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November 30, 2012

Opinion: Set Floor, Not Ceiling, to Fix Charitable Deduction

Setting a minimum amount for giving before donors can claim a tax break could increase government revenue without taking a bite out of big-ticket philanthropy, CNNMoney says. Writing for the financial news site's Term Sheet feature, Mina Kimes argues that the current deduction unfairly favors wealthier donors and their giving priorities but that a floor would have less impact on giving than the cap on itemized deductions favored by some legislators.

Ms. Kimes also writes that converting the deduction into a tax credit could significantly improve revenue while reducing giving by far less than a deduction cap or cutting the top rate for which high-income donors can claim a break on gifts, as President Obama proposes.

See more on the charitable-deduction debate in a Chronicle of Philanthropy special section.