Key Tax Changes Coming

In case you haven't heard, the Senate and House may be reaching a budget compromise that could have a definite impact upon both giving to churches and your personal taxes.  They are about to announce tax changes that would eliminate income tax deductions on all contributions, medical expenses, and mortgage expenses.  And those who don't take these deductions will be hit with a 10% surcharge on their normal income taxes to balance out the impact.  And an even bigger impact on taxpayers is that these rules will be made retroactive to your 2012 tax returns.  All taxpayers will be required to submit an amended 2012 form with their 2013 tax forms and pay the additional tax due at that time.  That gives you a year to save the money for the new tax.  The Democrats are supporting it because of the extra revenue it will bring and the large impact on large wage earners.  The Republicans are supporting it because some tax "loopholes" are being eliminated and because the extra taxes raised are to be used to reduce the national debt.  Obama is expected to approve this compromise.  But while it will have an impact on large wage earners, it will also have a major impact on giving to churches and charities and will cost all of us at least several hundred dollars more in taxes.  There is still time for you to protest these probable changes by completing a quick opinion survey which can be found at  this link, TAX CHANGES where you can also learn more about the proposed bill, what it will cost you, and what else can be done to stop it from becoming law.  I would recommend that you go there right now and vote your opinion.  You could still have an impact on these proposed changes.  Maybe it is time for another Boston Tea Party!