Earle I Mack was recently interviewed by David Weir on the South Florida Business Report on the possibility that President Obama’s newest proposed budget might include a cap on charitable deductions. The former ambassador is an active philanthropist and knows from experience the effect that a 501(c)3 can have in “sealing the deal” with donors.
One particularly important quote from Earle Mack discusses how big of a change a cap in charitable deductions would really mean, “It would be an economic disaster Dave… for nearly a hundred years we have left charitable contributions intact. Since we enacted the original tax law in 1917. To change that law and to cap the amount of charitable deductions that you can take as Obama proposes in his budget would dis-incentivize the people from giving. ”
The entire piece with Earle Mack is here, or you can watch it below.