Fiscal Cliff Leaves Nonprofits on Edge
Charities are worried this may be the last season of giving. As Congress grapples with tax reform and deficit reduction, lawmakers are looking at limiting some long-standing tax deductions, including the one for charitable giving, as a way to raise revenue. President Obama already supports limiting the amount of tax-free giving Americans can do. His proposed 2013 budget would limit the value of all itemized deductions to 28 percent for families making $250,000 or more a year, or for individuals making $200,000 and up.