ACR NEWSLETTER

ACR Statement on the Charitable Deduction Inclusion in Senate “Buffett Rule” Proposal

WASHINGTON, D.C.— In announcing “The Paying the Fair Share Act”, a proposal for a new tax on high earners put forth by 8 Senate Democrats, the charitable deduction was specifically preserved, signaling that incentives for private giving should not be used as a revenue offset for competing priorities.

President Obama advocated for this tax proposal in his State of the Union Speech last week and noted a need to protect charitable giving in his “Blueprint” that accompanied the speech. 

“ACR believes that our tax code should encourage and incentivize private charitable giving.  We appreciate the wide recognition that the charitable deduction is different from all other deductions in that it is an incentive for Americans to give away their money as compared to other deductions and credits. However, ACR also believes that encouraging entrepreneurship and the creation of wealth is vital to sustaining charitable giving and a surtax on high income earners could hinder this goal.  We are hopeful Congress and the Administration can come together and create a proposal that accomplishes all of these goals to promote more philanthropy,” said Sue Santa, senior vice president of the Philanthropy Roundtable.

ACR is a project of The Philanthropy Roundtable and is comprised of nonprofit leaders and groups that serve as a leading voice on encouraging philanthropic freedom, increased giving and opposes legislative or regulatory proposals that could diminish private giving.

For more information about ACR contact Alison Hawkins at .(JavaScript must be enabled to view this email address) or at 202-822-8333.

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