Portland news station KATU reports on Senator Ron Wyden’s (D-OR) effort with Senator John Thune (R-SD) to preserve the full value and scope of the charitable deduction.
Howard Husock, vice president for policy research at the Manhattan Institute, is the latest featured guest in our Free to Give series. In this interview, Husock discusses the newly-released study from the American Enterprise Institute on charitable giving; the charitable deduction; independent philanthropy representing our democratic ideals; and the roles government and independent philanthropy play in our civil society.
Charities Will Lose $9.4 Billion if Charitable Deduction is Capped According to AEI Study
WASHINGTON, D.C.— A 28 percent cap on the charitable deduction will reduce charitable giving by $9.4 billion in one year alone, according to research discussed today at a public event by the American Enterprise Institute (AEI). The study is another confirmation that any limitation of the charitable deduction would have significant repercussions on giving.
By Jeff Jacoby
When it comes to charitable giving, America is a world-beater. According to Giving USA, an annual compendium of national data on philanthropy, Americans last year donated more than $316 billion to charity, or roughly 2 percent of GDP. Contrary to popular belief, most of that money didn’t come from foundations or corporations. It came from individuals. In 2012, donations from private American households added up to about $223 billion.
Washington, DC—Protect Giving Day, organized by the Charitable Giving Coalition, was held on Capitol Hill on November 20th. ACR joined over 200 charitable sector leaders from 140 nonprofit organizations to encourage lawmakers to protect the charitable deduction.
By Diane Freda
Reproduced with permission from Daily Tax Report, 225 DTR G-6 (Nov. 21, 2013).
Copyright 2013 by The Bureau of National Affairs, Inc.
Opponents of President Barack Obama’s proposed 28 percent cap on charitable deductions believe they got a big shot in the arm when Sens. John Thune (R-SD) and Ron Wyden (D-OR) signed a letter to the leaders of the Senate Finance Committee urging them to protect the charitable deduction.
By Alex Daniels
As nonprofits begin a new round of lobbying against President Obama’s longstanding efforts to limit the value of the charitable deduction, the American Enterprise Institute estimates that such a move would prompt donors to withhold more than $9-billion in gifts a year—a higher amount than previous studies have found.
Nov 22, 2013
The raising of extraordinarily large sums of money, given voluntarily and freely by millions of our fellow Americans, is a unique American tradition… Philanthropy, charity, giving voluntarily and freely… call it what you like, but it is truly a jewel of an American tradition.
—John F. Kennedy
Key Congressional Leaders Urge Fellow Lawmakers to Preserve Charitable Deduction As Hundreds From Sector Gather in D.C.
WASHINGTON, D.C. – The charitable deduction won strong bipartisan support today from key Senate leaders as more than 200 frontline representatives from the nonprofit and charitable sectors gathered in Washington, D.C. to warn that any limitations to the charitable tax deduction would have cascading consequences.
Nov 20, 2013
Senators Wyden and Thune Send Letter to Finance Committee Leadership
Senators John Thune (R-SD) and Ron Wyden (D-OR) – both members of the Senate Finance Committee that oversees tax policy – have authored a letter to fellow congressional members urging them to support protecting the charitable deduction. The letter underscores growing bipartisan support for the 100-year-old tax incentive that encourages charitable giving.