Arizona Charities and the Estate Tax

A story from the Arizona Republic

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Lost revenue from tax evasion

The nation is loosing up to $40 billion in revenue per year from tax avoidance, according to a story in today's Washington Post.

The story also indicates that "...efforts to shift resources to the problem have slowed considerably, even as the extent of the problem has unfolded."

In fact, according to the story, last year the IRS commissioner admitted that "79 percent of identified taxpayers who use abusive devices such as offshore accounts are not pursued."

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The Omnibus Spending Bill and the Budget Process

OMB Watch - The Omnibus Spending Bill and the Budget Process

The omnibus appropriations legislation is still pending. While most of the criticism about the bill has focused on the amount of "pork" it contains, the real problem is the seriously flawed budget process it reflects.


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Another Weak Jobs Report

Last month, only 57,000 jobs were created - well below what is needed to employ new entrants into the labor market.

For more see:

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Op-Ed from the Seattle Post-Intelligencer

Op-ed from the state of Washington ...

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Estate-tax planners on giving

Many estate tax planners are worried about the effect a repeal would have on charitable giving (see story below).

In this story, there was also quote from a lawyer saying that "Some studies suggest that repeal would decrease the amount given at death, while others seem to show that by removing the tax burden, there may be more discretionary assets available for planned giving." (Emphasis added)

This is a very standard kind of statement made by people who wish to deny the harmful affects an estate tax repeal would have on charities.

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Tax planning and Charity

Estate planners often raise the issue of charitable giving and the tax benefits of giving, for example see:

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