Forbes.com - Magazine Article: "In The Beltway
Congress Attacks Inflated Deductions
Janet Novack, 04.06.05, 1:00 PM ET
Just four years ago, U.S. charities were celebrating the prospect of new tax incentives for donors. As part of his 'compassionate conservative' agenda, President George W. Bush proposed giving the two-thirds of tax filers who don't itemize a special deduction for charitable contributions. Congress seemed on board too.
It turned out, however, that the White House and Congress had higher priorities when they doled out trillions in tax cuts. And now, amid growing worry about both the federal deficit and charitable abuses, charities are playing defense. In its 2006 budget proposal released in February, the Bush Administration called for $1.4 trillion in tax cuts over ten years, yet didn't even bother to include the deduction for non-itemizers. "
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