ACR News 11.17.17 – Two Tax Bills. What’s the Same? What’s Different? And What’s Next?
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The Evidence is Stacking Up: Current Tax Reform Bills Will Reduce Charitable Giving
New research from the Tax Policy Center has told us how charitable giving will be affected by the House tax reform bill, H.R. 1, the Tax Cuts and Jobs Act, and it’s basically what we already knew. Even though the House version of the Tax Cuts and Jobs Act (TCJA) preserves the charitable income tax […]
Universal Charitable Deduction, CHARITY Act Offered as Amendments to Senate Tax Reform Bill
WASHINGTON, D.C.— Two amendments aimed at protecting and expanding charitable giving will be considered by the Senate Finance Committee this week during the markup of the Senate tax reform bill, the Tax Cuts and Jobs Act. The first is an amendment from Sens. Debbie Stabenow (D-MI) and Ron Wyden (D-OR) that seeks to prevent almost […]
What’s in the House Tax Bill?
Yesterday, House Republicans issued their tax reform bill, H.R. 1, the Tax Cuts and Jobs Act. As was anticipated, the tax reform bill doubles the standard deduction, reducing the number of itemizers from one-third of Americans to about five percent. According to IRS data, this would remove the tax incentive for an estimated $95 billion […]
ACR Statement on House Republican Tax Bill
WASHINGTON, D.C.— The Alliance for Charitable Reform (ACR) released the following statement upon today’s release of the House Republican tax reform bill, H.R. 1, the Tax Cuts and Jobs Act. “Tax reform should help increase charitable giving by protecting and expanding the charitable deduction, making it universally available to Americans of all income levels. Charitable […]
Congress Passes Aid for Hurricane Recovery Efforts Through Charitable Giving
WASHINGTON, D.C.— Congress passed legislation today aimed at spurring additional charitable giving to assist with the relief efforts for Hurricanes Harvey, Irma and Maria. H.R. 3823, the Disaster Tax Relief and Airport and Airway Extension Act of 2017, includes a temporary suspension of limitations on the deduction for charitable contributions to qualified hurricane relief efforts […]
ACR Statement on Trump Tax Reform Plan
WASHINGTON, D.C.— The Alliance for Charitable Reform (ACR) released the following statement upon the recent release of President Donald Trump’s tax reform proposal. “We applaud the administration for preserving the charitable deduction and for recognizing that it is a lifeline for millions, not a tax loophole,” said Sandra Swirski, executive director of ACR. Trump’s plan […]
Brady: We’re looking for ways to unlock charitable giving
House Ways and Means Chairman Kevin Brady (R-Texas) said Republican lawmakers are looking to encourage additional charitable giving resulting from tax reform. “We keep in place the home mortgage deduction and the charitable deduction. In fact, we are looking for ways to unlock more charitable giving,” Brady said. The comments were made at an event […]
High Noon For Charity?
A recent New York Times op-ed by David Callahan offers a long list of inaccuracies and dangerous ideas regarding the regulatory oversight of charities. Callahan is the founder and editor of the Inside Philanthropy digital media site. His piece was ostensibly written in response to recent charges brought by federal and state authorities against four […]