Leave a Legacy of Hope and Healing
Thank you for your interest in learning more about how legacy gifts, put into place now, can help you provide a secure future for your loved ones and support the Mercy Ships mission well into the future. A legacy gift is a lasting investment in Mercy Ships, advancing our mission and ensuring our ability to help those in need for years to come.
For over 40 years, the heart of Mercy Ships has focused on bringing hope and healing to the forgotten poor. Our fleet of state-of-the-art hospital ships bring world-class healthcare and medical training to regions where clean water, reliable electricity, and medical personnel and supplies are limited or even nonexistent. Onboard our hospital ships, staffed by volunteer professionals from around the world, surgeries are performed that transform the lives of people who might otherwise face a lifetime of suffering. Tumors are removed, orthopedic conditions are corrected, sight is restored, cleft lips are repaired, and more!
We invite you to consider adding Mercy Ships to your will, leaving a legacy of hope and healing well into the future.
"You can't change the whole world. But you can change the whole world
for one person."
-Dr. Gary Parker, volunteer surgeon
Friday April 19, 2024
Washington News
Inflation Protection for Tax Benefits
He published a press release on July 21, 2022 and said that he seeks "to help Americans struggling to afford everyday expenses keep more of their hard–earned money." Grassley notes an Iowa State University study shows most individuals are paying $669 more per month for living expenses. This increase occurred during the past two years.
Grassley proposes to index several tax benefits for inflation. He stated, "The relentless 40–year high inflation we are seeing today has made it increasingly difficult for Americans to afford their trips to the gas station and grocery store. Indexing useful tax credits to inflation—like the Child Tax Credit and the Lifetime Learning Credit—will help parents and students keep up with rising costs. I will continue to work on commonsense policies that will help Americans weather this soaring inflation."
The proposed bill would provide indexing for the Child Tax Credit, the American Opportunity Tax Credit, the Lifetime Learning Credit, the Student Loan Interest Deduction and the charitable mileage eduction.
- Child Tax Credit — This is a $2,000 credit for families with dependent children under 17. This credit and a $500 credit for other dependents would be indexed.
- Child and Dependent Care Credit — The credit for child–care expenses is currently $2,100 for two or more children and $1,050 for one child. It would be also indexed.
- American Opportunity Tax Credit — To enable individuals to attend college, there is a $2,500 credit for tuition expenses. This would be indexed.
- Lifetime Learning Credit — Another potential benefit for payment of eligible tuition is the Lifetime Learning Credit of $2,000.
- Students Loan Interest Deduction — Many Americans complete college, or university with substantial student loans. Up to $2,500 in interest on student loans may be deducted.
- Charitable Mileage Deduction — Individuals who volunteer for charitable organizations will frequently incur costs to drive to various organizational events. The current $0.14 per mile deduction is far lower than the rate for medical or business driving. The bill proposes to allow the IRS to adjust the mileage rate based on current costs.
Previous Articles
Federal Trade Commission Webinar on Scams and Identity Theft
Should The Charitable Mileage Rate Be Increased?
IRS Tax Collection Voice Bots Successful