WAVE 3 Editorial -- December 6, 2012: Charitable Deductions
by Ken Selvaggi WAVE 3 Vice President and General Manager
Our community should take a bow for a tremendous United Way campaign this year. Your gifts total nearly 27 million dollars so far and our region will be a better place for it.
All of your contributions this year to charity may not be tax deductible next year if lawmakers choose to cut that current practice to help get our budget deficit in check.
That would be shortsighted and likely create more problems than those it may help.
Federal, state and local budgets are being slashed and charitable organizations are already under siege because of it. The need is greater than ever for these organizations and the budgets to deal with the needs are smaller. They already face tougher times with our stagnant economy and creating more stress on them doesn't seem very prudent.
Capping deductions for charitable giving or eliminating them will hurt charitable giving. That in turn will create more need for government assistance.
Current tax laws on charitable giving help people who give and help people they give to and should remain.