still, the bill has to make it through negotiations with the House, which means the reduced tax benefits could be put back into Obama's budget.

If the proposal is approved, John Hewitt of Liberty Tax Service says the negative affect on charitable contributions could be huge.

"Churches and all charities are going to be decimated," he said. "The tax deductible is probably the best sales phrase there is.  [Getting rid of this benefit] is going to hurt immensely."

Hewitt warns that at least 20 to 25 percent of contributions given in the last year could be eliminated if Obama lowers the current tax deductible.

"It's going to be very, very bad for charities," he said.

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.