New tax deduction limits may affect charitable giving
ALBANY, GA (WALB) -
Some charities worry new limits on tax deductions for high income earners could hurt their donations.
The limits were part of the fiscal cliff deal passed earlier this month.
They limit income tax deductions for individuals making more than $250,000 a year and married couples making more than $300,000.
One South Georgia organization says while they do get donations from high earners, they rely on middle income families just as much.
"The middle class are the bread and butter donors of the food bank. I have many people come up and tell me 'well I'm only giving a certain amount of dollars'. Well I tell them with every dollar you give, I'll do whatever I can with it because we're appreciative of every dollar," said Second Harvest Branch Director Jim Case.
Charitable giving increased to $298-billion nationwide in 2011.