The Fiscal Cliff and Charities - News and Weather For The Quad Cities -

The Fiscal Cliff and Charities

Updated:

Falling off the fiscal cliff is going to have huge implications for charities. Non-profits, like the Red Cross, Salvation Army, Make A Wish, United Way and dozens more could loose out on donations. It is because when we fall of the fiscal cliff there will no longer be tax deductions for donations.

"We send our disaster workers out to every single fire," says Kasey Kelly, Special Events and Communications Coordinator for the Red Cross.

It has been a very busy holiday season for the American Red Cross.

"We provide food, shelter, clothing and meet with the families to find out their needs," adds Kelly.

The charitable organization has helped several local families affected by fires.

"We have had quite a few fires this month," says Kelly, "At the end of the year we typically do see more fires."

To help victims of fires, hurricanes, floods and other disasters, the Red Cross needs donations.

"The Red Cross is a charitable organization, we are not government funded," says Kelly, "We rely heavily on contributions and gifts from our donors."

With the country falling off the fiscal cliff, tax deductions for donations will end.

"We just urge that whatever Congress and the President decide to do, they maintain those current charitable tax donations to the Red Cross and all charities," says Kelly.

The end of the year typically brings a lot of donations.

"About 37% of our gifts come at the end of the year," says Kelly.

The Red Cross is hoping that a year from now donations are not down.

"We think that any changes to charitable giving deductions could certainly impact that," adds Kelly.

Once a deal is made, tax deductions for charitable contributions will not automatically start again. Lawmakers have to put the tax breaks in the legislation and approve them.

Powered by WorldNow

805 Brady Street, Davenport, IA 52803

Telephone: 563.383.7000
Fax: 563.383.7131
Email: news@kwqc.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Young Broadcasting of Davenport, Inc. A Media General Company.