The Boston Globe reports:
The Boston Foundation and three other major local nonprofit organizations yesterday urged Senator John F. Kerry to oppose the cap on tax deductions for charitable giving by wealthy donors that President Obama has proposed.
The Massachusetts nonprofits are joining hundreds of charities nationwide in lobbying against any changes to the tax code that could reduce incentives for charitable giving, saying organizations across the country stand to lose as much as $7 billion a year if the president’s cap on deductions is adopted.
“In Massachusetts, charitable giving is particularly important,’’ said Paul Grogan, president of the Boston Foundation and one of the four signers of a letter sent to Kerry yesterday. “Some of the biggest economic engines we have are nonprofits - educational, medical, and cultural.’’
Look who's for higher marginal tax rates on the wealthy:
Robert Beal, a Boston real estate developer who was involved in courting support for the letter, said he would rather see an increase in income taxes on people earning more than $1 million than a limit on charitable deductions.
An article worth your time.
