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Teen solves centuries-old math problem
WASHINGTON, Dec. 30 (UPI) -- A doubling of the tax deduction for charitable giving in Hurricane Katrina's wake should make 2005 the best giving year ever in the United States.
"I've never seen anything like this before," said Don Weigandt, managing director with JPMorgan Private Bank in Los Angeles. "But we've also seen nothing like Katrina before when an entire city was wiped off the map."
The Katrina Emergency Tax Relief Act, passed in September, doubled the tax deduction for cash donations to all public charities from 50 percent of an individual's income to 100 percent, reported the Financial Times. This includes charities that play no role in the hurricane relief efforts.
Placing all charitable organizations in the tax relief plan came to light so non-hurricane relief charities did not lose donations to Katrina-focused organizations.
Congress gave a timeframe for realizing the tax breaks of between Aug. 28 and Dec. 31. This short period is designed to spur giving.
The U.S. government stands to lose as much as $10 billion due to the breaks, with a budget deficit projected to be greater than $300 billion this year.
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