Senate Finance Committee Urged to Protect Charitable Deduction
As part of its ongoing review of the U.S. tax system, the Senate Finance Committee this week held a meeting on tax-exempt organizations and charitable giving. At the meeting, Senators received a comprehensive list of all available tax reform options regarding the charitable deduction and other tax policies related to tax-exempt organizations. The document is one in a series spanning all aspects of the U.S. tax system that will help the Committee evaluate current tax policies and select key options for tax reform.
The Charitable Giving Coalition, of which the National Council is a member, submitted a letter to the Finance Committee urging Senators to protect the charitable deduction as it moves forward with considering tax reform. Our letter notes that the charitable tax deduction is a powerful American tradition that encourages people to donate a portion of their income – often more than they would have otherwise given – to support others in need and to strengthen communities. Reducing or eliminating the charitable deduction would discourage donations and harm individuals who receive help from nonprofit organizations.
The National Council will continue to monitor this issue and provide updates through the Public Policy Update and our blog, Capitol Connector.