Comments on the Tax Reform Act of 2014
The Charitable Giving Coalition, representing a broad cross-section of nonprofit organizations across the country, applauds the tireless work of Chairman Camp and his staff. We appreciate the Chairman’s recognition of the importance of preserving a charitable deduction, signaling that this is a unique giving incentive that encourages generous Americans to support charitable causes. However, we are concerned about some provisions that would negatively impact charitable giving and the philanthropic programs and services provided by our nation’s charities.
House Tax Plan Would Limit Charitable Deduction
By Alex Daniels
Nonprofit advocates slammed a plan offered Wednesday by the chief tax architect of the House that would sharply limit charity tax breaks for people at all income levels.
Under the plan, people would be allowed to deduct only the amount above 2 percent of income they give to charity. That is a contrast to President Obama’s repeated efforts to limit the value of the deduction only for people who are in the highest tax brackets—an idea charities have successfully fought throughout his administration.