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>> Federal: The Effects of a 100 Percent Charitable Deduction
>> Federal: TPC Field Seminar Series
>> Top Reads: Tax breaks worth billions set to expire unless Congress acts
As you may recall, after passing a short-term budget bill to fund the government through December 11, both the House and Senate recessed until after the November elections. They are expected to return to Washington on Wednesday, November 12.
Earlier this week, Representative Kevin Brady (R-TX) announced he will challenge Representative Paul Ryan (R-WI) for the chairmanship of the tax-writing Ways and Means Committee next year. Recall that current Chairman Dave Camp (R-MI) is retiring at the end of this session. Representative Ryan said he would wait until after the midterm elections before beginning his public campaign for the seat.
The winner of the gavel will be influential, as House Speaker John Boehner (R-OH) said on September 28 that tax reform is “doable” during President Obama’s final two years in office. After the new Congress is sworn in next year, the Speaker said that he plans to seek more “common ground” with the President on a few key issues. We expect tax reform to be high on his list.
The Charitable Giving Coalition sent a letter on behalf of its coalition members, including ACR, to House Budget Committee Chairman Paul Ryan (R-WI) two weeks ago thanking him for his comments supporting the value of the charitable deduction. Ryan has voiced opposition to imposing a cap on the charitable deduction in recent interviews.
The coalition also reiterated concerns in the letter over provisions in Chairman Camp’s (R-MI) draft tax reform bill implementing a two percent adjusted gross income (AGI) floor on the charitable deduction. Chairman Camp’s bill also proposed streamlining upper AGI limitations for charitable gifts, and requiring gifts of property to be evaluated according to basis value (the asset’s base price) instead of fair market value.
The Philanthropy Roundtable Annual Meeting is quickly approaching. On October 9 and 10 we’ll be in Salt Lake City, Utah to explore meaningful and effective giving that solves our nation’s greatest problems.
Click below for a five minute video interview with Lindsay Miller, managing director of events for The Philanthropy Roundtable, discussing what’s in store.
In the August 22 edition of the ACR newsletter, we shared a story about Puerto Rico adopting a 100 percent charitable deduction in 2011. The deduction led to a 70 percent increase in the number of individuals who made charitable donations in Puerto Rico, according to a report released by the Flamboyan Foundation.
The Flamboyan Foundation is a private, family foundation focused on improving educational outcomes for children in public schools in Washington, D.C. and Puerto Rico, according to its website. The Alliance for Charitable Reform recently interviewed Kristin Ehrgood, president of the Flamboyan Foundation, about the implementation of the tax deduction, the results of the Flamboyan Foundation’s study, and how studying donor behavior could help expand charitable giving in Puerto Rico.
On Tuesday, October 7, our colleagues at The Philanthropic Collaborative are co-hosting another Field Seminar Series event with The Wasie Foundation and Broward College in Fort Lauderdale, Florida. These seminars are designed to convene grantmakers, charities, and local leaders to equip them with proven tools and resources to effectively communicate the sector’s value at all levels of government. Tuesday’s event will focus on the positive impacts, both economic and social, of helping survivors of human trafficking to successfully and fully reintegrate into society. More information and the invitation can be found here.
- National: Tax breaks worth billions set to expire unless Congress acts
- National: CGC Thanks Ryan in Letter for Comments Supporting Charitable Deduction
- National: The President’s chief economist makes a case for business tax reform
- National: Millennials and Giving
- Opinion: Dark Money
- Opinion: Reclaiming The American Dream: There’s an Award for That…
- Opinion: Reclaiming The American Dream II: Making Capitalism Cool
- Local: Building hope: Bay Area homebuilders lay foundation of charitable giving
- ACR Blog: (VIDEO) The Effects of a 100 Percent Charitable Deduction
Please feel free to email us at firstname.lastname@example.org if you have any questions, stories or topics you would like us to include in our newsletter.
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