Charitable Donations Could be Impacted by Tax Policy
The discussions relating to the so-called "Fiscal Cliff" in Washington have included a number of proposals about ways to raise tax revenue. One suggestion that is drawing concern among some charities would reduce the tax deduction for wealthy Americans to donate money to charitable organizations.
Ken Berger, the President of the New Jersey-based organization knowna s "Charity Navigator" says such a tax policy could have a powerful impact, and could hurt many of the groups that help the nation's most needy citizens. Berger says many charities depend on gifts from the wealthiest Americans to cover their operational cost.