By Priya Narapareddy
Private charitable giving has played a significant role in the United States in preserving our country’s historical culture and landmarks. For example, David M. Rubenstein is one of many well-known philanthropists who share a passion for preserving American history. According to a recent Washington Post article, Rubenstein, who agreed to cover $7.5 million of the cost of restoration for the Washington Monument after the 2011 earthquake, has also made a donation of $12.35 million to restore Gen. Robert E. Lee’s home at Arlington National Cemetery.
Joanne Florino, senior vice president for public policy at the Philanthropy Roundtable, asks House Budget Committee Chairman Paul Ryan about private philanthropy during a recent event hosted by the American Enterprise Institute.
On the eve of the celebration of Independence Day, we wanted to share an interview we conducted with Thomas Meyer who is the program manager of veterans services at The Philanthropy Roundtable. Meyer is also the author of Serving Those Who Served: A Wise Giver’s Guide to Assisting Veterans and Military Families. In this interview, Meyer explains how veterans are a source of great human capital for our country and discusses the approach philanthropy should take in supporting our nation’s veterans.
In addition to the interview, below is an excerpt from Meyer’s guidebook:
This is the second of a two-part series about the issues ACR members will discuss in meetings with congressional offices on July 8.
Our last post outlined the troubling provisions from the Camp draft that relate to the charitable deduction. In this post we will explain ACR’s concerns with the proposal related to donor-advised funds (DAFs) and identify the provisions in the Camp draft which ACR applauds.
This is the first of a two-part series about the issues ACR members will discuss in meetings with congressional offices on July 8.
Members of the Alliance for Charitable Reform (ACR) leadership team are set to meet with members and staff of the House Ways and Means Committee and the Senate Finance Committee on Tuesday, July 8. The group will discuss some of the charity-related proposals in the tax reform discussion draft released earlier this year by House Ways and Means Chairman Dave Camp (R-MI). ACR thoroughly examined the Camp draft and engaged its members and colleagues in the field for feedback in evaluating these provisions. ACR ultimately identified four that raise serious concerns: three related to the charitable deduction and one related to donor-advised funds. This post will highlight the three provisions related to the charitable deduction.
House Ways and Means Chairman Dave Camp (R-MI) held a markup (which is a formal amendment process) on May 29 on another group of tax extenders – annually expiring tax incentives – and related bills that the Chairman hopes to make permanent. The Committee considered three charity-related bills: a permanent extension of the IRA charitable rollover (introduced by Rep. Aaron Schock (R-IL) and Rep. Earl Blumenauer (D-OR); a permanent extension of the deduction for qualified conservation easements; and a permanent extension of the enhanced deduction for food donations.
The Committee also considered two other bills, both of which have long been ACR priorities.
Philanthropists, foundations, and other charitable organizations continue to fight against harmful legislation that curtails private charitable giving. Hawaii, North Carolina, Missouri, Montana, and Kansas are just a handful of states who have acted within the last year to pass legislation that would positively impact charitable giving. For example, Hawaii Governor Neil Abercrombie signed a bill last July that eliminated a cap on charitable deductions that had been in place for two years. Maine is the most recent state to take action.
“I deem it the duty of every man to devote a certain portion of his income for charitable purposes; and that it is his further duty to see it so applied and to do the most good for which it is capable.” -Thomas Jefferson
April 13 marks the 271st birthday of one of our nation’s most prominent founding fathers: Thomas Jefferson. While Jefferson clearly advocated for charity during his life, perhaps his most well-known philanthropic-related effort came when he offered his vast personal collection of books to reestablish the Library of Congress.
Last week, Senate Finance Committee Chairman Ron Wyden (D-OR) publicly voiced concern over a proposal of a “giving floor” on the charitable deduction at the annual meeting of the National Council of Nonprofits. He also reiterated his stance that the charitable deduction is a “lifeline, not a loophole.” From the National Council of Nonprofits:
House Ways and Means Chairman Dave Camp (R-MI) announced yesterday that he would not be seeking reelection this year.
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