Will Form 8854 Charities 2023-2024

Obama is expected to renew his call to limit the charitable tax deduction when he releases his 2014 budget plan. This proposal has been repeatedly defeated by nonprofits in the past. The provision would cap the deduction for wealthier Americans at 28%. The White House believes this is a common sense proposition. However, there is opposition from both parties due to concerns about the impact on charities. The President is confident he can forge a compromise with the common sense caucus. The coalition of charities has previously helped defeat the President's attempts to limit the deduction. In fact, a recent budget deal actually increased the value of itemized deductions for high-income individuals. The White House estimates that the proposed limit would generate $321 billion in additional revenue through 2021. The change would only affect high-income taxpayers, not those with incomes below $200,000 for individuals and $250,000 for married couples. The Senate's budget proposal for 2014 includes several methods of limiting deductions, one of which is replacing the deduction with a 12% tax credit. The House budget does not mention itemized deductions. The charitable giving coalition opposes the limit on deductions and argues that it encourages individuals to give to those in need. They have launched a website to organize opposition against the proposal. It is important to always keep a receipt for any donation, regardless of the amount. This is just one example of President Obama's policies and their impact on the United States.