Tuesday, February 4, 2014
As the Senate Finance Committee moves forward with comprehensive tax reform, 33 Senators from both parties are urging the committee to protect the “full value and scope of the charitable deduction.”
In a letter signed by Sen. John Thune (R-SD) and Sen. Ron Wyden (D-OR), the Senators argue that the charitable income tax deduction is “not a loophole, but a lifeline for millions of Americans in need.”
The letter states, “Analysis has repeatedly shown that proposals to cut, cap, or limit the charitable deduction could cause charitable donations to decline by billions of dollars annually. Worse yet, weakening the charitable deduction would most hurt the adults and children who receive vital charitable services from organizations like soup kitchens, after-school programs, and medical research projects, just to name a few."
See Senators Support the “Full Value and Scope” of the Charitable Deduction, Charitable Planning, Jan. 31, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.