A higher estate tax, as envisioned in a proposal released by President Barack Obama this weekend in advance of Tuesday’s State of the Union speech, would spur more charitable giving in the form of bequests and charitable trusts, according to some nonprofit tax experts. An estate-tax increase would provide a huge benefit to charities because donations to these groups would become the only easy way to legally avoid capital-gains taxes, according to Len Burman, director of the Tax Policy Center.
WASHINGTON (AP) - Fresh off his strongest fundraising month this year, President Barack Obama is looking to raise millions of dollars from celebrities and wealthy donors in California with just one month left in a tightening race.
Fundraising reports filed last week by the presidential campaigns show President Obama with a slight advantage in fundraising last month, while Republican Mitt Romney has the edge by some other measures.
In cash on hand, the overall Romney organization finished August with more than $168 million — that's $43 million more than the overall Obama organization.
But Obama outraised Romney, especially when you look at the campaign committees themselves. Donors gave nearly $71 million to Obama for America in August, while Romney for President raised only $27 million.
President Barack Obama squeaked out a fundraising victory over Mitt Romney in August as the candidates gear up for the final stretch of their closely contested campaign.
President Barack Obama’s trip to San Antonio and Austin brought in about $3.5 million in campaign donations, breaking his previous single-day fundraising record in Texas of $2.1 million.
The president took a break from campaigning in vital swing states to visit deep-Red Texas Tuesday because it is still a good source for fundraising, according to the Washington Post.
Both presidential campaigns are citing fundraising spikes following the Supreme Court's decision upholding President Barack Obama's health care law.
Mitt Romney's organization said Friday morning it had raised $4.2 million online, and Obama's operation, while not revealing specific numbers, said they had surpassed Team Romney's announced total.