Tax Deductions Could Help Feed Millions of Americans
April 23, 2015 Taxation in USA
WASHINGTON D.C. – Hungry people across the USA could be better off if the government enacted one small tax deductions.
Late last week the US based non-government organization Feeding America issued a new press release detailing the proposed America Gives More Act, suggesting that the implementation of tax break for donated food could help alleviate hunger in the country.
It is estimated that in 2012 approximately 35 million tons of food were wasted in the USA by farmers, food producers, restaurants and small businesses.
According to Feeding America the America Gives More Act would allow businesses to donate usable foods and food products to non-profit organizations in exchange for the ability to write off the value of the donations.
Enacting such a tax break would allow Feeding America alone to provide an additional 100 million each year to needing families.
Under current regulations C corporations, which are normally large companies, are able to enjoy take write offs for donated food, however, a large portion of producers in the country are small businesses, which are not eligible for such breaks.
Photo By: Iryna Yeroshko