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Besides, Some Of The Donors Are Becoming The Needy Themselves
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The effect of the Obama administration and Congress' inaction on taxes is especially troublesome for charities, simply because people aren't donating because they don't know what the tax effect will be. One major source of donations, the tax break that allowed seniors over 70 1/2 to withdraw and give up to $100,000 from their IRAs tax-free as long as it went directly to the charity expired at the end of 2009 and Congress didn't bother to renew it. And you know how they haven't dealt with the Bush tax cut issue and are talking about changing tax rates and cutting deductions, so with all the uncertainty, people aren't giving. And that leaves charities screwed. (USA Today)
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