May 4, 2011
Key Senator Asks Whether Charity Tax Break Is Fair to All
Charitable deduction under scrutiny by powerful Senate Committee
This week (Tuesday, May 3rd), Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, raised the fairness of the charitable deduction as an issue for Congress to consider during talks on a tax reform. Wealthy taxpayers can write off a (larger) portion of their charitable gifts while those in the middle and lower brackets (who may not itemize their tax returns) aren’t able to do the same.
Baucus notes, “Only one-third of taxpayers itemize their returns. That leaves two-thirds of all Americans unable to receive a tax benefit for charitable deductions.”
ACR’s Sandra Swirski warns the philanthropic community to take the senator’s comments and concerns seriously saying, “Any position [Sen. Baucus] takes has to be taken seriously, because he is an important player in tax reform.”
Read the full article below.