Thune
Hearing Summary
The Senate Finance Committee held a hearing this morning titled How Do Complexity, Uncertainty and Other Factors Impact Responses to Tax Incentives?, including charitable giving incentives. Seven (of 24) Senators on the Finance Committee attended the hearing. Senator Thune specifically offered his support for the charitable deduction. He noted that by incentivizing private giving, the charitable deduction reduces the burden on government (and taxpayers) to provide social services. Witnesses were also generally supportive of the charitable deduction noting that reducing the charitable deduction would decrease the overall amount of giving, regardless of income level. While supportive of current law, one witness offered an alternative to consider—a flat credit across all income levels with a floor (for example $100) to encourage larger gifts.
In conjunction with the hearing, the Heritage Foundation released a paper on the charitable deduction, Obama’s Latest Proposal to Reduce Charitable Deductions Would Crowd Out Civil Society, available here.
The Senate Finance Committee intends to hold more than 20 hearings this year on various issues associated with the tax code as part of its tax reform agenda. We can expect foundation issues to be focused on generally in some of these hearings as well as specifically in at least one focused hearing – tentatively scheduled for the 2nd Q 2011.
2010 Summit for Leaders in Washington D.C.
ACR thanks all of the foundation and non-profit organizations for joining us yesterday at the 2010 Summit for Leaders.
Sessions included a survey of the national political landscape from top congressional staffers, a spirited discussion on big ideas in protecting philanthropic freedom, and tactics to engaging your legislators from a former member of Congress.
The day concluded with a toast to Senator John Thune for his work in protecting the charitable deduction.
Full summaries of the event are coming soon!
***Final agenda added below***
Further Reading
...to thank the sector’s charitable deduction champion
ACR cordially invites foundations and charities to join us as we honor
Senator John Thune
… for his leadership on policy issues important to the non-profit sector.
Please join us for a reception with colleagues and friends in the sector
to thank Senator Thune for his leadership.
March 16, 2010
5:30 - 6:30 pm
The Monocle Restaurant
Capitol Hill, Senate side
107 D Street NE
Washington, D.C.20002
Transportation will be provided to/from the L’Enfant Plaza Hotel
This reception is being hosted in conjunction with ACR’s 2010 Summit for Leaders.
RSVP by March 10 to Amy (.(JavaScript must be enabled to view this email address)).
For an interesting look at Senator Thune read this profile in the New York Times.
Thune defends the charitable deduction at a critical time
Senator John Thune released a press response to the president’s 2011 budget.
According to the press release, this budget proposal reduces the federal tax deduction for charitable deductions (like President Obama’s budget proposal last year). Notably, Senator Thune was successful in getting his amendment to the FY 2010 budget to preserve the full deduction approved in the Senate by a vote of 94-3 last April. It was eventually stripped from the final budget bill
Thune notes, “At a time when many in our country and around the world are struggling, any action that could limit charitable giving should not be undertaken,” added Thune. “I will continue working with my colleagues to preserve the full deduction for charitable giving.”
ACR will continue to work with Senator Thune who has been a champion for the philanthropic sector in protecting the charitable deduction.
For more on Thune’s work, click the “Thune” tag below.
Further Reading
Senator Thune rallies more colleagues in support of protecting the charitable tax deduction
Last week, Senator John Thune (R-SD) sent to all of the members of the Senate a letter signed by 31 senators urging them to oppose any attempts to limit the charitable deduction. Senator Thune has been a champion for ACR and the charitable deduction coalition working closely with us to help inform and rally support in preparation for the fight on health reform.
ACR remains concerned that amendments will be offered during the Senate battle that could use the limitation of the charitable deduction to help pay-for the legislation. We will continue to work with Senator Thune, other allies on Capitol Hill, the charitable deduction coalition and other partners to help preserve, protect and promote the work grantmakers do every day.
To review the Chronicle of Philanthropy’s coverage, read comments from those in the philanthropic community or voice your own opinion, click here.
Further Reading
U.S. Senator Thune on the Administration’s proposal to limit charitable giving
Senator John Thune of South Dakota explores the impact of President Obama’s proposal to reduce the charitable tax deduction. Thune makes the case for why the charitable community will be hurt by diminished giving and makes clear his stance to preserve the full charitable tax deduction.
Further Reading
