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ACR newsletter (8.12.11)

Friday, August 12, 2011

The latest edition of the ACR newsletter is available below. Here are highlights:

Washington Roundup:

  • Deficit Reduction/Super Committee
  • Fall Preview

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Federal Legislation

Update - Deficit Reduction/Super Committee (8.12.11)

All attention in Washington this week has focused on the members appointed to the Joint Committee on Deficit Reduction, a.k.a. the Super Committee.

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Federal Legislation

Update - Deficit Reduction/Debt Ceiling (8.2.11)

Congress approves and President signs debt deal, charitable deduction spared… for now

President Obama has signed S. 365, the Budget Control Act of 2011, into law raising the federal debt ceiling. The Senate approved the bill at 12:00 PM today, by a vote of 74-26. This vote occurred less than 24 hours after the House of Representatives approved the bill, by a vote of 269-161, and then promptly recessed until September 7th.

As you may know, the bill raises the debt limit by $2.5 trillion in two stages, which will provide the Department of the Treasury with enough borrowing authority to last until 2013.  This increase is paid for by an immediate $1 trillion in cuts from defense and discretionary spending…

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ACR newsletter (7.29.11)

Friday, July 29, 2011

The latest edition of the ACR newsletter is available below. Here are highlights:

Washington Roundup: Deficit Reduction/Debt Ceiling Talks

  • From Four Plans to Two
  • Update on the Charitable Deduction

Consider This: Raised Stakes – Issues under Scrutiny in Tax Reform

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Federal Legislation

Raised Stakes – Issues Under Scrutiny in Tax Reform

Consider This…

With just a few days to go, where do we stand on raising the debt ceiling and why should foundations care?

Obviously we all have an interest in avoiding the kind of economic Armageddon that some are predicting if we don’t raise the debt ceiling.  We’ve heard from foundation leaders who are watching and waiting to see how these unsettled economic factors will impact their organizations’ investments, noting that another sharp decline could have a dramatic impact on their investments and their work.  But longer term we need to be mindful about what has been put on the table over the course of this debate.  If this protracted debate is any indicator the nonprofit sector is likely to be challenged like never before.

Most of the reason for these challenges can be traced to money…

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Federal Legislation

Update - Charitable Deduction (7.29.11)

Update as of July 29th, 2011:

Even though plans for tax increases in the debt ceiling negotiations are waning, both debt ceiling plans include commissions/committees to recommend further actions to bring down the deficit.  In that context, we, along with our colleagues, remain active in reaching out to Members of Congress and the Administration to remind them of the importance of the charitable deduction.  Several groups have called on Members of Congress to maintain the deduction: The Nonprofit Coalition sent a letter to Senate Finance Committee Chairman Max Baucus (D-MT) and the rest of the Senate, The United Way sent a letter to the Gang of Six, and The Grantmakers Forum of New York sent a letter to House Representatives and Senators, and Independent Sector is continuing to gather signatures for their letter to Congress.

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Federal Legislation

Update - Deficit Reduction/Debt Ceiling (7.29.11)

Updates on deficit reduction negotiations as of July 29th, 2011:
After originally planning to hold votes Thursday night on a bill to raise the debt limit (see below), it was announced that Speaker of the House John Boehner (R-OH) failed to secure the 216 votes needed for the bill to pass. Thus, the House Rules Committee held a special session late Thursday to change the bill in an effort to get more Republican support.  If this bill makes it out of the House, it will go to the Senate where it is widely expected to be defeated, forcing lawmakers to go back to the drawing board and find a compromise.  A vote in the House is now scheduled for later this afternoon, and we will keep you updated as progress takes shape.

From Four Plans to Two
After a week of intense negotiations, we now have two debt ceiling plans: a Democratic plan and a Republican alternative. The Democrat’s plan, put forward by Senate Majority Leader Harry Reid (D-NV) would include $2.7 trillion in spending cuts, no new taxes, and would establish a “joint, bipartisan committee, made up of 12 members, to present

options for future deficit reduction

.” ...

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Federal Legislation

ACR Signs on to Letter Defending the Charitable Deduction

Nonprofits across the country join forces to fight for this incentive to give

ACR and The Philanthropy Roundtable have signed onto a letter with other national nonprofit organizations asking members of Congress such as Senator Max Baucus (D-MT) to protect the value of the charitable deduction by opposing efforts to reduce or cap the value of itemized deductions for charitable contributions in the midst of debt limit negotiations.

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Federal Legislation

Op-ed: ‘Charitable Tax Deduction Fuels Nonprofits, Boosts Economy’

Holly Welch Stubbing, senior vice president at Foundation for the Carolinas, and Bobbi Hapgood, executive director at N.C. Network of Grantmakers defend the charitable deduction in the Charlotte Observer.

Here’s an excerpt: “We strongly believe that the tax-exempt status of charitable contributions must be protected, or we risk widespread disruption in the nonprofit sector, with potentially dire repercussions for the economy… Politicians and policymakers should be doing everything they can to support the nonprofit community and its impact on our economy. That means protecting the charitable tax deduction, so we can continue to invest in programs that create jobs, move people into the workforce and out of poverty, and lay the groundwork for future financial security.”

Further Reading

ACR newsletter (7.15.11)

Current Issue

Friday, July 15, 2011

The latest edition of the ACR newsletter is available below. Here are highlights:

Washington Roundup:Deficit Reduction/Debt Ceiling Talks

  • Multiple Plans
  • McConnell Plan

Consider This: A Passionate Plea for Principled Tax Reform

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