Friday, November 2, 2012
The latest edition of the ACR newsletter is available below and with full articles online at www.ACReform.com.
Upcoming Event
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Join the Effort to Protect America’s Strong Tradition of Giving!
Charitable Giving Coalition’s “Protect Giving – DC Days”
December 4-5, 2012 ~ Washington, D.C.
Please join us for the Charitable Giving Coalition’s inaugural Capitol Hill fly-in event – “Protect Giving – DC Days”! This is a great chance to meet with policymakers and their staff to explain the impact that a cut/cap/limit on the charitable deduction would have on your program and the people you serve.
With the post-election “lame duck” session of Congress shaping up to be the time when policymakers will make final decisions on how to address the end of the year fiscal issues, slashing or limiting itemized deductions, including the charitable deduction, remains a popular proposal for raising federal money.
This is not news for many of you. But now it's crunch time. The stakes have never been higher. It is critical that policymakers hear from us NOW before final decisions are made and unintended consequences take root. That’s why the Charitable Giving Coalition is encouraging you to participate in our Protect Giving – DC Days. Our goal is to have participants attend, representing a broad swath of the nonprofit sector including private and community foundations, their grantees, and independent charities.
For additional information about the event click here: http://acreform.com/article/charitable_giving_coalitions_protect_giving_dc_days/
Please RSVP to William@acreform.com by Friday, November 16, 2012.
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Washington Roundup
Attention in Washington is split between the quickly approaching elections and the impact of Hurricane Sandy on the Northeast.
Both have provided ACR a platform to speak on the charitable deduction.
Late last week, ACR and our colleagues in the Charitable Giving Coalition sent
letters calling on Governor Mitt Romney and President Barack Obama that reiterate our message to protect the tax deduction for charitable contributions. In both letters, the Coalition stated, "the charitable deduction is different than other itemized deductions in that it encourages individuals to give away a portion of their income to those in need." Governor Romney has called for capping itemized deductions for all taxpayers and has suggested potential caps ranging from $17,000 and $25,000. Throughout his first term, the President has suggested curtailing deductions for top earners. Copies of the letters can be viewed here
and here.
In the aftermath of Hurricane Sandy, the Coalition released a press statement reminding Americans that private contributions to charity play a critical role in funding immediate needs and recovery and rebuilding efforts. Incentives to give should be protected and promoted, not limited. Read the press release here.
We’ll continue to provide updates on our efforts to protect the charitable deduction. For more information visit our Charitable Deduction Central. And, we encourage those who are interested in protecting the charitable deduction to join the Charitable Giving Coalition in Washington, D.C. to let policymakers know the impact that limiting the charitable deduction will have on your programs and those you serve. Read more about the “Protect Giving – DC Days” December 4-5.
Making Headlines
Tax Reform/Charitable Deduction
Charitable Deduction: The Charitable Giving Coalition sent letters to both presidential candidates reminding them that tax reform proposals should not include limiting the charitable deduction. Our efforts have garnered national coverage:
Governor Romney’s tax reform plan that includes limiting all deductions to a specific amount, continues to generate discussion including support from the Wall Street Journal’s Editorial Board and criticism. Also see: The Winners and Losers Under Romney’s Tax Plan, New York Times
Economist Bruce Bartlett, senior policy advisor in the Reagan and George H.W. Bush administrations, explains why no incentive can be spared to achieve tax reform.
Federal
Fiscal Cliff: As Congress figures out how to avoid impending tax increases and budgets some are predicting the post-election discussions may be a fast-paced battle. Individual donors
are beginning to brace for the consequences. Also see: ‘Fiscal Cliff’ Already Hampering U.S. Economy, Report Says, Washington Post
To head off the economic impact of the fiscal cliff, CEOs apart of the Fix the Debt campaign urge for major deficit reduction that reforms Medicare, Medicaid and Social Security and for tax reform that lowers rates and broadens the base using the Simpson-Bowles recommendations as a framework.
States/Local
Pennsylvania: Governor Tom Corbett approved
legislation that officially allows corporations in the commonwealth to charter themselves as benefit corporations (also referred to as B-corps.) B-corps are “for-profit companies that have chosen to make a set of values equal in importance to the overall profitability of the company.” Pennsylvania joins dozens of other states to enact such legislation. Also see: Should Wariness of Corporate Social Responsibility Extend to B-Corps?, Nonprofit Quarterly
Illinois: Newly proposed legislation would require
some nonprofits serving the disabled to disclose “ownership interests, operating agreements, partnerships or other relationships" that they have with for-profit entities. This comes in response to stories that some charities are avoiding public disclosure of executive compensation by forming private, for-profit management companies through which salaries and benefits were paid. Bill: HB6237. Also see: Ill. Lawmaker Seeks Greater Disclosure on Nonprofit CEO Pay,
Chronicle of Philanthropy
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