3/4/2016 — Clinton Tax Plan Protects Charitable Giving, According to Analysis
WASHINGTON, D.C.— In response to analysis from the Tax Policy Center (TPC) on Secretary Hillary Clinton’s tax plan, the Charitable Giving Coalition (CGC) released the following statement:
“We are grateful that Hillary Clinton’s tax plan exempts the charitable deduction from her proposal to limit the value of itemized deductions at 28 percent. The Coalition has long called for preserving the full scope and value of the charitable deduction because it is unique and promotes giving to benefit humanity,” the CGC said in a statement.
TPC, a joint project of the Urban Institute and the Brookings Institution, released an Analysis of Hillary Clinton’s Tax Proposals on Thursday. The report explicitly states that Clinton’s tax plan will carve out the charitable deduction from her proposal to limit itemized deductions at 28 percent – a provision the charitable community has urged lawmakers to support.
“The deduction for charitable contributions is a long-standing recognition of the value our society places on the selfless act of charitable giving. The charitable deduction is also different from other itemized deductions in that it encourages individuals to give away a portion of their income to those in need. It rewards a selfless act and ensures a greater amount of charitable donations to charities to fund their philanthropic missions that provide innumerable benefits throughout our communities,” the CGC noted in the statement.
In June 2015, the CGC wrote a letter to every officially declared candidate featured in major polls for the 2016 election for President of the United States urging them to support the full preservation of the charitable deduction. The letter was signed by 40 nonprofit organizations and can be found here.
The Charitable Giving Coalition
Representing private and community foundations, their grantees and independent charities, the Charitable Giving Coalition’s members include United Way Worldwide, the Salvation Army, Catholic Charities USA, the American Council on Education, Jewish Federations of North America, the American Institute for Cancer Research, the Association of Fundraising Professionals, Independent Sector, the Council on Foundations, and The Philanthropy Roundtable, among others. Formed in 2009, the coalition is a broad cross-section of nonprofit organizations across the country, including both the nonprofit organizations themselves and the associations and umbrella groups that serve their needs. The coalition is dedicated to preserving the charitable giving incentive that ensures that our nation’s charities receive the funds necessary to fulfill their essential philanthropic missions. The coalition provides a unique and unified voice on Capitol Hill on issues affecting the charitable deduction, a voice composed of both direct lobbying and robust grassroots advocacy.www.protectgiving.org, #protectgiving, @protectgiving