WorthyNewsBot Posted September 29, 2017 Group: Bots Followers: 3 Topic Count: 39,879 Topics Per Day: 6.47 Content Count: 44,258 Content Per Day: 7.18 Reputation: 984 Days Won: 2 Joined: 06/06/2007 Status: Offline Share Posted September 29, 2017 (Worthy News) - President Donald Trump and congressional Republicans unveiled Wednesday their plan for a massive tax overhaul. The plan, meant to be a framework for Congress to negotiate into legislation, still has missing parts. But read on for a look at who wins and loses under the proposal as it stands now. [ Source: Fox News (Read More...) ] View the full article Link to comment Share on other sites More sharing options...
shoes_untied Posted September 29, 2017 Group: Advanced Member Followers: 1 Topic Count: 1 Topics Per Day: 0.00 Content Count: 292 Content Per Day: 0.08 Reputation: 37 Days Won: 0 Joined: 11/17/2014 Status: Offline Share Posted September 29, 2017 I think another loser will be charities that depend on donations from middle class americans. Our country has a unique and long history of philanthropy but doubling the standard deduction will take away a key benefit of giving for the average person by effectively giving the benefit to everyone whether they contribute to charities or not. Link to comment Share on other sites More sharing options...
Guest shiloh357 Posted September 29, 2017 Share Posted September 29, 2017 1 hour ago, shoes_untied said: I think another loser will be charities that depend on donations from middle class americans. Our country has a unique and long history of philanthropy but doubling the standard deduction will take away a key benefit of giving for the average person by effectively giving the benefit to everyone whether they contribute to charities or not. Most people like myself who give to charities, give because of what they do and who they help. We are not thinking about the standard deduction at the end of the year. We will give no matter what. Link to comment Share on other sites More sharing options...
shoes_untied Posted September 29, 2017 Group: Advanced Member Followers: 1 Topic Count: 1 Topics Per Day: 0.00 Content Count: 292 Content Per Day: 0.08 Reputation: 37 Days Won: 0 Joined: 11/17/2014 Status: Offline Share Posted September 29, 2017 43 minutes ago, shiloh357 said: Most people like myself who give to charities, give because of what they do and who they help. We are not thinking about the standard deduction at the end of the year. We will give no matter what. The fact that the week between Christmas and New Year is one of/if not the largest giving weeks of the year points to the fact that people have their eye on their upcoming tax filing when they make end of the year gifts. I am like you in that my faith and beliefs guide who I support but since I itemize deductions, as I review my giving at the end of the year, if I realize that my giving is down but my tax withholding has been the same, I start weighing whether I want to support a few more causes or pay more in taxes. If my standard deduction is doubled, that incentive is gone. At least it would be for me since we have minimal mortage interest being towards the end of our mortgage. There are other reasons as well such as realizing I've fallen behind on church pledge, holiday spritit, etc... but taxes play a big part in overal philanthropy. Link to comment Share on other sites More sharing options...
other one Posted September 30, 2017 Group: Worthy Ministers Followers: 29 Topic Count: 596 Topics Per Day: 0.08 Content Count: 56,047 Content Per Day: 7.56 Reputation: 27,792 Days Won: 271 Joined: 12/29/2003 Status: Offline Share Posted September 30, 2017 8 hours ago, shiloh357 said: Most people like myself who give to charities, give because of what they do and who they help. We are not thinking about the standard deduction at the end of the year. We will give no matter what. We never even get receipts for them.... I wouldn't even our church giving if they didn't just send it to us. Link to comment Share on other sites More sharing options...
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