Charitable Deduction | Federal | Press Releases
Oct 18, 2011
PRESS RELEASE: ACR Applauds Strong Support for Charitable Giving in Senate Finance Committee Hearing
Bipartisan support shown for keeping the charitable deduction intact
WASHINGTON, D.C.—The Alliance for Charitable Reform (ACR) applauded testimony in today’s Finance Committee Hearing, which focused on incentives for charitable giving, for showing strong support for preserving the charitable deduction and ensuring giving continues to serve those in need.
“We applaud Senators Hatch, Baucus and others for their support in preserving giving, especially in today’s tough economic climate,” said Sue Santa, Senior Vice President of The Philanthropy Roundtable. “We also applaud those who testified on behalf of charitable giving, reiterating its importance to charitable organizations. Those organizations are providing help to many in desperate need, and as we heard in today’s hearing, now is not the time to experiment with changing the charitable deduction.”
ACR, which is a project of The Philanthropy Roundtable, is a leading voice on opposing legislative or regulatory proposals that could diminish private giving. ACR believes the charitable deduction is different from all other tax incentives.
“Other tax deductions and credits encourage people to buy or to invest in something for their personal benefit. The charitable deduction encourages individuals to give more,” Santa said. “Charitable giving in our country is an extraordinary tradition. For this reason policymakers ought to be very careful about tinkering with the charitable deduction and mindful of the impact that changes could have on charitable giving and those it serves.
Senator Baucus (D-MT), chairman of the Senate Finance Committee reinforced the message by saying, “Americans have always valued these traditions of volunteerism, philanthropy and community. For these reasons, the charitable deduction and nonprofit exemption were incorporated into our tax code. Today’s nonprofit organizations help to carry on these values. Their work helps improve all of our communities.”
Senator Orrin Hatch (R-UT), ranking member of the Senate Finance Committee said in his opening statement, “...Americans in crisis are turning for help in ever greater numbers to churches, charities, shelters, and other social welfare groups. We should make no bones about it. The changes being discussed today are radical ones. There has been a charitable deduction in the tax code for nearly a century and the proposals on the table would undo it.”
For more information about ACR, today’s hearing or charitable deduction proposals and their impact on philanthropy, contact Alison Hawkins at .(JavaScript must be enabled to view this email address) or at 202-822-8333.
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