Monday, November 22, 2010
Donations, deductions and the deficit: "But maybe the not-so-altruistic truth is that many people do give to charity because they get something in return. Since 1917, our tax code has allowed individuals who donate to charitable and certain other nonprofit organizations to receive a tax deduction for their gifts. The deduction, for those who itemize, can be a great incentive for donations. However, it comes with a cost to the federal bottom line."