Bush Tax Plan Preserves Charitable Deduction
September 10, 2015
Fundraising Professionals Applaud Proposal That Protects Charitable Giving From Limitations
(Arlington, VA.) – In response to presidential candidate Governor Jeb Bush’s tax reform plan, which would preserve the full scope and value of the charitable deduction for gifts made by certain taxpayers, Andrew Watt, FInstF, the president of the Association of Fundraising Professionals (AFP), released the following statement:
Governor Jeb Bush has proposed a tax reform structure that protects America’s long-standing commitment to charitable giving and philanthropy by keeping the value of the charitable deduction intact.
As more candidates introduce their tax proposals, we hope that they will follow Governor Bush’s lead and protect—or go even a step further and enhance—the charitable deduction and the impact it can make on communities across the United States.
The charitable deduction is unique in that it encourages American to think about their neighbors and people around the world, and engage in the selfless act of giving. Research shows that for every tax dollar invested through the deduction, nonprofits and the people they serve receive approximately $2.50 in charitable services in local communities.
Other tax plans have proposed limiting the value of the charitable deduction for budget reasons, but this approach is wrong. Philanthropy plays a vital role in American society. It provides more than $335 billion dollars in programs and services that charities provide every year, and America’s charitable sector accounts for nearly ten percent of the national workforce. That level of impact wouldn’t be possible without the charitable deduction.
Philanthropy encourages people to get involved in their communities and work together to solve problems. It is the thread woven through our country that ties us together.
For more information about AFP’s views on philanthropy and the charitable deduction, including AFP’s testimony before Congress on the importance of the deduction, email Michael Nilsen at email@example.com.