Senate Finance Committee Chairman Orrin Hatch requested earlier this summer for “stakeholder feedback” on Comprehensive Tax Reform, and The Charitable Giving Coalition (CGC) was ready and willing to meet the call. In a letter to Sen. Hatch dated July 17, the CGC, which is backed by over 175 nonprofit organizations representing a broad spectrum of ideologies and causes, asserted that the current tax proposals will have unintended consequences that endanger charitable giving and the American spirit of generosity that has marked our nation for generations.
The letter outlines how current individual tax reform proposals, and specifically the consideration to raise the Standard Deduction, will drastically reduce charitable giving, which in turn will cause a devastating loss of resources to those in need in communities across the country. Conversely, the CGC offers a plausible solution that will not only increase rather than decrease giving, but will also simplify the tax code, offer tax benefit to all taxpayers, and allow nonprofits to continue to pour into communities where the need is great.
Click here to read the full letter to Senator Hatch from the Charitable Giving Coalition