“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.
Due to the lack of action on federal tax policy, many states have taken on the task of rewriting portions of their tax code. Michigan is just such an example.
Later today the House of Representatives will begin consideration of a bill seeking to boost charitable giving for recovery efforts related to Typhoon Haiyan, which devastated the Philippines last November. H.R. 3771, the Philippines Charitable Giving Assistance Act, is sponsored by Rep. Eric Swalwell (D-CA) and would allow contributions for Typhoon Haiyan recovery efforts made before April 15, 2014 to count as charitable deductions for tax year 2013. With many taxpayers about to complete tax filing for 2013, this could significantly boost relief efforts.
Suzy DeFrancis, chief public affairs officer for the American Red Cross, participates in a panel discussion at the 2014 ACR Summit for Leaders.
To see other photos from the 2014 ACR Summit for Leaders, click here.
This is a live blog providing updates from the 2014 ACR Summit for Leaders.
We’re just a few minutes from starting. We’ll have a few opening remarks followed by the congressional panel.
House Ways and Means Chairman Dave Camp (R-MI) will release his tax reform bill next week, according to a report from Politico.
“The Michigan Republican wrote his party’s tax panel members to make it official: He is moving forward with a proposal, the product of several years’ work,” the Politico article stated.
Today marks the 205th birthday of Abraham Lincoln, our country’s 16th president. On this occasion, we take a moment to highlight one of Lincoln’s most well-known passages from his second inaugural address. With the Civil War winding down, Lincoln offered this plea to the nation to mend the divisiveness that had resulted from the war:
President Barack Obama gave the annual State of the Union address last night and touched upon several issues facing our nation, such as immigration and health care to name a few. The core of his speech and the impetus behind the proposals he offered, however, revolved around the concept of addressing income inequality and economic mobility.
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