PRESS RELEASE: ACR Urges Future Protection of Charitable Giving After Breakdown of Super Committee
Nonprofits Look to Future Negotiations and the Potential Impact
WASHINGTON, D.C.—With the breakdown of the Super Committee, lawmakers are pivoting to begin discussion of measures to avert $1.2 trillion in automatic spending cuts. In this context, the Alliance for Charitable Reform (ACR) strongly urges Congressional leaders to continue to protect charitable giving.
“Deficit reduction proposals that include measures that would reduce charitable giving, such as a cap on the deduction, should remain off the table,” said Sue Santa, senior vice president for policy at The Philanthropy Roundtable. “Although the Super Committee has not been able to come to a solution, charitable groups that provide for the needs of those hardest hit in this economy must be able to carry out their missions without the threat of bearing even more of the burden.”
The charitable deduction is different from all other deductions and credits because it encourages individuals to give money away in support of others, an important distinction in the current economic climate.
“The charitable deduction is unique and alleviates some of the day to day struggles for many Americans. It is too important to reform or change without a thoughtful and public process that includes a well-researched impact assessment on how changes would affect giving,” Swirski said.
The nonprofit sector has already been hit hard in the sluggish economy. ACR will continue to oppose any plans or proposals that will lead to less private charitable giving. ACR, a project of the Philanthropy Roundtable, is comprised of nonprofits leaders and groups that serve as a leading voice on opposing legislative or regulatory proposals that could diminish private giving.
The statement from the Super Committee co-chairs announcing the breakdown can be found here: http://www.deficitreduction.gov/public/index.cfm/pressreleases?ID=fa0e02f6-2cc2-4aa6-b32a-3c7f6155806d