George and Margaret Wealthy are in the 48 percent tax bracket, considering both federal and state personal taxes. Norman Briggs, the CEO of Community General Hospital, has been aggressively pursuing the couple to contribute $500,000 to the hospitals soon-to-be-built Cancer Care Center. Without the contribution, the Wealthys taxable income for 2012 would be $2 million. What impact would the contribution have on the Wealthys 2012 tax bill?