Friday, November 20, 2009
Charities Line Up to Support Incentives for Charitable Giving and Oppose Limit on the Charitable Contribution Deduction
Yesterday the Subcommittee on Oversight of the House Ways and Means Committee held a hearing on "Food Banks and Front-Line Charities: Unprecedented Demand and Unmet Need." The one common theme of both the statements from the Subcommittee members and the testimony of charity leaders, including from Catholic Charities USA and United Way, was the need to preserve the existing federal tax law incentives for charitable giving. For many of the speakers, this included opposing the Obama Administration's proposal to limit the tax rate applicable to the charitable contribution deduction (along with all other itemized deductions) to 28 percent. For previous coverage of this proposal, see John Colombo's comments, Harvey Dale's response, and Martin Feldstein's views.