Charitable Deduction | Federal

Mar 13, 2012

Charitable Deduction Central

NEWS

ACR, Coalition send letter the President


3.13.12 - Today, ACR and The Philanthropy Roundtable joined a coalition of other national nonprofit groups in asking the President not to cap the charitable deduction, reminding him of the impact it could have on those who need charity the most. Read the letter to the President.

President’s budget proposals will likely dampen giving

2.13.12 - The President’s FY 2013 budget includes proposals that would likely result in a drop in private giving. Once again there is a proposed limit on itemized deductions which would reduce the value of the charitable deduction to 28% for families with incomes over $250,000 and there are recommendations for tax reform, including the “Buffett Rule”, which would significantly change the tax structure for higher income earners. Learn more and read our response to the budget.

President’s State of the Union Address

1.27.12 - Bloomberg BNA reports that The Obama Administration may be stepping back from its former proposal to cap charitable deductions at 28 percent despite a proposed increase to their incomes taxes.

RESOURCES

Following are resources that provide background on efforts at the federal level to impact the charitable giving.


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News | Research | Opinion & Thought | Other Resources | Stay Involved



News

News stories we have highlighted and find of interest.

Archives

2011

2010 and 2009

  • 12/2/10 Nonprofits Fear Loss of Charitable Tax Deduction, New York Times
  • 11/28/10 Charitable Deduction Under Scrutiny, Chronicle of Philanthropy

  • 5/7/10 The Cost of Taxing Nonprofits, Huffington Post

  • 5/6/10 John Thune Begins to Raise His National Profile, Washington Post

  • 4/26/10 Charities Fear Tax Plan will Stifle Donations, Los Angeles Business Journal

  • 8/7/09 Washington Update: Charitable Deduction and Social Innovation Fund, Chronicle of Philanthropy (Audio Interview)

  • 2/26/09 Obama Plan Would Reduce Charitable Deduction for Some Wealthy Donors, Chronicle of Philanthropy

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    Research

    Studies, reports, and surveys on the impact of changes to the charitable deduction as well as proposals from a variety of sources.

    Administration Proposals: President Obama has proposed limiting the charitable deduction for high-income earners in several proposals over the past few years.

    Deficit Reduction: As part of federal deficit reduction talks, following are proposals that have been raised, which include changes to the charitable deduction:

    • “Gang of Six” – A Bipartisan Plan to Reduce our Nation’s Deficits Report recommends that Congress “reform, not eliminate” tax expenditures for health, charitable giving, homeownership, and retirement. (July 2011)
    • Solutions Initiative - The Peterson Foundation released six deficit reduction plans from the American Enterprise Institute, the Bipartisan Policy Center, the Roosevelt Institute Campus Network, the Center for American Progress, the Economic Policy Institute, and the Heritage Foundation. The six plans addressed all aspects of Federal spending and revenue-raising, including reforming the current tax code.
    • Bipartisan Policy Center: Debt Reduction Task Force – Restoring America’s Future Report recommends a tax credit equal to 15 percent of any donation received, similar to the Gift Aid system in Great Britain. (February 2011)
    • The President’s National Commission on Fiscal Responsibility and Reform (“Deficit Commission”) - The Moment of Truth Report proposes recommendations to reduce the deficit that call for massive discretionary spending cuts and eliminating tax incentives, including the charitable deduction. (December 2010)
    • Century Foundation, Demos, and the Economic Policy Institute – Investing in America’s Economy: A Budget Blueprint for Economic Recovery and Fiscal Responsibility Report proposes converting the deduction to a refundable credit. (November 2010)

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    Opinion & Thought

    Opinion and thought pieces by experts, scholars, and leaders in the nonprofit sector on the charitable deduction.

    Archives

    2011

    2010 and 2009

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    Other Resources


    Links to help you stay informed on proposals and legislation or to contact your representative.

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    Stay Involved

    ACR is engaged in protecting the charitable deduction through a number of ways.

    Events:

    Following are letters from coalitions of charitable and philanthropic organizations, including the Nonprofit Coalition, to Members of Congress and the Administration:

    Interested in getting involved with efforts to protect the charitable deduction?
    Contact William Coughlin (.(JavaScript must be enabled to view this email address)) for more information.

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