December 13, 2012 |
The White House and the nation's most prominent charities are embroiled in a tense behind-the-scenes debate over President Obama's push to scale back the nearly century-old tax deduction on donations that the charities say is crucial for their financial health. In a series of recent meetings and calls, top White House aides have pressed nonprofit groups to line up behind the president's plan for reducing the federal deficit and averting the year-end "fiscal cliff," according to people familiar with the talks.
October 12, 2012 |
When Bank of America agreed in December to pay $335 million to resolve federal charges that its mortgage-lending arm discriminated against black and Hispanic borrowers, government officials hailed it as the largest fair-lending settlement in history. But, in fact, the banking giant has the right to a massive discount on the payout. Thirty-five percent of the settlement is deductible. That means Bank of America could wind up saving $117 million on its tax...
February 22, 2009 |
Q My bank made a $1,000 error in my favor, which I brought to their attention -- twice -- and offered to repay. They said they'd look into it and debit my account, but it's never happened. May I keep the money? AYes. You made an honest attempt to correct the error, and the bank dropped the ball. You needn't keep trying. I trust that you have a record of whom you talked to and when, just in case the bank discovers the error and tries to say you did something wrong. After some time has passed, consider doing...
March 30, 2009
President Obama and reader Rosalind Stark [ letters , March 27] have forgotten the reason that the tax code allows a deduction for charitable donations in the first place: to stimulate charitable giving, acting effectively as a government subsidy to charities while allowing taxpayers to decide where to direct the funds. The other fact that is getting lost is that, even with a tax deduction for a donation, the taxpayer still has a net cash outflow. There is no "reward" to the taxpayer for donating money.
November 10, 2012 |
EARLY WEDNESDAY, delivering his victory speech in Chicago, President Obama elevated an issue that had hardly come up during the campaign. "We want our children to live in an America," he said, "that isn't threatened by the destructive power of a warming planet. " Later that day, Senate Majority Leader Harry M. Reid (D-Nev.) told reporters that climate change is an important issue and that he wants to "address it reasonably" — particularly following big storms in the Northeast that have highlighted rising sea levels and other dangers associated with...
July 27, 2008
WHATEVER THEIR disagreements, America's political leaders believe in home ownership -- and they have believed in it for decades. "Owning a home can increase responsibility and stake out a man's place in his community," President Lyndon B. Johnson, a Democrat, declared in 1968. Thirty-six years later, Republican George W. Bush promised "an ownership society . . . where more Americans than ever will be able to open up their door where they live and say, welcome to my home, welcome to my piece of property.