Bush Unveils Charitable Deduction Proposal.As one of the first major initiatives of his administration, President Bush unveiled a proposal to allow individuals who do not itemize To individually state each item or article. Frequently used in tax accounting, an itemized account or claim separately lists amounts that add up to the final sum of the total account on claim. deductions to take a charitable giving deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. . The initiative, aimed to increase funding for 501 (c)(3) religious and secular Secular An adjective used to describe a long-term time frame, usually at least 10 years. Notes: For example, in his book "Stocks For the Long Run", Jeremy Siegel (finance professor at The Wharton School, University of Pennsylvania) argues that equity securities organizations, calls for * permitting charitable contributions charitable contribution n. in taxation, a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works. to be made from Individual Retirement Accounts without penalty; * limiting the liability of corporations that in good faith donate equipment or other materials to charities; * encouraging states to provide a charitable tax credit for giving to charities that are focused on alleviating poverty; and * raising the cap on corporate charitable deductions from 10 percent to 15 percent of the total net income of the corporation. |
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