By Susan N. Dreyfus
As lawmakers take on the gargantuan task of reforming our tax code, teams of lobbyists have already begun to line up to defend tax credits and exemptions that support special interests. There is one group of Americans, however, who do not have access to lobbyists and lawyers. They are the 1 in 5 American children who currently live below the poverty line. And a vital source of support for them may be in serious jeopardy.
In recent reports from the Senate Finance Committee and the Joint Committee on Taxation, policymakers outlined several proposals for reforming the popular charitable-giving tax exemption, which has been a part of the U.S. tax code since 1917. Among them were proposals to cap itemized deductions, convert the charitable deduction into a tax credit and impose a threshold for charitable contributions.