Fiscal Talks Spur Charitable Giving
Tax uncertainty in Washington, D.C., is setting off a mad scramble among wealthy taxpayers and charities to maximize donations before the end of the year. The tax deduction for charitable giving is coming under pressure as part of a broader fiscal agreement now being hammered out on Capitol Hill. The possibility of a deduction limit is prompting many charities to ramp up their collection efforts. Many taxpayers are piling into “donor-advised” funds to donate now and secure a full deduction for 2012.