The growing debate in the United States, Great Britain, and other countries over tax exemptions for nonprofit groups and tax breaks for charitable giving is the subject of an examination by The Economist.
The magazine recalls then-British Chancellor William Gladstone?s failed call in 1863 to end charities? tax exemptions, noting his argument that relief for one party means higher taxes for another and likening it to unsuccessful recent efforts by current Chancellor George Osborne and President Barack Obama to limit deductions for the wealthiest donors.
The article touches on reform efforts in other countries, the strong opposition mounted by nonprofit groups to changes they say will deter donations, and economists? studies on whether tax policy affects giving, It concludes that changes to exemptions and deductions merit debate, stating that ?assuring Mr. B that he isn?t paying more tax simply so that well-off Mr. A can feel better about himself would in itself benefit the community.?
See?The Chronicle of Philanthropy?s coverage of the U.S. debate over tax deductions for high-income donors.
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