Gifts for Hurricane Katrina relief are reported to be at $465,769,985, give or take a few million. Assuming a 28% tax rate (heck, everyone pays alternative minimum tax nowadays, right?), that means the IRS is out $130,415,596 or so, so far. Good work, folks!
IRS UPDATE: The IRS has announced that it is speeding up the process for approving applications for charitable entity status as a result of the Katrina disaster. They still encourage gifts to established charities.
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