(Original post here.)
Apparently, the President last night personally defended his proposed massive cut to the federal arts subsidy. I'm not sure what the odds of its ultimate passage are now, but this certainly isn't a good sign.
And not a peep (that I've seen) from the arts press.
Actually, the President may be right about this. Thanks to AMT, the IRS basically claws back all of your charitable giving if you have any significant deductions in other areas. NY State is even worse, as it phases out itemized deductions entirely once you pass (I think it was) $250K in AGI. I give a lot to the Met and will continue to do so regardless of the (phantom) tax incentive.
ReplyDeleteOh, I suspect they do plan on getting actual revenue from this.
ReplyDelete