Tax Reform
Consider This…
Ok, we admit it. We’re geeks. Policy geeks. Tax policy geeks if the truth be told.
Normally when we tell someone our specialty is tax, we get an eye roll, or worse. Unless we are with our tax policy peers, we often feel like the skunk at the garden party.
So imagine our sense of wonder over all of the activity in tax world in the last few months. First, Herman Cain gave us 9-9-9, next…
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Members of Congress and witnesses advocate preserving the charitable deduction
Today, October 18, 2011, the Senate Finance Committee held a hearing entitled “Tax Reform Options: Incentives for Charitable Giving.”
Senators Max Baucus (D-MT), Orrin Hatch (R-UT), Benjamin Cardin (D-MD), Thomas Carper (D-DE), Charles Grassley (R-IA), and John Thune (R-SD) attended the hearing. They heard from Dr. Frank Sammartino, Assistant Director For Tax Analysis, Congressional Budget Office; Elder Dallin H. Oaks, The Quorum of the Twelve Apostles, The Church of Jesus Christ of Latter-day Saints; Dr. Eugene Steuerle, Richard B. Fisher Chair and Institute Fellow, The Urban Institute; Mr. Brian A. Gallagher, President and CEO, United Way Worldwide; and Mr. Roger Colinvaux, Associate Professor, The Catholic University of America, Columbus School of Law.
In a press release the Alliance for Charitable Reform applauded testimony in today’s hearing, which focused on incentives for charitable giving, for showing strong support for preserving the charitable deduction and ensuring giving continues to serve those in need.
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Consider This…
Below is your –hopefully– handy guide to the new Congressional Super Committee (“SC”). All of Washington will be riveted by their efforts over the next 100 days. Needless to say, we are paying close attention to their work.
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Friday, August 12, 2011
The latest edition of the ACR newsletter is available below. Here are highlights:
Washington Roundup:
- Deficit Reduction/Super Committee
- Fall Preview
Click continue reading for the latest edition of the ACR newsletter.
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Consider This…
With just a few days to go, where do we stand on raising the debt ceiling and why should foundations care?
Obviously we all have an interest in avoiding the kind of economic Armageddon that some are predicting if we don’t raise the debt ceiling. We’ve heard from foundation leaders who are watching and waiting to see how these unsettled economic factors will impact their organizations’ investments, noting that another sharp decline could have a dramatic impact on their investments and their work. But longer term we need to be mindful about what has been put on the table over the course of this debate. If this protracted debate is any indicator the nonprofit sector is likely to be challenged like never before.
Most of the reason for these challenges can be traced to money…
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Consider This…
It seems as if all eyes in Washington (and beyond) are focused on what to do about the debt ceiling. Yet, at the same time, the House Ways and Means Committee and the Senate Finance Committee have been slogging through a series of hearings and briefings on fundamental tax reform. Those efforts are laying the groundwork for pursuing serious tax reform. And the timing on that effort may be sooner than we originally thought.
With that in mind, we’d like to draw your attention to a very well-crafted and thoughtful speech on tax reform by the Ranking Member of the House Ways and Means Committee, Sandy Levin (D-MI).
Congressman Levin starts with a simple premise: Yes, we need tax reform; but no, we should not accept as gospel that the right way to reform is to lower tax rates and eliminate tax credits and deductions.
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Further Reading
Current Issue
Friday, May 6, 2011
The latest edition of the ACR newsletter is available below. Here are highlights:
Washington Roundup
- Outreach on the Charitable Deduction
- New Deficit/Tax Reform Proposals
Click continue reading for the latest edition of the ACR newsletter.
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Charitable deduction under scrutiny by powerful Senate Committee
This week (Tuesday, May 3rd), Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, raised the fairness of the charitable deduction as an issue for Congress to consider during talks on a tax reform. Wealthy taxpayers can write off a (larger) portion of their charitable gifts while those in the middle and lower brackets (who may not itemize their tax returns) aren’t able to do the same.
Baucus notes, “Only one-third of taxpayers itemize their returns. That leaves two-thirds of all Americans unable to receive a tax benefit for charitable deductions.”
ACR’s Sandra Swirski warns the philanthropic community to take the senator’s comments and concerns seriously saying, “Any position [Sen. Baucus] takes has to be taken seriously, because he is an important player in tax reform.”
Read the full article below.
Further Reading
Current Issue
Thursday, April 21, 2011
HAPPY 1ST ANNIVERSARY
One year ago we launched this newsletter to keep our supporters and friends informed about what’s happening in Washington, around the country, and in the news. We have strived to provide a fresh perspective on issues in the philanthropic sector. Thank you to our readers for your support.
We mark this one-year anniversary with a refreshing of our newsletter. In this and coming editions you can expect new, interactive features and greater substantive content reorganized in a way that we hope will be useful to you in your work. We welcome your feedback.
Cheers!
The latest edition of the ACR newsletter is available below. Here are highlights:
Washington Roundup
- Deficit Reduction
- Tax Reform
Consider This: The Supreme Court Tackles the Public Money Argument
Click continue reading for the latest edition of the ACR newsletter.
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Update as of April 21st, 2011:
Tax Reform
Tax-writing committees for both the House and the Senate are conducting 40 hearings this year to examine all aspects of comprehensive tax reform. Last week, the Senate Finance Committee held a hearing that explored global tax administration, which essentially examined how other countries collect their taxes. During the hearing, Ranking Member Orrin Hatch (R-UT) asked the witnesses about the Canadian system of incentivizing charitable giving, which occurs through a tax credit instead of a deduction. Also last week, the House Ways and Means Committee held a hearing that explored the burden of tax incentives on individual payers. Amidst a discussion on corporate tax incentives, witnesses unanimously agreed that the biggest burden for all taxpayers is uncertainty. They cited the expiration and renewal cycle of the IRA charitable rollover as an example of how tax payer behavior can hinge on Congress’s action.
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