On April 25 a letter from 229 economists was featured in Politico on the value of the charitable deduction. View the letter and full list of signers below.
NEW BOOK ON TRANSPARENCY IN PHILANTHROPY
The Philanthropy Roundtable has published a new book by noted legal scholar John Tyler of the E. M. Kauffman Foundation, titled Transparency in Philanthropy: An Analysis of Accountability, Fallacy, and Volunteerism addressing recent calls for more transparency in private philanthropy and how philanthropic organizations can respond.
The Charitable Giving Coalition has launched a new website aimed at protecting the charitable deduction, in the nonprofit sector’s latest effort to protect the tax break from tax reform or a grand deficit bargain.
According to a release, the site will highlight how charitable giving helps communities around the country.
“We are fully committed to helping lawmakers understand the unique nature of the charitable deduction – and that it’s not a loophole, but a lifeline,” Sandra Swirski, executive director of the Alliance for Charitable Reform, said in a statement. “It’s unique because it encourages individuals to give away a portion of their income for the benefit of others.”
Website Provides Resources to Inform, Engage in Charitable Deduction Debate
WASHINGTON, D.C. – Heading into a critical stage on the federal budget and tax reform, the Charitable Giving Coalition launched a new website - protectgiving.org. The online resource is designed to provide user-friendly, accessible information about the vital role of charitable giving in America’s communities.
The diverse nonprofit sector is galvanized and unified like never before, working to protect a century-old American tradition – the charitable tax deduction. The website augments many other efforts throughout the charitable sector to make sure lawmakers, stakeholders and the media understand the value and impact of the charitable deduction and what communities stand to lose if elected officials tamper with it.
Today, Dave Wills, president of the National Christian Foundation (NCF), testified before the House Ways and Means Committee on behalf of ACR. The committee held the hearing to discuss charitable giving incentives as it moves toward possible tax reform.
In his opening statement, Chairman Dave Camp (R-MI) said, “Because of the critical role that charities play, the Committee needs to hear directly from the charitable community before considering any proposals as part of comprehensive tax reform.”
The Charitable Deduction is Greater than Just This Moment
WASHINGTON, D.C.— In today’s hearing before the House Ways and Means Committee, nonprofit and charity leaders from across the country told the Committee that incentives to encourage private charitable giving were vital and would be seriously harmed if the charitable deduction were cut, capped or limited. David Wills, who testified on behalf of the Alliance for Charitable Reform (ACR), said the following in his statement:
“The charitable deduction is unique and should be considered separately from all other tax benefits. It is the only tax benefit that encourages individuals to give away their income without personal financial gain.” Wills said. “Every other tax benefit encourages individuals to consume more or save more for themselves. While Congress and many in the public will argue all these deductions are good for our country, it’s clear that the charitable deduction is different.
WASHINGTON, D.C. – Dozens of leaders from the Charitable Giving Coalition and the nonprofit sector – representing education, health, faith-based, arts and neighborhood revitalization organizations – made a strong case to lawmakers today for protecting the charitable tax deduction. Dozens of nonprofit, charity and foundation representatives testified before the House Ways and Means Committee, which is examining the deduction as it works to address comprehensive tax reform and America’s fiscal challenges
The House Ways and Means Committee will hold a hearing on charitable giving incentives today at 9:30 AM EST. To tune in live, please visit http://www.ustream.tv/channel/hclive09.
The purpose of the hearing is to allow stakeholders to officially weigh in on how changes to the charitable deduction might impact the vital services the sector provides. “Because of the critical role that charities play,” said Committee Chairman Dave Camp (R-MI), “the Committee must hear directly from the charitable community before considering any proposals as part of comprehensive tax reform that might impact their ability to obtain the resources they need to fulfill their missions.”
David Wills, president of the National Christian Foundation, will testify on behalf of the Alliance for Charitable Reform. Read our statement on the hearing.
Stay tuned as we live-tweet from the hearing @ACReform to #protectgiving. Following the hearing we will send a summary with analysis and highlights.
ACR to Testify at House Ways and Means Committee Hearing Thursday on Charitable Giving Incentives
WASHINGTON, D.C.— The Alliance for Charitable Reform (ACR), a project of The Philanthropy Roundtable, released the following statement in advance of this Thursday’s House Ways and Means Committee Hearing on charitable giving incentives.
“As Congress begins to look at the tax code moving forward toward tax reform, we hope the charitable deduction will be recognized as different from all other deductions,” said Sandra Swirski, executive director for ACR. “The charitable deduction is the only deduction that encourages people to give away their income for the betterment of our communities. Any changes to the charitable deduction could deeply impact charitable activities across the country.
In an interview Sunday with CBS, President Obama discussed ways to address our pending fiscal situation and the subject of “deductions and loopholes” arose. Deductions include the charitable deduction. For our take on this interview read our blog posting.
While some in the charitable sector said Jan. 4 they were relieved that the fiscal cliff legislation did not result in a flat percentage or aggregate cap on itemized deductions, they were disappointed that the Pease limitation on charitable deductions was reinstated as part of the deal.
How will “Pease” impact your taxes and charity with its inclusion in the Fiscal Cliff Deal? Evan Liddiard, former Senate Finance Committee staffer, tells us what we need to know. Pease is a tax provision that was reinstated in the fiscal cliff agreement. For more information, check out our post-fiscal cliff agreement analysis here.
