“As the momentum grows for Congress to take up a major tax measure, nonprofit leaders are trying to make sure lawmakers hear their concerns about keeping incentives for giving,” writes Alex Daniels in Tuesday’s (8/8) Chronicle of Philanthropy (subscription required). “Nobody is ready to predict whether Congress will really take on taxes anytime soon, but the next few weeks are considered pivotal.… Last year in preparation for a full-blown tax debate, House leaders outlined a plan that preserved the tax deduction for charitable giving. But to provide broad tax relief, their blueprint would nearly double the standard deduction that everyone is eligible to take to avoid itemizing their returns. By doing so, lawmakers predicted about 95 percent of taxpayers would claim the standard deduction rather than itemize, essentially stripping the charitable deduction of its ability to prod most Americans to be generous. In response, charity leaders last month took a message to Vice President Pence and key lawmakers: Keep the higher standard deduction, they said. But to ensure the charitable deduction still packs a punch, allow everyone to take a deduction for charitable gifts, regardless of whether they itemize.”
Posted August 9, 2017
