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Chancellor George Osborne wants to limit tax breaks for millionaires who make substantial donations to charities. The Prime Minister of the United Kingdom, David Cameron, claims that many multimillionaires are donating to charities to simply “wipe out” their income tax bills.
Osborne was reportedly “shocked” by the number of people who donate in order to receive a substantial tax break. The Chancellor was shown official reports this week from some of the richest people in the country, which showed the number of loopholes some of these millionaires are using.
Many charities are not happy with the efforts to stop these millionaires. Donations are considerably down, and some of these non-profits are already suffering during these economic times. 1,800 charities, including Unicef, have signed a petition which was organized by the Charities Aid Foundation to stop the changes.
Universities, such as Cambridge University, are also concerned about their funds decreasing. Cambridge describes charitable donations as the “bedrock” of their funding.
Some of the millionaires, such as Lord Harris of Peckham, claim that they will give less to charities if these changes are made. Sir Tom Hunter called the move “stupid” on the government’s part.
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