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Cliff deal affects deductions limits

Cliff deal affects deductions limits

The Wall Street Journal explains how the fiscal-cliff bill affects income tax deductions:

Provisions that reduce the value of personal exemptions as well as most itemized deductions, including those for mortgage interest and state income-tax payments, will affect about twice as many people since they carry a lower income threshold—$250,000 for singles and $300,000 for married couples.

Those new limits drew complaints from some groups that benefit from deductions, particularly charities that depend on tax-deductible donations. They worry that new curbs on deductions, coupled with other taxes on higher-income Americans, will put a damper on giving.

“We are concerned,” said Diana Aviv, president of Independent Sector, a coalition of foundations, nonprofits and other charitable groups. “The big question for us now is, if we are [also] increasing rates on folks…does the combination create a greater disincentive for people to give?”

Read it here.

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Paul Woodrum

Does anyone know a source summarizing all the provisions of the bill? I understand the budget conscious Republicans in the House managed to slip in a few million $$$ for lawyers

to defend the indefensible Defense of Marriage Act when it is taken up by the Supremes.

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