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Tax code loophole lets 100 millionaires dodge income tax
Washington AP reports a 1924 unlimited charitable deduction is used by about 100 millionaires to wipe income from tax records. Treasury cites a $9.7 million earner who donated appreciated securities costing $460,000 to avoid tax on gains and income. Congress weighs phasing out the provision linked to founder Katherine Drexel, whose charitable works and vow of poverty are noted. Preliminary steps toward canonization for Drexel are under way.
MENTIONED IN THIS ARTICLE
Washington
Philadelphia
House Ways and Means Committee
Congress
Katherine Drexel
Treasury