Fox News
Expand
Browse All Video
Watch Live

You're watching...

Impact of 'fiscal cliff' crisis on tax deductions

Details

  • Description

    Peter Johnson, Jr. weighs in

  • Duration 2:37
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

-- -- and with the animation of what we think.

For many Americans the holiday season as a time for giving to those who are less fortunate.

But at the end of the year large charitable donations may become anything in the past.

And fall victim the fiscal -- you to expand on that as Fox's legal analyst Peter Johnson junior let's hope not we're talking about the charitable deduction correct in everybody's taking shots said the president wants to limit the deductions.

-- charitable deduction.

We now talking about on the Republican side a basket of deductions in May be that could be part of it.

The knock on the charitable deductions seemed to be from the hard left well.

It's helping religious institutions more than anyone else and somehow that's bad and then it's helping the richest people.

And that's bad too and so let's change the charitable deductions -- the truth is.

It would be a devastating blow to the American economy.

There's maybe fifty billion dollars in lost tax revenues as a result of the charitable deduction.

But its role is almost 300 billion dollars.

-- efforts for charities in this country so for every dollar lost.

It tax revenue almost six dollars is gain.

In helping people for standing helping people for Katrina helping people of all these efforts across the country the things that government can't and won't do and the non profits and the idea profit hospitals colleges and they've seen that there are extremely nervous from aid is he across this country if that deduction goes away -- -- -- this change is part of our culture before the 1917.

Law.

I was for the poor charity it's part of Judeo Christian culture it's part of American culture that we reach out and help.

Other people but it could go by the boards in a way that we're not feel like -- -- at some Republicans are for getting out as well.

And there there's a lot of money thinking.

On this and we will pay the price could that be the last concert.

That we have that -- -- cuts it.

For sandy if the law changes the likely that is not.

But there's a possibility I know people -- because they wanna -- that's great yeah but the thing is people gonna get a little fed up and say all right you want a social program go ahead and do what you think this I think people will change -- had a -- but instead -- giving and there are polls that show that it doesn't cinema has given.

And most of the polls show that people want to keep.

The charitable deduction whether or not it helps the rich most it also helps.

The poorest the most while we were effort and Peter Johnson's opinion and did you have got to know you -- I don't know America had its best and most important thing I thank you very late and great to see anything I mean.

Load More